§ 431. New York state quarter horse breeding and development fund. 1.
A corporation to be known as the "New York state quarter horse breeding
and development fund corporation" is hereby created. Such corporation
shall be a body corporate and politic constituting a public benefit
corporation, the objective of which shall be to encourage the breeding
of quarter horses and the development of the quarter horse industry in
this state. It shall be administered by a board of directors consisting
of the chair of the commission or his or her designee, who shall be
chair of the board of directors of the corporation, the commissioner of
agriculture and markets, and the members of the commission.

2. The powers of the fund shall be vested in and exercised by the
board at a meeting held at a time fixed by any by-laws adopted by the
board or at any duly adjourned meeting of such board or at any meeting
held upon reasonable notice to all of the directors, and a majority of
the whole number of directors shall constitute a quorum; provided that
neither the business nor the powers of the fund shall be transacted or
exercised except pursuant to a favorable vote of at least a majority of
the directors present at a meeting at which a quorum is in attendance.

3. The commission may delegate to one or more of the directors or
officers of the fund such powers and duties as it may deem proper and
shall use, pursuant to a contract approved by the director of the
budget, the service employees of the commission and the state office of
racing promotion and development.

4. The directors shall not be entitled to any compensation for their
services but shall be entitled to reimbursement for their actual and
necessary expenses incurred in the performance of their official duties.