Section 160-FF. Management of the fund; board of directors

1. Within thirty
  days  of  the effective date of this article, there shall be appointed a
  board of directors of the fund, consisting of nine  directors,  five  of
  whom shall be selected by the black car assistance corporation; three of
  whom  shall  be  chosen  by  the governor, including one chosen upon the
  recommendation of the temporary president of the senate and  one  chosen
  upon  the recommendation of the speaker of the assembly; and one of whom
  shall be the secretary, who shall serve ex officio. The initial terms of
  directors other  than  the  secretary  shall  be  staggered,  the  three
  directors  appointed  by the governor serving for initial terms of three
  years from the effective date of this article, three  of  the  remaining
  five directors serving for initial terms of two years from the effective
  date  of this article and two directors serving for initial terms of one
  year from the effective date of this article. The  subsequent  terms  of
  all  directors  other than the secretary shall be three years. The board
  shall have the power to remove for cause any  director  other  than  the
  secretary.
    2.  The directors shall elect annually from among their number a chair
  and a vice chair who shall act as chair in the chair's absence.
    3. For their attendance at meetings, the directors of the  fund  shall
  be  entitled  to  compensation,  as  authorized  by the directors, in an
  amount not to exceed two hundred dollars per meeting per director and to
  reimbursement of their actual and necessary expenses.
    4. Directors of the fund, except as otherwise  provided  by  law,  may
  engage in private or public employment or in a profession or business.
    5. (a) All of the directors shall have equal voting rights and five or
  more  directors  shall constitute a quorum. The affirmative vote of five
  directors shall be necessary for the transaction of any business or  the
  exercise of any power or function of the fund.
    (b)  The  fund may delegate to one or more of its directors, officers,
  agents or employees such powers and duties as it may deem proper.
    (c) A vacancy occurring in a director position for which the  governor
  was  the  original appointing authority shall be filled by the governor,
  upon the recommendation of the legislative official, if  any,  that  was
  authorized  to  recommend the original appointee pursuant to subdivision
  one of this section. A vacancy occurring  in  a  director  position  for
  which  the  black car assistance corporation was the original appointing
  authority shall be filled by the black  car  assistance  corporation.  A
  vacancy  in  any one or more of the director positions shall not prevent
  the remaining directors from transacting any business, provided a quorum
  is present and voting.
    (d) At the  expiration  of  a  director's  term,  the  authority  that
  appointed  such  director pursuant to subdivision one of this section or
  paragraph (c) of this subdivision shall re-appoint such director for  an
  additional  term  or  appoint  a  new director for such subsequent term,
  provided however that no individual may serve as director for more  than
  three successive terms.