Section 456. Salamanca Housing Authority

A municipal housing authority, to
  be  known  as  the  Salamanca  Housing  Authority, is hereby created and
  established for the city of Salamanca in the county of  Cattaraugus  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  five  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.