Section 431. New York state quarter horse breeding and development fund

1.
  A corporation to be known as the "New York state quarter horse  breeding
  and  development  fund  corporation" is hereby created. Such corporation
  shall be a body corporate and  politic  constituting  a  public  benefit
  corporation,  the  objective of which shall be to encourage the breeding
  of quarter horses and the development of the quarter horse  industry  in
  this  state. It shall be administered by a board of directors consisting
  of the chairman of the state racing and wagering board  or  his  or  her
  designee,  who  shall  be  chairman  of  the  board  of directors of the
  corporation, the  commissioner  of  agriculture  and  markets,  and  the
  members of the state racing and wagering board.
    2.  The  powers  of  the  fund shall be vested in and exercised by the
  board at a meeting held at a time fixed by any by-laws  adopted  by  the
  board  or  at any duly adjourned meeting of such board or at any meeting
  held upon reasonable notice to all of the directors, and a  majority  of
  the  whole  number of directors shall constitute a quorum; provided that
  neither the business nor the powers of the fund shall be  transacted  or
  exercised  except pursuant to a favorable vote of at least a majority of
  the directors present at a meeting at which a quorum is in attendance.
    3. The board may delegate to one or more of the  directors,  officers,
  agents  or  employees  of the fund such powers and duties as it may deem
  proper and may utilize, pursuant to a contract approved by the  director
  of  the  budget,  the service employees of the state racing and wagering
  board.
    4. The directors shall not be entitled to any compensation  for  their
  services  but  shall  be  entitled to reimbursement for their actual and
  necessary expenses incurred in the performance of their official duties.