Section 607. Acquisition or leasing of property by the state or corporation; agreements between the state and corporation as to use or occupancy of property

1. The state may, in accordance with  the  provisions  of  law
  governing  the  acquisition  or  leasing  of real property by the state,
  acquire  real  property  in  the  name  of  the  state  by  purchase  or
  condemnation  for  use  by  the corporation, or lease real property from
  other owners for such purpose, and may through lease  or  contract  made
  upon  such  terms and conditions, with or without consideration, and for
  such period of time  as  may  be  agreed  upon  by  the  state  and  the
  corporation, authorize the use or occupancy of such real property by the
  corporation for the carrying out of its corporate purpose.
    2.  The  state may, in accordance with the provisions of law governing
  the acquisition or leasing of personal property by the state, acquire or
  lease personal property for use by the corporation and may by  lease  or
  contract   made   upon  such  terms  and  conditions,  with  or  without
  consideration, and for such period of time as may be agreed upon by  the
  state  and  the  corporation  authorize  the use of such property by the
  corporation or transfer title to such property to it, for  the  carrying
  out of its corporate purpose.
    3.  Contracts  may  be  entered  into by the state and the corporation
  containing undertakings by the state (i) to acquire  or  lease  real  or
  personal  property  and  authorize  the  use or occupancy of same by the
  corporation, or (ii) to perform any other acts on the part of the  state
  authorized  by  subdivisions  one  and two of this section, provided the
  acts of the state called for by such undertakings are in conformity with
  the provisions of, and within  the  powers  granted  to  the  state  by,
  subdivisions  one  and  two  of  this  section.  The  making of any such
  contract shall be authorized in the same manner as the act  or  acts  of
  the state called for by the undertaking or undertakings in such contract
  are  required  to  be  authorized  under  the  applicable  provisions of
  subdivisions one and two of this section.
    4. If such real property was acquired at the cost and expense  of  the
  corporation,  the  corporation  shall  have  power  to  sell,  lease  or
  otherwise dispose of said real property at public or private  sale,  and
  shall retain and have the power to use the proceeds of sale, rentals, or
  other  moneys  derived  from  the  disposition thereof for its corporate
  purpose.
    5. The site selection board, as defined in section six hundred two  of
  this article shall operate pursuant to the following procedures:
    a. Every act of the board shall be by resolution adopted by a majority
  of  the  votes  cast  by all the members. No resolution shall be adopted
  except after a public hearing, notice of which shall be published in the
  state register for six consecutive business days and in a  newspaper  of
  general  circulation  in  the  city  for  two  consecutive business days
  immediately preceding said hearing.
    b. Meeting of the site selection board shall be called either:
    (i) as directed by the board upon  notice  thereof  published  in  the
  state  register  for six consecutive business days and in a newspaper of
  general circulation in the city for two consecutive business days; or
    (ii) upon written  notice  to  the  board  by  the  president  of  the
  corporation, that a site for an off-track betting branch office is under
  consideration  by  the  corporation  for lease or acquisition. A copy of
  such written notice shall be published in the  state  register  for  six
  consecutive  business  days and in a newspaper of general circulation in
  the city for two consecutive business days. All meetings  of  the  board
  shall  be  within  seven  consecutive business days of the date on which
  notice of said meeting is first printed in the state  register  for  six

  consecutive  business  days and in a newspaper of general circulation in
  the city for two consecutive business days.
    c.  The  site  selection board shall have power and authority to adopt
  and amend rules and regulations for the conduct of its business  and  to
  carry out its powers and duties; provided, however, that the board shall
  adopt  rules which require board action on a proposed site within thirty
  days of the board's public hearing provided for herein and that  by  its
  failure  to  act  within  thirty  days the board shall be deemed to have
  approved the site.