§ 603. New York city off-track betting corporation. 1. A corporation
to be known as the "New York city off-track betting corporation" is
hereby created. Such corporation shall be a body corporate and politic
constituting a public benefit corporation. It shall be administered by a
board of directors consisting of five members, who may be public
officers, appointed by the governor for fixed terms as hereinafter
provided, one of whom shall be appointed on the recommendation of the
temporary president of the senate, and one of whom shall be appointed on
the recommendation of the speaker of the assembly.

2. Of the directors, one shall be appointed for a term ending on
December thirty-first, two thousand nine, one for a term ending on
December thirty-first, two thousand ten, one for a term ending on
December thirty-first, two thousand twelve, and the two directors
appointed on the recommendation of the temporary president of the senate
and the speaker of the assembly, for a term ending December
thirty-first, two thousand fourteen. Upon the expiration of such terms,
the terms of office of their successors shall be six years. Vacancies
occurring otherwise than by expiration of term shall be filled for the
unexpired term.

3. The governor shall designate one of the directors to be chairman of
the board of directors and may at his pleasure, change his designation
of any such director to be chairman.

4. Each director shall continue to serve until the appointment and
qualification of his successor.

5. The directors shall be removable for cause by the governor, upon
charges and after a hearing.

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

7. The board may delegate to one or more of the directors, officers,
agents or employees of the corporation such powers and duties as it may
deem proper.

8. The directors shall be reimbursed for their actual and necessary
expenses incurred in the performance of their official duties.

9. The directors may engage in outside employment or in a profession
or business unless otherwise prohibited from doing so by virtue of
holding another public office subject to the provisions of section
seventy-three of the public officers law.

10. The board shall hold an annual meeting.

11. The fiscal year of the corporation shall be the same as that of
the city, provided, however, that the corporation shall have a nine
month fiscal year from July first, two thousand eight through March
thirty-first, two thousand nine, and then the fiscal year of the
corporation shall be the same as the state.