§ 1201. New York city transit authority.--1. A board, to be known as
"New York City Transit Authority" is hereby created. Such board shall be
a body corporate and politic constituting a public benefit corporation.
It shall consist of seventeen members, all serving ex officio. Those
members shall be the persons who from time to time shall hold the
offices of chairman and members of metropolitan transportation
authority.

2. The chairman of such board shall be the chairman of metropolitan
transportation authority, serving ex officio, and, provided that there
is an executive director of the metropolitan transportation authority,
the executive director of the authority shall be the executive director
of the metropolitan transportation authority, serving ex officio.
Notwithstanding any provision of law to the contrary, the chairman shall
be the chief executive officer of the authority and shall be responsible
for the discharge of the executive and administrative functions and
powers of the authority. The chairman and executive director, if any,
each shall be empowered to delegate his or her functions and powers to
one or more officers or employees designated by him or her.

3. The chairman, other members of the board and the executive director
shall not be entitled to compensation for their services but shall be
entitled to reimbursement for their actual and necessary expenses
incurred in the performance of their official duties.

4. Notwithstanding any inconsistent provisions of this or any other
law, general, special or local, no officer or employee of the state or
any public corporation, as defined in the general corporation law, shall
be deemed to have forfeited or shall forfeit his office or employment or
any benefits provided under the retirement and social security law or
under any public retirement system maintained by the state or any of its
subdivisions by reason of his being a member or the chairman of the
authority.

5. A majority of the whole number of members of the authority then in
office shall constitute a quorum for the transaction of any business or
the exercise of any power of the authority. Except as otherwise
specified in this title, for the transaction of any business or the
exercise of any power of the authority, the authority shall have the
power to act by a majority vote of the members present at any meeting at
which a quorum is in attendance. In the event of a tie vote the chairman
shall cast one additional vote. For the purposes of the voting and
quorum requirements of this subdivision, the voting and quorum
requirements set forth in subdivision three of section twelve hundred
sixty-three of this article and in any by-law of the metropolitan
transportation authority adopted pursuant to the provisions of such
subdivision shall be applicable hereto.

6. The authority and its corporate existence shall continue until
terminated by law, provided however, that no such law shall take effect
so long as the authority or any of its subsidiaries, the metropolitan
transportation authority or the Triborough bridge and tunnel authority
shall have outstanding any notes or bonds or lease, sublease or other
contractual obligations issued or incurred pursuant to section twelve
hundred seven-m of this title or issued or incurred in connection with
the transfer of its interest in and the lease from the transferee of any
property furnished to it pursuant to chapter twelve of the laws of
nineteen hundred seventy-nine or section fifteen of chapter three
hundred fourteen of the laws of nineteen hundred eighty-one, or section
twelve hundred sixty-six-c or twelve hundred seventy-d of this article,
unless adequate provision has been made for the payment or satisfaction
of such outstanding notes, bonds, lease, sublease or other contractual
obligations.