§ 360. Division of science, technology and innovation. 1. Economic
development efficiency. In order to promote economic development
efficiency in the state of New York, the transfer of powers, functions
and affairs of the New York state foundation for science, technology and
innovation is hereby authorized and there is hereby created within the
department the division of science, technology and innovation.
Notwithstanding the foregoing, the small business technology investment
fund and cash assets of the New York state foundation for science,
technology and innovation shall be transferred to the urban development
corporation pursuant to subdivision twelve of this section.

2. Transfer of powers of the New York state foundation for science,
technology and innovation. The functions and powers possessed by and all
of the obligations and duties of the New York state foundation for
science, technology and innovation, as established pursuant to article
ten-A of the public authorities law and article ten-B of the executive
law, with the exception of the small business technology investment fund
and cash assets of the New York state foundation for science, technology
and innovation shall be transferred and assigned to, and assumed by and
devolved upon, the department. Notwithstanding the foregoing, any
programs specified in law to be administered by the New York state
foundation for science, technology and innovation shall be administered
by the department only to the extent of available appropriations.

3. Abolition of the New York state foundation for science, technology
and innovation. Upon the transfer pursuant to subdivisions two and
twelve of this section of the functions and powers possessed by and all
of the obligations and duties of the New York state foundation for
science, technology and innovation, as established pursuant to article
ten-A of the public authorities law and article ten-B of the executive
law, the New York state foundation for science, technology and
innovation shall be abolished.

3-a. Notwithstanding any other provision of law, rule, or regulation
to the contrary, upon the transfer of functions from the New York state
foundation for science, technology and innovation pursuant to this
section, employees of the New York state foundation for science,
technology and innovation, as determined by the commissioner in his or
her discretion, who are necessary to the continuation of the transferred
functions and substantially engaged in the performance of the
transferred functions shall be transferred to the department. Employees
transferred pursuant to this section shall be transferred without
further examination or qualification and shall retain their respective
civil service classifications or the equivalent thereof.

4. Continuity of authority of the New York state foundation for
science, technology and innovation. Except as herein otherwise provided,
upon the transfer pursuant to subdivisions two and twelve of this
section of the functions and powers possessed by and all of the
obligations and duties of the New York state foundation for science,
technology and innovation as established pursuant to such provisions of
the executive law and the public authorities law to the department as
prescribed by subdivision two of this section and to the urban
development corporation pursuant to subdivision twelve of this section
for the purpose of succession of all functions, powers, duties and
obligations of the New York state foundation for science, technology and
innovation, the department and the urban development corporation, as
appropriate shall be deemed to and be held to constitute the
continuation of such functions, powers, duties and obligations and not a
different agency or authority.

5. Transfer of records of the New York state foundation for science,
technology and innovation. Upon the transfer pursuant to subdivisions
two and twelve of this section of the functions and powers possessed by
and all of the obligations and duties of the New York state foundation
for science, technology and innovation as established pursuant to such
provisions of the executive law and the public authorities law to the
department as prescribed by subdivision two of this section and to the
urban development corporation pursuant to subdivision twelve of this
section, all books, papers, records and property pertaining to the New
York state foundation for science, technology and innovation shall be
transferred to and maintained by the department and the urban
development corporation, as appropriate.

6. Completion of unfinished business of the New York state foundation
for science, technology and innovation. Upon the transfer pursuant to
subdivisions two and twelve of this section of the functions and powers
possessed by and all of the obligations and duties of the New York state
foundation for science, technology and innovation as established
pursuant to such provisions of the executive law and the public
authorities law to the department as prescribed by subdivision two of
this section and to the urban development corporation pursuant to
subdivision twelve of this section, any business or other matter
undertaken or commenced by the New York state foundation for science,
technology and innovation pertaining to or connected with the functions,
powers, obligations and duties so transferred and assigned to the
department may be conducted or completed by the department and the urban
development corporation, as appropriate.

7. Terms occurring in laws, contracts or other documents of or
pertaining to the New York state foundation for science, technology and
innovation. Upon the transfer pursuant to subdivisions two and twelve of
this section of the functions and powers possessed by and all of the
obligations and duties of the New York state foundation for science,
technology and innovation as established pursuant to such provisions of
the executive law and the public authorities law, whenever the New York
state foundation for science, technology and innovation and the
executive director thereof, the functions, powers, obligations and
duties of which are transferred to the department and the urban
development corporation are referred to or designated in any law,
contract or document pertaining to the functions, powers, obligations
and duties transferred and assigned pursuant to this section, such
reference or designation shall be deemed to refer to the department and
its commissioner or the urban development corporation and its president
and chief executive officer, as appropriate, or his or her designee.

