Section 5. Transfer of powers and duties relating to canals and canal lands to the New York state thruway authority

The powers and  duties  of  the
  commissioner  of  transportation  relating  to  the New York state canal
  system as set forth in articles  one  through  and  including  fourteen,
  except  article  seven, of this chapter, and except properties in use on
  the effective date of this article in support  of  highway  maintenance,
  equipment  management and traffic signal operations of the department of
  transportation, are hereby transferred to and merged with the authority,
  to be exercised by the authority on behalf of the people of the state of
  New York. In  addition,  the  commissioner  of  transportation  and  the
  chairman  of  the  authority  may,  in  their  discretion, enter into an
  agreement or agreements  transferring  the  powers  and  duties  of  the
  commissioner of transportation relating to any or all of the bridges and
  highways  as set forth in article seven of this chapter, to be exercised
  by the authority on behalf of the people of the state of New  York,  and
  shall   enter  into  an  agreement  or  agreements  for  the  financing,
  construction, reconstruction or improvement of lift and movable  bridges
  on  the  canal  system. Such powers shall be in addition to other powers
  enumerated in title nine of article two of the public  authorities  law.
  All of the provisions of title nine of article two of such law which are
  not inconsistent with this chapter shall apply to the actions and duties
  of the authority pursuant to this chapter. The authority shall be deemed
  to be the state in exercising the powers and duties transferred pursuant
  to this section but for no other purposes.