Section 2534. Administration of the corporation

(1) The corporation shall
  be administered by three directors, one of whom shall be the director of
  management and budget. The remaining two directors shall be appointed by
  the mayor, no more than one of whom may be a  city  official.  Directors
  who are not city officials shall serve for a term expiring at the end of
  the  term  actually served by the officer making the appointment and may
  be removed for cause by the mayor after hearing on ten days notice.
    (2) The mayor shall designate a  chairman  and  a  vice-chairman  from
  among the directors. The chairman shall preside over all meetings of the
  directors  and  shall  have  such  other  duties as the directors or the
  corporation  may  direct.  The  vice-chairman  shall  preside  over  all
  meetings  of the directors in the absence of the chairman and shall have
  such other duties as the directors of the corporation may prescribe.
    (3) The directors of the corporation shall serve without  salary,  but
  each  director  shall  be  reimbursed  for actual and necessary expenses
  incurred in the performance of his official duties as a director of  the
  corporation.  The  directors  of  the  corporation 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  corporation  shall, for the purpose of such
  sections, be a  "state  agency"  and  the  directors  thereof  shall  be
  "officers" of the agency for the purpose of said sections.
    (4)  Notwithstanding  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 director,
  officer or agent of the corporation nor shall service as such  director,
  officer  or  agent  of  the  corporation  be  deemed  incompatible or in
  conflict with such office or employment.
    (5) A majority of the whole number of directors then in  office  shall
  constitute  a quorum for the transaction of any business or the exercise
  of any power of the corporation. Except as otherwise specified  in  this
  title,  for the transaction of any business or the exercise of any power
  of the corporation, the  corporation  shall  have  power  to  act  by  a
  majority of the directors present at any meeting at which a quorum is in
  attendance.  The  corporation  may  delegate  to  one  or  more  of  its
  directors, or officers, agents and employees, such powers and duties  as
  the directors may deem proper.
    (6)  The  corporation may appoint officers, employees and agents as it
  may require and prescribe their duties and fix their compensation.
    (7) On or before November fifteenth  of  each  year,  the  corporation
  shall  submit  a financial statement to the mayor, the state comptroller
  and the city comptroller, the state director of the budget and the  city
  director  of  the budget, and to the city board of estimate and the city
  council.