Section 2433. State of New York municipal bond bank agency

(1) There is
  hereby created the state of New York municipal  bond  bank  agency.  The
  agency  shall  be  a  body  corporate  and politic constituting a public
  benefit corporation. Its membership shall consist of seven directors  as
  follows:  the comptroller or a director appointed by the comptroller who
  shall serve until a successor is appointed, the secretary of state,  the
  director  of  the  budget,  the  chairman  of the New York state housing
  finance agency and three directors to be appointed by the governor  with
  the  advice  and consent of the senate, at least one of whom shall be an
  elected official of  a  municipality  as  defined  in  this  title.  The
  directors  first  appointed by the governor shall serve for terms ending
  two, three  and  four  years,  respectively,  from  January  first  next
  succeeding  their appointment. Their successors shall serve for terms of
  four  years  each.  Directors  shall  continue  in  office  until  their
  successors  have been appointed and qualified. In the event of a vacancy
  occurring  in  the  office  of  a  director  by  death,  resignation  or
  otherwise,  the  governor  shall appoint a successor with the advice and
  consent of the senate to serve for the balance of  the  unexpired  term.
  Each director appointed by the governor shall be a citizen of the United
  States  and  a resident of the state. The chairman of the New York state
  housing finance agency shall serve as chairman of the agency.
    (2) The powers of the agency shall be vested in  and  exercised  by  a
  majority of the directors of the agency then in office. The secretary of
  state  and  the  director  of the budget, each may appoint a person from
  their respective office, division or agency to represent such  director,
  respectively, at all meetings of the agency from which such director may
  be absent. Any such representative so designated shall have the power to
  attend  and to vote at any meeting of the agency from which the director
  so designating him as a representative is absent with the same force and
  effect as if the director designating him were present and voting.  Such
  designation  shall  be  by written notice filed with the chairman of the
  agency by each of the said directors. The designation  of  such  persons
  shall  continue  until  revoked  at  any  time  by written notice to the
  chairman  by  the  respective  director  making  the  designation.  Such
  designation  shall  not  be  deemed to limit the power of the appointing
  director to attend and vote at any meeting of the agency.
    (3) The directors shall serve without salary  or  other  compensation,
  but  each  director,  except  for  those  who serve ex officio, shall be
  entitled to reimbursement for actual and necessary expenses incurred  in
  the performance of his or her official duties.
    (4) Such directors, except as otherwise provided by law, may engage in
  private  employment,  or  in  a  profession or business. The agency, its
  directors, officers and employees shall be subject to the provisions  of
  sections seventy-three and seventy-four of the public officers law.
    (5)  The  chief executive officer of the agency shall be the executive
  director of the New York state housing finance agency.
    (6) Notwithstanding  any  inconsistent  provisions  of  law,  general,
  special  or  local,  no officer or employee of the state or of any civil
  division thereof shall be deemed to have forfeited or shall forfeit  his
  office  or  employment  by reason of his acceptance of membership on the
  agency created by this section; provided, however, a director 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.
    (7) The  governor  may  remove  any  director  appointed  by  him  for
  inefficiency, neglect of duty or misconduct in office after giving him a
  copy  of  the  charges  against  him  and an opportunity to be heard, in

  person or by counsel in his  defense,  upon  not  less  than  ten  days'
  notice.  If  any such director shall be removed, the governor shall file
  in the office of the department of state a complete statement of charges
  made  against  such  director  and his findings thereon, together with a
  complete record of the proceeding.
    (8) The agency  and  its  corporate  existence  shall  continue  until
  terminated by law, provided, however, that no such law shall take effect
  so  long  as  the  agency  shall have bonds, notes and other obligations
  outstanding, unless adequate provision has been  made  for  the  payment
  thereof. Upon termination of the existence of the agency, all its rights
  and properties shall pass to and be vested in the state.
    (9)  A  majority  of  the directors of the agency then in office shall
  constitute a quorum for the transaction of any business or the  exercise
  of  any  power or function of the agency. The agency may delegate to one
  or more of its directors, or its officers,  agents  or  employees,  such
  powers and duties as it may deem proper.