8. Existing rights and remedies of or pertaining to the New York state
foundation for science, technology and innovation preserved. Upon the
transfer pursuant to subdivisions two and twelve of this section of the
functions and powers possessed by and all of the obligations and duties
of the New York state foundation for science, technology and innovation
as established pursuant to the executive law and the public authorities
law to the department as prescribed by subdivision two of this section
and to the urban development corporation pursuant to subdivision twelve
of this section, no existing right or remedy of the state, including the
New York state foundation for science, technology and innovation, shall
be lost, impaired or affected by reason of this section.

9. Pending actions and proceedings of or pertaining to the New York
state foundation for science, technology and innovation. Upon the
transfer pursuant to subdivisions two and twelve of this section of the
functions and powers possessed by and all of the obligations and duties
of the New York state foundation for science, technology and innovation
as established pursuant to such provisions of the executive law and the
public authorities law transfer to the department as prescribed by
subdivision two of this section and to the urban development corporation
pursuant to subdivision twelve of this section, no action or proceeding
pending on the effective date of this section, brought by or against the
New York state foundation for science, technology and innovation or
executive director thereof shall be affected by any provision of this
section, but the same may be prosecuted or defended in the name of the
department or the urban development corporation, as appropriate. In all
such actions and proceedings, the department and the urban development
corporation, as appropriate, upon application to the court, shall be
substituted as a party.

10. Continuation of rules and regulations of or pertaining to the New
York state foundation for science, technology and innovation. Upon the
transfer pursuant to subdivisions two and twelve of this section of the
functions and powers possessed by and all the obligations and duties of
the New York state foundation for science, technology and innovation as
established pursuant to such provisions of the executive law and the
public authorities law transfer to the department as prescribed by
subdivision two of this section and to the urban development corporation
pursuant to subdivision twelve of this section, all rules, regulations,
acts, determinations and decisions of the New York state foundation for
science, technology and innovation, pertaining to the functions
transferred and assigned by this section to the department and the urban
development corporation, as appropriate, in force at the time of such
transfer, assignment, assumption and devolution shall continue in force
and effect as rules, regulations, acts, determinations and decisions of
the department and the urban development corporation, as appropriate,
until duly modified or repealed.

11. Transfer of appropriations heretofore made to the New York state
foundation for science, technology and innovation. Upon the transfer
pursuant to subdivisions two and twelve of this section of the functions
and powers possessed by and all of the obligations and duties of the New
York state foundation for science, technology and innovation as
established pursuant to such provisions of the executive law and the
public authorities law to the department as prescribed by subdivision
two of this section and to the urban development corporation pursuant to
subdivision twelve of this section, all appropriations and
reappropriations which shall have been made available as of the date of
such transfer to the New York state foundation for science, technology
and innovation or segregated pursuant to law, to the extent of remaining
unexpended or unencumbered balances thereof, whether allocated or
unallocated and whether obligated or unobligated, shall be transferred
to and made available for use and expenditure by the department or the
urban development corporation as deemed appropriate by the commissioner
and shall be payable on vouchers certified or approved by the
commissioner of taxation and finance, on audit and warrant of the
comptroller. Payments of liabilities for expenses of personal services,
maintenance and operation which shall have been incurred as of the date
of such transfer by the New York state foundation for science,
technology and innovation, and for liabilities incurred and to be
incurred in completing its affairs shall also be made on vouchers
certified or approved by the commissioner, on audit and warrant of the
comptroller.

12. Transfer of certain assets and liabilities. Upon the transfer
pursuant to subdivision two of this section of the functions and powers
possessed by and all the obligations and duties of the New York state
foundation for science, technology and innovation, as established
pursuant to article ten-A of the public authorities law and article
ten-B of the executive law as prescribed by subdivision two of this
section, all cash assets of the New York state foundation for science,
technology and innovation, and all assets, records, and liabilities of
the small business technology investment fund (SBTIF) established
pursuant to appropriations made by various chapters of the law
including, but not limited to chapter fifty-three of the laws of
nineteen hundred eighty-one, chapter fifty-three of the laws of nineteen
hundred eighty-five, chapter fifty-three of the laws of nineteen hundred
eighty-six, chapter fifty-three of the laws of nineteen hundred
eighty-seven, chapter fifty-three of the laws of nineteen hundred
eighty-eight, chapter fifty-three of the laws of nineteen hundred
eighty-nine, chapter fifty-three of the laws of nineteen hundred ninety,
chapter fifty-three of the laws of nineteen hundred ninety-one, chapter
fifty-three of the laws of nineteen hundred ninety-two, chapter
fifty-three of the laws of nineteen hundred ninety-three, chapter
fifty-three of the laws of nineteen hundred ninety-four, and chapter
fifty-three of the laws of nineteen hundred ninety-five shall be
transferred to the urban development corporation.

13. Severability. If any clause, sentence, paragraph or part of this
section shall be adjudged by any court of competent jurisdiction to be
invalid, such judgment shall not affect, impair or invalidate the
remainder thereof, but shall be confined in its operation to the clause,
sentence, paragraph or part thereof directly involved in the controversy
in which such judgment shall have been rendered.