Section 43. New York state housing finance agency

1. There is hereby
  created the "New York state housing finance agency". The agency shall be
  a  corporate  governmental  agency   constituting   a   public   benefit
  corporation. Its membership shall consist of the commissioner of housing
  and  community  renewal, the director of the budget, the commissioner of
  taxation and finance and four members to be appointed  by  the  governor
  with  the  advice and consent of the senate. The members first appointed
  by the governor shall serve for terms ending three, four, five  and  six
  years  respectively from January first next succeeding the date of their
  appointment. Their successors shall serve for terms of six  years  each.
  Members  shall  continue  in  office  until  their  successors have been
  appointed and qualified. In the event of  a  vacancy  occurring  in  the
  office  of  any  member by death, resignation or otherwise, the governor
  shall appoint a successor with the advice and consent of the  senate  to
  serve  for  the balance of the unexpired term. The provisions of section
  thirty-nine of the public officers law shall apply to such members.
    2. The governor shall designate from among the  members  appointed  by
  him or her a chairman, who shall serve as such during his or her term as
  member.  The members, including the chairman, shall serve without salary
  or other compensation, but each member, including the chairman, shall be
  entitled  to reimbursement for actual and necessary expenses incurred in
  the performance of his or her official duties and in the event that  the
  chairman  shall  also  be a full time officer or employee of the agency,
  the chairman shall receive no salary as chairman but shall receive  only
  his  or  her  regular  salary  as officer or employee, not to exceed the
  average of the salaries paid to the appointed commissioners of the state
  departments or the regular salary such officer or employee was receiving
  at the time of his or her appointment as chairman, whichever is greater.
    3. Such members other than the commissioner of housing  and  community
  renewal,  the  director  of the budget, the commissioner of taxation and
  finance and the chairman if he be a full time officer or employee of the
  agency, may  engage  in  private  employment,  or  in  a  profession  or
  business, subject to the limitations contained in sections seventy-three
  and  seventy-four  of the public officers law. The agency shall, for the
  purposes of  sections  seventy-three  and  seventy-four  of  the  public
  officers  law, be a "state-agency," and such members shall be "officers"
  of the agency for the purposes of said sections.
    4.  Notwithstanding  any  inconsistent  provisions  of  law,  general,
  special  or  local, no officer or employee of the state, or of any civil
  division thereof, shall be deemed to have forfeited or shall forfeit his
  office or employment by reason of his acceptance of  membership  on  the
  agency  created  by  this section; provided, however, a member who holds
  such other public office  or  employment  shall  receive  no  additional
  compensation  or  allowance  for  services  rendered  pursuant  to  this
  article, but shall be entitled  to  reimbursement  for  his  actual  and
  necessary expenses incurred in the performance of such services.
    5.  The  governor  may  remove any member for inefficiency, neglect of
  duty or misconduct in office after giving him  a  copy  of  the  charges
  against him, and an opportunity to be heard, in person or by counsel, in
  his  defense,  upon  not  less than ten days' notice. If any such member
  shall be  removed,  the  governor  shall  file  in  the  office  of  the
  department  of  state  a complete statement of charges made against such
  member, and his findings thereon, together with a complete record of the
  proceeding.  The holding of office by the commissioner of housing  shall
  continue  to  be  governed  by  the  provisions of section eleven of the
  public housing law.
    6. The  agency  and  its  corporate  existence  shall  continue  until
  terminated by law, provided, however, that no such law shall take effect

  so  long  as  the  agency  shall have bonds, notes and other obligations
  outstanding. Upon termination of the existence of the  agency,  all  its
  rights and properties shall pass to and be vested in the state.
    7.  The  powers  of  the agency shall be vested in and exercised by no
  less than four of the members thereof then in  office.  The  agency  may
  delegate  to  one  or  more  of its members, or its officers, agents and
  employees, such powers and duties as it may deem proper.
    8. The commissioner of housing and community renewal, the director  of
  the budget and the commissioner of taxation and finance each may appoint
  a  person from their respective division or department to represent such
  member, respectively, at all meetings of  the  agency  from  which  such
  member  may  be absent. Any such representative so designated shall have
  the power to attend and to vote at any meeting of the agency from  which
  the  member  so  designating  him as a representative is absent with the
  same force and effect as if the member designating him were present  and
  voting.  Such  designation  shall  be  by  written notice filed with the
  chairman of the agency by each of the said members. The  designation  of
  such  persons shall continue until revoked at any time by written notice
  to the chairman by the respective member making  the  designation.  Such
  designation  shall  not  be  deemed to limit the power of the appointing
  member to attend and vote at any meeting of the agency.