§ 459. Watervliet Housing Authority. A municipal housing authority,
to be known as the Watervliet Housing Authority, is hereby created and
established for the city of Watervliet 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 five years
subsequent to the time this section as hereby added 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.