Section 417. North Hempstead Housing Authority

A  municipal housing
  authority, to be known as the  North  Hempstead  Housing  Authority,  is
  hereby  created  and established 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 who shall be qualified electors of the  town  of
  North  Hempstead.  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 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. The town board  of  the  town  of  North
  Hempstead  may  appropriate and pay over to the authority out of general
  town funds and as a town charge a sum not to exceed ten thousand dollars
  for purposes of organization,  administration,  investigation,  planning
  and  report.  Such  authority  shall  have perpetual duration; provided,
  however, that if on May first, nineteen hundred fifty-one,  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.