Section 524. Town of Islip housing authority

A  municipal  housing
  authority, to be known as the town of Islip housing authority is  hereby
  created  and established for the town of Islip in the county of Suffolk,
  for the accomplishment of any  or  all  of  the  purposes  specified  in
  article  eighteen of the constitution of the state of New York. It shall
  constitute a body corporate and politic, and consist of five members. It
  shall have the powers and duties now  or  hereafter  conferred  by  this
  chapter upon municipal housing authorities. It shall be organized in the
  manner  prescribed  by and be subject to the provisions of this chapter,
  and  the  authority,  its  members,  officers  and  employees  and   its
  operations  and  activities  shall  in  all  respects be governed by the
  provisions  of  this  chapter.  Such  authority  shall  have   perpetual
  duration;  provided,  however,  that  if  at the expiration of ten years
  subsequent to the time this section as hereby added takes  effect  there
  shall  be  outstanding  no  bonds or other obligations of such authority
  theretofore issued for any of the purposes authorized in  this  chapter,
  then   its  corporate  existence  shall  thereupon  terminate  and  such
  authority shall thereupon be deemed to be and shall be dissolved.