Section 1952. Troy industrial development authority

A board to be known as
  the "Troy industrial development  authority"  is  hereby  created.  Such
  board  shall  be  a  body  corporate  and politic, constituting a public
  benefit  corporation  and  its  existence  shall   commence   upon   the
  appointment of the members as herein provided. Its members shall consist
  of a chairman and eight other members, all of whom shall be appointed by
  the  city  manager  of  the  city  for  a term of three years, and shall
  include  two  members  of  the  common  council   of   the   city,   one
  representative  of  the  city  school board, and one representative from
  each of the fields of business, industry and labor. Every appointment to
  the board shall be subject to confirmation by the common council of  the
  city.  The  chairman  and  each member shall continue to serve until the
  appointment and confirmation of his successor. Vacancies in  such  board
  occurring  otherwise  than  by expiration of term shall be filled by the
  city  manager  by  appointment  for  the  unexpired  term   subject   to
  confirmation  by  the  common  council of the city. The city manager may
  remove the chairman or any member of the board for inefficiency, neglect
  of duty or misconduct in office, after giving him a copy of the  charges
  against  him and an opportunity of being heard in person, or by counsel,
  in his defense upon not less than ten days' notice. Such removal must be
  approved by the city council of the city. The members of the board shall
  be entitled to no compensation for their services but shall be  entitled
  to reimbursement for their actual and necessary expenses incurred in the
  performance  of their official duties.  Notwithstanding any inconsistent
  provisions of law, general, special or local, no officer or employee  of
  the  city  shall be deemed to have forfeited or shall forfeit his office
  or employment by reason of his acceptance of  membership  on  the  board
  created by this section, provided, however, that a member who holds such
  other   public   office   or  employment  shall  receive  no  additional
  compensation or allowance for services rendered pursuant to this  title,
  but  shall  be  entitled  to  reimbursement for his actual and necessary
  expenses incurred in the performance of such services. The power of  the
  authority  shall be vested in and exercised by a majority of the members
  of the board. Such a board may delegate to one or more of  its  members,
  or  to  its officers, agents and employees, such powers and duties as it
  may deem proper. Such board and its corporate existence  shall  continue
  until July first, nineteen hundred ninety-eight and thereafter until all
  its  liabilities  have  been met and its bonds have been paid in full or
  such liabilities or bonds  have  otherwise  been  discharged.  Upon  its
  ceasing  to exist, all rights and properties shall pass to and be vested
  in the city.