Section 3417. Defense and indemnification

The  corporation shall not
  execute any of its powers, including the special  powers  authorized  by
  section thirty-four hundred five of this article, except as necessary to
  commence  its  corporate  existence,  until  it  has elected to make the
  provisions of section eighteen of the public officers law applicable  to
  its employees (as such term is defined in section eighteen of the public
  officers  law)  pursuant  to  subdivision two of such section; provided,
  however, that nothing contained within this section shall be  deemed  to
  permit  the  corporation to extend the provisions of section eighteen of
  the public officers law upon any independent contractor.