Section 702. Ogdensburg bridge authority

A board to be known as "Ogdensburg
  bridge  authority"  is  hereby  created.  Such  board  shall  be  a body
  corporate and politic constituting  a  public  benefit  corporation.  It
  shall  consist  of seven members who shall be appointed by the governor.
  The terms of office of  the  members  shall  be  five  years  except  as
  hereinafter  provided.  Of  the  two  members  first appointed to fill a
  vacancy created by reason of the  increase  in  the  membership  of  the
  authority  to seven in number one shall be appointed for an initial term
  of three years and one for an initial term of four years.  Each  of  the
  above  terms  provided for shall commence on the first day of January in
  the year in which the vacancy occurs.  Each  member  shall  hold  office
  until the appointment and qualification of his successor. An appointment
  to fill a vacancy shall be for the unexpired term. The board shall elect
  annually a chairman, a vice-chairman, a secretary and a treasurer of the
  board.  The  members  of the board shall not be entitled to compensation
  for their services but  shall  be  entitled  to  reimbursement  for  all
  expenses  necessarily  incurred  in the performance of their duties. The
  powers of the authority shall be vested in and exercised by  a  majority
  of  the  members  of the board then in office. The board may delegate to
  one or more of its members or to its officers, agents or employees  such
  powers  and duties as it may deem proper. When all its liabilities shall
  have been met and its bonds shall have been paid in full, all its rights
  and properties, so far as the same are located in the United  States  of
  America,  including the right to charge tolls, shall be conveyed without
  cost or expense to the state  of  New  York,  and  all  its  rights  and
  properties  so  far  as  the same are located in the Dominion of Canada,
  including the right to charge tolls, shall be conveyed without  cost  or
  expense  to  the  province  of  Ontario  or  otherwise  disposed  of  in
  accordance with the laws of the Dominion of Canada.  The  authority  and
  its  corporate  existence shall continue until all its liabilities shall
  have been met and its bonds paid in full and until all  its  rights  and
  properties shall have been conveyed as hereinabove provided.