§ 1974-a. Subsidiaries; how created. 1. The authority by resolution
from time to time may direct any of its members, officers or employees
to organize one or more wholly-owned subsidiary corporations pursuant
and subject to article two, article four or article eleven of the
private housing finance law. Such resolution shall prescribe the
purposes for which such subsidiary is to be organized.

2. The authority may transfer to any subsidiary any money or real or
personal or mixed property or any project in order to carry out the
purposes of this title. Each such subsidiary shall have all the
privileges, immunities, tax exemptions and other exemptions of the
authority to the extent the same are not inconsistent with the statute
or statutes pursuant to which such subsidiary was organized. Except as
may be inconsistent with the provisions of this title, such subsidiary
shall have all the rights and powers granted to housing companies by the
private housing finance law and by any other statute pursuant to which
such subsidiary was organized.

3. No member or officer of the authority shall receive any additional
compensation, either direct or indirect, other than reimbursement for
actual and necessary expenses incurred in the performance of his duties,
by reason of his serving as a member, director, trustee or officer of
any subsidiary.