Section 3054. Administration of the corporation

The corporation shall be
  administered by a board of directors,  consisting  of  seven  directors,
  none of whom shall be officers or employees of the federal government or
  of  the  state  or political subdivisions thereof. Five of the directors
  shall be appointed by the  governor.  One  of  the  directors  shall  be
  appointed  by the majority leader of the senate and one of the directors
  shall be appointed by the speaker of the assembly. Each of  the  members
  of  the  board of directors shall serve at the pleasure of the appointed
  official. Directors of the  corporation  may  also  be  members  of  the
  supervisory  board  created for the city of Troy pursuant to section ten
  of chapter seven hundred twenty-one of  the  laws  of  nineteen  hundred
  ninety-four,  as  amended  from time to time. The corporation shall have
  the power to make and execute contracts to pay the expenses of operation
  of the supervisory board for the city of Troy, within the  appropriation
  available therefor.