Section 3034. Administration of the corporation

1. The corporation shall
  be administered by a board of directors, consisting of  nine  directors,
  none of whom shall be officers or employees of the federal government or
  of  the  state  or  political subdivisions thereof. All of the directors
  shall be appointed by the governor with the advice and  consent  of  the
  senate,  provided  that  four  of such directors shall be appointed upon
  written  recommendation  of  the  mayor.  Of  the  directors   initially
  appointed  upon the written recommendation of the mayor, one shall serve
  for a term ending December thirty-first, nineteen  hundred  seventy-six;
  one  shall  serve  for  a  term  ending  December thirty-first, nineteen
  hundred seventy-seven; one  shall  serve  for  a  term  ending  December
  thirty-first,  nineteen hundred seventy-eight; and one shall serve for a
  term ending December thirty-first, nineteen hundred seventy-nine. Of the
  remaining directors initially appointed by the governor, one shall serve
  for a term ending December thirty-first, nineteen  hundred  seventy-six;
  one  shall  serve  for  a  term  ending  December thirty-first, nineteen
  hundred seventy-seven; one  shall  serve  for  a  term  ending  December
  thirty-first,  nineteen hundred seventy-eight; and two shall serve for a
  term ending December thirty-first, nineteen hundred  seventy-nine.  Each
  director  shall  hold  office until his successor has been appointed and
  qualified.  Thereafter each director appointed  by  the  governor  shall
  serve a term of four years, except that any director appointed to fill a
  vacancy shall serve only until the expiration of his predecessor's term.
    2.  The speaker and the minority leader of the assembly, the president
  pro-tem and the minority  leader  of  the  senate,  the  city  board  of
  estimate  acting  by  majority  vote,  and the vice-chairman of the city
  council, shall each be entitled to appoint a representative to the board
  of directors. Each such representative  shall  be  entitled  to  receive
  notice of and to attend all meetings of the board of directors but shall
  not  be  entitled  to  vote.  No  representative shall be an employee or
  officer of the federal, state or city governments.  Each  representative
  shall serve at the pleasure of the appointing official or body, shall be
  eligible  for  reappointment,  and shall hold office until his successor
  has been appointed.
    3. The corporation shall have the power to make and execute  contracts
  to  pay  the  expenses  of  operation of the emergency financial control
  board for the city of  New  York,  within  the  appropriation  available
  therefor and including the repayment to the state of any advance to such
  board  under  any  agreement  between  the board and the director of the
  budget, out of  any  revenues  available  to  the  corporation  and  not
  otherwise pledged except the proceeds of its notes and bonds.
    * NB The  corporation  shall  continue  for a term ending the later of
  July 1, 2008 or one year after its liabilities have been fully paid  and
  discharged per § 3033 sub 1.