§ 1003. Trustees. The authority shall consist of seven trustees, five
of whom shall serve respectively for terms of one, two, three, four and
five years, to be appointed by the governor, by and with the advice and
consent of the senate. The sixth and seventh trustees shall be appointed
by the governor, by and with the advice and consent of the senate, and
shall serve initial terms of one and two years respectively. Each
trustee shall hold office until a successor has been appointed and
qualified. At the expiration of the term of each trustee and of each
succeeding trustee the governor shall, by and with the advice and
consent of the senate, appoint a successor, who shall hold office for a
term of five years, or until a successor has been appointed and
qualified. In the event of a vacancy occurring in the office of the
trustee by death, resignation or otherwise, the governor shall, by and
with the advice and consent of the senate, appoint a successor, who
shall hold office for the unexpired term. Four trustees shall constitute
a quorum for the purpose of organizing the authority and conducting the
business thereof.

The trustee chosen as chairman as provided in section one thousand
four of this title, shall receive an annual salary which shall be set by
the trustees of the authority, and which shall not exceed the salary
prescribed for the positions listed in paragraph (f) of subdivision one
of section one hundred sixty-nine of the executive law. Each other
trustee shall not receive a salary or other compensation. Each trustee
shall receive his or her reasonable expenses in the performance of his
or her duties hereunder. The trustee chosen as chairman may elect to
become a member of the New York state and local employees' retirement
system on the basis of such compensation to which he or she shall be
entitled as herein provided notwithstanding the provisions of any
general, special or local law, municipal charter, or ordinance.