§ 426. Albany Housing Authority. A municipal housing authority, to be
known as the Albany Housing Authority, is hereby created and established
in the city of Albany in the county of Albany for the accomplishment of
any or all of the purposes specified in article eighteen of the
constitution of the state of New York. It shall constitute a body
corporate and politic and consist of five members. It shall have the
powers and duties now or hereafter conferred by this chapter upon
municipal housing authorities. It shall be organized in the manner
prescribed by and subject to the provisions of this chapter, and the
authority, its members, officers and employees and its operations and
activities shall in all respects be governed by the provisions of this
chapter. Such authority shall have perpetual duration; provided,
however, that if, at the expiration of three years subsequent to the
time this section as hereby amended takes effect, there shall be
outstanding no bonds or other obligations of such authority, theretofore
issued for any of the purposes authorized in this chapter, then its
corporate existence shall thereupon terminate and such authority shall
thereupon be deemed to be and shall be dissolved.