Section 1974-A. Subsidiaries; how created

1. The authority by resolution
  from time to time may direct any of its members, officers  or  employees
  to  organize  one  or more wholly-owned subsidiary corporations pursuant
  and subject to article two,  article  four  or  article  eleven  of  the
  private  housing  finance  law.  Such  resolution  shall  prescribe  the
  purposes for which such subsidiary is to be organized.
    2. The authority may transfer to any subsidiary any money or  real  or
  personal  or  mixed  property  or  any project in order to carry out the
  purposes of  this  title.  Each  such  subsidiary  shall  have  all  the
  privileges,  immunities,  tax  exemptions  and  other  exemptions of the
  authority to the extent the same are not inconsistent with  the  statute
  or  statutes  pursuant to which such subsidiary was organized. Except as
  may be inconsistent with the provisions of this title,  such  subsidiary
  shall have all the rights and powers granted to housing companies by the
  private  housing  finance law and by any other statute pursuant to which
  such subsidiary was organized.
    3. No member or officer of the authority shall receive any  additional
  compensation,  either  direct  or indirect, other than reimbursement for
  actual and necessary expenses incurred in the performance of his duties,
  by reason of his serving as a member, director, trustee  or  officer  of
  any subsidiary.