N.Y. Urban development guarantee fund of New York 175/68 § 4: Urban development guarantee fund of New York

§ 4. Urban development guarantee fund of New York. 1. There is hereby

created a non-profit corporation which shall be known as the "Urban

Development Guarantee Fund of New York." Except as otherwise provided in

this act, the fund shall have all the powers, privileges and immunities

which are now or may hereafter be conferred on business corporations by

the business corporation law.

2. The business of the fund shall be managed by, and its powers,

functions and duties shall be exercised through a board of directors,

consisting of the directors of the New York state urban development

corporation.

3. The chairman of the fund shall be the chairman of the New York

state urban development corporation. Each director shall be entitled to

reimbursement for his actual and necessary expenses incurred in the

performance of his official duties with the fund.

4. 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

fund 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 act,

but shall be entitled to reimbursement for his actual and necessary

expenses incurred in the performance of such services.

5. The fund and its corporate existence shall continue until

terminated by law, which law shall provide for the disposition of the

properties and assets of the fund and the assumption of its liabilities,

if any. In no event shall such law take effect while debentures,

guarantees or other obligations of the fund are outstanding, unless

adequate provision is made in such law for the liquidation, satisfaction

or securing of such obligations.

6. The powers of the fund shall be exercised by affirmative vote of no

less than five of the directors thereof then in office. The fund may

delegate to one or more of its directors, or its officers, agents and

employees, such powers and duties as it may deem proper.

7. The fund may appoint one or more advisory committees consisting of

not more than seven members each to consider and advise the fund upon

all matters submitted to them by the fund and to recommend to the fund

such changes in the administration of this act and the operations of the

fund as the advisory committee may deem desirable. Members of advisory

committees shall serve without salary for such terms, not to exceed four

years, as the fund may determine. Each member of an advisory committee

shall be entitled to reimbursement for his actual and necessary expenses

incurred in the performance of his duties.