§ 2433. State of New York municipal bond bank agency. (1) There is
hereby created the state of New York municipal bond bank agency. The
agency shall be a body corporate and politic constituting a public
benefit corporation. Its membership shall consist of seven directors as
follows: the comptroller or a director appointed by the comptroller who
shall serve until a successor is appointed, the secretary of state, the
director of the budget, the chairman of the New York state housing
finance agency and three directors to be appointed by the governor with
the advice and consent of the senate, at least one of whom shall be an
elected official of a municipality as defined in this title. The
directors first appointed by the governor shall serve for terms ending
two, three and four years, respectively, from January first next
succeeding their appointment. Their successors shall serve for terms of
four years each. Directors shall continue in office until their
successors have been appointed and qualified. In the event of a vacancy
occurring in the office of a director by death, resignation or
otherwise, the governor shall appoint a successor with the advice and
consent of the senate to serve for the balance of the unexpired term.
Each director appointed by the governor shall be a citizen of the United
States and a resident of the state. The chairman of the New York state
housing finance agency shall serve as chairman of the agency.

(2) The powers of the agency shall be vested in and exercised by a
majority of the directors of the agency then in office. The secretary of
state and the director of the budget, each may appoint a person from
their respective office, division or agency to represent such director,
respectively, at all meetings of the agency from which such director may
be absent. Any such representative so designated shall have the power to
attend and to vote at any meeting of the agency from which the director
so designating him as a representative is absent with the same force and
effect as if the director designating him were present and voting. Such
designation shall be by written notice filed with the chairman of the
agency by each of the said directors. The designation of such persons
shall continue until revoked at any time by written notice to the
chairman by the respective director making the designation. Such
designation shall not be deemed to limit the power of the appointing
director to attend and vote at any meeting of the agency.

(3) The directors shall serve without salary or other compensation,
but each director, except for those who serve ex officio, shall be
entitled to reimbursement for actual and necessary expenses incurred in
the performance of his or her official duties.

(4) Such directors, except as otherwise provided by law, may engage in
private employment, or in a profession or business. The agency, its
directors, officers and employees shall be subject to the provisions of
sections seventy-three and seventy-four of the public officers law.

(5) The chief executive officer of the agency shall be the executive
director of the New York state housing finance agency.

(6) Notwithstanding any inconsistent provisions of law, general,
special or local, no officer or employee of the state or of any civil
division thereof shall be deemed to have forfeited or shall forfeit his
office or employment by reason of his acceptance of membership on the
agency created by this section; provided, however, a director who holds
such other public office or employment shall receive no additional
compensation or allowance for services rendered pursuant to this title,
but shall be entitled to reimbursement for his actual and necessary
expenses incurred in the performance of such services.

(7) The governor may remove any director appointed by him for
inefficiency, neglect of duty or misconduct in office after giving him a
copy of the charges against him and an opportunity to be heard, in
person or by counsel in his defense, upon not less than ten days'
notice. If any such director shall be removed, the governor shall file
in the office of the department of state a complete statement of charges
made against such director and his findings thereon, together with a
complete record of the proceeding.

(8) The agency and its corporate existence shall continue until
terminated by law, provided, however, that no such law shall take effect
so long as the agency shall have bonds, notes and other obligations
outstanding, unless adequate provision has been made for the payment
thereof. Upon termination of the existence of the agency, all its rights
and properties shall pass to and be vested in the state.

(9) A majority of the directors of the agency then in office shall
constitute a quorum for the transaction of any business or the exercise
of any power or function of the agency. The agency may delegate to one
or more of its directors, or its officers, agents or employees, such
powers and duties as it may deem proper.