Section 1225-E. Administration of the fund

(1)  The  fund  shall  be
  administered by three trustees, one of whom shall be the director of the
  budget. The remaining two trustees shall be appointed by the  mayor,  no
  more  than  one of whom may be a city official. All city officials shall
  serve ex-officio. Trustees, except ex-officio trustees, shall serve  for
  a  term  expiring  at the end of the term actually served by the officer
  making the appointment and shall be removable for  cause  by  the  mayor
  after hearing on ten days notice. In the event of a vacancy occurring in
  the  office of a trustee by death, resignation or otherwise, a successor
  shall be chosen in the same manner  as  was  the  trustee  whose  office
  became vacant, to serve for the balance of the unexpired term.
    (2)  The  mayor  shall  designate  a chairman and a vice-chairman from
  among the trustees. The chairman shall preside over all meetings of  the
  trustees  and  shall  have such other duties as the trustees of the fund
  may direct. The vice-chairman shall preside over  all  meetings  of  the
  trustees in the absence of the chairman and shall have such other duties
  as the trustees of the fund may direct.
    (3)  The  trustees  of  the  fund shall serve without salary, but each
  trustee shall be  reimbursed  for  his  actual  and  necessary  expenses
  incurred  in  the performance of his official duties as a trustee of the
  fund. The trustees of the fund may engage in private employment or in  a
  profession  or  business  (if  not otherwise prohibited from so doing by
  virtue of any other public office), subject to the limitations contained
  in sections seventy-three and seventy-four of the public  officers  law.
  The  fund  shall, for the purposes of such sections, be a "state agency"
  and the trustees thereof shall be  "officers"  of  the  agency  for  the
  purpose of said sections.
    (4)  Nothwithstanding  any  inconsistent  provisions  of law, general,
  special or local, no officer or employee of the state of New  York,  any
  city,  county, town or village, any other political or civil division of
  the state, any  municipality,  any  governmental  entity  operating  any
  public school or college, any school district or any other public agency
  or  instrumentality  or  unit of government which exercises governmental
  powers under the  laws  of  the  state,  shall  forfeit  his  office  or
  employment  by  reason  of  his  acceptance of appointment as a trustee,
  officer or agent of the fund; nor shall service as such trustee, officer
  or agent of the fund be deemed incompatible or  in  conflict  with  such
  office or employment.
    (5)  A  majority  of the whole number of trustees then in office shall
  constitute a quorum for the transaction of any business or the  exercise
  of  any  power of the fund. Except as otherwise specified in this title,
  for the transaction of any business or the exercise of any power of  the
  fund,  the  fund  shall  have power to act by a majority of the trustees
  present at any meeting at which a quorum is in attendance.  The fund may
  delegate to one or  more  of  its  trustees,  or  officers,  agents  and
  employees, such powers and duties as the trustees may deem proper.
    (6)  The  fund  may  appoint officers, employees, and agents as it may
  require and prescribe  their  duties  and  fix  their  compensation,  as
  hereinafter provided.
    (7)  On  or  before  November  fifteenth  of each year, the fund shall
  submit to the city comptroller, the director of management  and  budget,
  and  the  chairman  of  the  finance  committee  of  the city council, a
  financial statement for the preceding city fiscal year, a report of  its
  activities  during  that  year, and a report on its program for both the
  current and next succeeding city fiscal years including but not  limited
  to:  (i)  the  estimated  cost  of the administration of the fund in the
  succeeding city fiscal year and (ii) the amounts, if any, of all rentals
  and other payments to become due and estimated  to  become  due  in  the

  succeeding  city  fiscal  year  to the transportation authority from the
  fund pursuant to any lease or other agreement entered into  between  the
  fund and the transportation authority.