§ 202. Regents. 1. The University of the State of New York shall be
governed and all its corporate powers exercised by a board of regents
the number of whose members shall at all times be four more than the
number of the then existing judicial districts of the state and shall
not be less than fifteen. The regents in office April first, nineteen
hundred seventy-four shall hold office, in the order of their election,
for such times that the term of one such regent will expire in each year
on the first day of April. Commencing April first, nineteen hundred
seventy-four, each regent shall be elected for a term of seven years,
each such term to expire on the first day of April. Commencing on April
first, nineteen hundred ninety-four, each regent shall be elected for a
term of five years, each such term to expire on the first day of April.
Each regent shall be elected by the legislature by concurrent resolution
in the preceding March, on or before the first Tuesday of such month.
If, however, the legislature fails to agree on such concurrent
resolution by the first Tuesday of such month, then the two houses shall
meet in joint session at noon on the second Tuesday of such month and
proceed to elect such regent by joint ballot.

2. All vacancies in such office, either for full or unexpired terms,
shall be so filled that there shall always be in the membership of the
board of regents at least one resident of each of the judicial
districts. A vacancy in the office of regent for other cause than
expiration of term of service shall be filled for the unexpired term by
an election at the session of the legislature immediately following such
vacancy in the manner prescribed in the preceding paragraph, unless the
legislature is in session when such vacancy occurs, in which case the
vacancy shall be filled by such legislature in the manner prescribed in
the preceding paragraph, except as hereinafter provided. However, if
such vacancy occurs after the second Tuesday in March and before a
resolution to adjourn sine die has been adopted by either house, then
the vacancy shall be filled by concurrent resolution, unless the
legislature fails to agree on such concurrent resolution within three
legislative days after its passage by one house, in which case the two
houses shall meet in joint session at noon on the next legislative day
and proceed to elect such regent by joint ballots; provided, however,
that if the vacancy occur after the adoption by either house of a
resolution to adjourn sine die, then the vacancy shall be filled at the
next session of the legislature in the manner prescribed in the
preceding paragraph.

3. There shall be no "ex-officio" members of the board of regents.

4. No person shall be at the same time a regent of the university and
a trustee, president, principal or any other officer of an institution
belonging to the university.

5. (a) Every regent, on and after December fifteenth and before the
following January fifteenth, in each year, shall file with the secretary
of the senate and with the clerk of the assembly a written statement of

(1) each financial interest, direct or indirect of himself or herself,
his or her spouse and his or her unemancipated children under the age of
eighteen years in any activity which is subject to the jurisdiction of
the education department or name of the entity in which the interest is
had and whether such interest is over or under five thousand dollars in
value.

(2) every office and directorship held by him or her in any
corporation, firm or enterprise which is subject to the jurisdiction of
the education department or which does business with an institution
which is subject to the jurisdiction of the education department,
including the name of such corporation, firm or enterprise.

(3) any other interest or relationship which he or she determines in
his or her discretion might reasonably be expected to be in the public
interest and should be disclosed.

(b) On or before January thirty-first in each year the secretary of
the senate and the clerk of the assembly shall jointly prepare a report
containing the statements required to be filed pursuant to paragraph (a)
of this subdivision. Copies of such report shall be open to public
inspection in the office of the secretary of the senate and the clerk of
the assembly. The senate and assembly may jointly adopt rules to
implement the provisions of this subdivision.