Section 563. Town of East Hampton Housing Authority

A municipal housing
  authority, to be known as the East Hampton Housing Authority, is  hereby
  created  and  established  for the Town of East Hampton 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 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  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.