Section 468. 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.