§ 3417. Defense and indemnification. The corporation shall not
execute any of its powers, including the special powers authorized by
section thirty-four hundred five of this article, except as necessary to
commence its corporate existence, until it has elected to make the
provisions 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.