Section 409. Hempstead Housing Authority

A municipal housing authority, to
  be  known  as  the  Hempstead  Housing  Authority, is hereby created and
  established for the village of Hempstead in the county of Nassau 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 on May first, nineteen hundred forty-seven, 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.