N.Y. Public Authorities Law § 2433: State of New York municipal bond bank agency

§ 2433. State of New York municipal bond bank agency. (1) There is

hereby created the state of New York municipal bond bank agency. The

agency shall be a body corporate and politic constituting a public

benefit corporation. Its membership shall consist of seven directors as

follows: the comptroller or a director appointed by the comptroller who

shall serve until a successor is appointed, the secretary of state, the

director of the budget, the chairman of the New York state housing

finance agency and three directors to be appointed by the governor with

the advice and consent of the senate, at least one of whom shall be an

elected official of a municipality as defined in this title. The

directors first appointed by the governor shall serve for terms ending

two, three and four years, respectively, from January first next

succeeding their appointment. Their successors shall serve for terms of

four years each. Directors shall continue in office until their

successors have been appointed and qualified. In the event of a vacancy

occurring in the office of a director by death, resignation or

otherwise, the governor shall appoint a successor with the advice and

consent of the senate to serve for the balance of the unexpired term.

Each director appointed by the governor shall be a citizen of the United

States and a resident of the state. The chairman of the New York state

housing finance agency shall serve as chairman of the agency.

(2) The powers of the agency shall be vested in and exercised by a

majority of the directors of the agency then in office. The secretary of

state and the director of the budget, each may appoint a person from

their respective office, division or agency to represent such director,

respectively, at all meetings of the agency from which such director may

be absent. Any such representative so designated shall have the power to

attend and to vote at any meeting of the agency from which the director

so designating him as a representative is absent with the same force and

effect as if the director designating him were present and voting. Such

designation shall be by written notice filed with the chairman of the

agency by each of the said directors. The designation of such persons

shall continue until revoked at any time by written notice to the

chairman by the respective director making the designation. Such

designation shall not be deemed to limit the power of the appointing

director to attend and vote at any meeting of the agency.

(3) The directors shall serve without salary or other compensation,

but each director, except for those who serve ex officio, shall be

entitled to reimbursement for actual and necessary expenses incurred in

the performance of his or her official duties.

(4) Such directors, except as otherwise provided by law, may engage in

private employment, or in a profession or business. The agency, its

directors, officers and employees shall be subject to the provisions of

sections seventy-three and seventy-four of the public officers law.

(5) The chief executive officer of the agency shall be the executive

director of the New York state housing finance agency.

(6) Notwithstanding any inconsistent provisions of law, general,

special or local, no officer or employee of the state or of any civil

division thereof shall be deemed to have forfeited or shall forfeit his

office or employment by reason of his acceptance of membership on the

agency created by this section; provided, however, a director who holds

such other public office or employment shall receive no additional

compensation or allowance for services rendered pursuant to this title,

but shall be entitled to reimbursement for his actual and necessary

expenses incurred in the performance of such services.

(7) The governor may remove any director appointed by him for

inefficiency, neglect of duty or misconduct in office after giving him a

copy of the charges against him and an opportunity to be heard, in

person or by counsel in his defense, upon not less than ten days'

notice. If any such director shall be removed, the governor shall file

in the office of the department of state a complete statement of charges

made against such director and his findings thereon, together with a

complete record of the proceeding.

(8) The agency and its corporate existence shall continue until

terminated by law, provided, however, that no such law shall take effect

so long as the agency shall have bonds, notes and other obligations

outstanding, unless adequate provision has been made for the payment

thereof. Upon termination of the existence of the agency, all its rights

and properties shall pass to and be vested in the state.

(9) A majority of the directors of the agency then in office shall

constitute a quorum for the transaction of any business or the exercise

of any power or function of the agency. The agency may delegate to one

or more of its directors, or its officers, agents or employees, such

powers and duties as it may deem proper.