N.Y. Urban development research corporation act 173/68 § 4: Corporation for urban development and research of New York

§ 4. Corporation for urban development and research of New York. 1.

There is hereby created a non-profit corporation which shall be known as

the "Corporation for Urban Development and Research of New York." Except

as otherwise provided in this act, the corporation shall have all the

powers, privileges and immunities which are now or may hereafter be

conferred on business corporations by the business corporations law.

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

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

directors, consisting of nine directors who shall be the directors of

the New York state urban development corporation.

3. The chairman of the corporation shall be the chairman of the New

York State urban development corporation. The directors shall serve

without salary, but each director shall be entitled to reimbursement for

his actual and necessary expenses incurred in the performance of his

official duties with the corporation.

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

corporation 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 corporation and its corporate existence shall continue until

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

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

outstanding, unless adequate provision has been made for the payment

thereof in the documents securing the same. Upon termination of the

existence of the corporation, all its rights and properties shall pass

to and be vested in the state.

6. The powers of the corporation shall be exercised by affirmative

vote of no less than five of the directors thereof then in office,

except as otherwise provided by subdivision two of section eight hereof.

The corporation may delegate to one or more of its directors, or its

officers, agents and employees, such powers and duties as it may deem

proper.