§ 3318. Defense and indemnification. The corporation shall not execute
any of its powers, including the special powers authorized by section
3306 of this article, except as necessary to commence its corporate
existence, until it has elected to make the provision of section
eighteen of the public officers law applicable to its employees (as such
term is defined in section eighteen of the public officers law) pursuant
to subdivision two of such section; provided, however, that nothing
contained within this section shall be deemed to permit the corporation
to extend the provisions of section eighteen of the public officers law
upon any independent contractor.