Section 353. Companies; how created

Notwithstanding the provisions of any
  other  law  or  requirement  to  the  contrary,   companies   shall   be
  incorporated  and  organized  pursuant to the not-for-profit corporation
  law and this article.
    In addition  to  those  matters  required  to  be  set  forth  in  the
  certificate  of incorporation by the not-for-profit corporation law, the
  certificate shall state:
    1. That, among the purposes for which it is formed, the company is  to
  plan,  construct,  acquire,  alter,  reconstruct, rehabilitate, improve,
  own, maintain and operate one or more projects pursuant to this article.
    2. The number of directors, which shall be not  less  than  three  nor
  more  than  fifteen.  Directors  shall  be elected by the members of the
  company.  One additional director may be designated by the commissioner.
  In the absence of fraud or bad  faith  the  director  appointed  by  the
  commissioner  shall  not be personally liable for the debts, obligations
  or liabilities of the company.
    3.  That  the  real  property  of  the  company  shall  not  be  sold,
  transferred,   encumbered   or  assigned  except  as  permitted  by  the
  provisions of this article.
    4. That the company has been organized exclusively to serve  a  public
  purpose  and  that it shall be and remain subject to the supervision and
  control of the department pursuant to the provisions of this article and
  all applicable laws and regulations.
    5. That  all  income  and  earnings  of  the  company  shall  be  used
  exclusively for its corporate purposes.
    6. That no part of the net income or net earnings of the company shall
  inure  to  the  benefit  or  profit  of  any private individual, firm or
  corporation.