§ 702. Ogdensburg bridge authority. A board to be known as "Ogdensburg
bridge authority" is hereby created. Such board shall be a body
corporate and politic constituting a public benefit corporation. It
shall consist of seven members who shall be appointed by the governor.
The terms of office of the members shall be five years except as
hereinafter provided. Of the two members first appointed to fill a
vacancy created by reason of the increase in the membership of the
authority to seven in number one shall be appointed for an initial term
of three years and one for an initial term of four years. Each of the
above terms provided for shall commence on the first day of January in
the year in which the vacancy occurs. Each member shall hold office
until the appointment and qualification of his successor. An appointment
to fill a vacancy shall be for the unexpired term. The board shall elect
annually a chairman, a vice-chairman, a secretary and a treasurer of the
board. The members of the board shall not be entitled to compensation
for their services but shall be entitled to reimbursement for all
expenses necessarily incurred in the performance of their duties. The
powers of the authority shall be vested in and exercised by a majority
of the members of the board then in office. The board may delegate to
one or more of its members or to its officers, agents or employees such
powers and duties as it may deem proper. When all its liabilities shall
have been met and its bonds shall have been paid in full, all its rights
and properties, so far as the same are located in the United States of
America, including the right to charge tolls, shall be conveyed without
cost or expense to the state of New York, and all its rights and
properties so far as the same are located in the Dominion of Canada,
including the right to charge tolls, shall be conveyed without cost or
expense to the province of Ontario or otherwise disposed of in
accordance with the laws of the Dominion of Canada. The authority and
its corporate existence shall continue until all its liabilities shall
have been met and its bonds paid in full and until all its rights and
properties shall have been conveyed as hereinabove provided.