Section 1. There is hereby created and established a district to be
known as the "Albany Port District" which shall embrace all the
territory on the easterly and westerly sides of the Hudson river which
on January first, nineteen hundred and twenty-nine, was included within
the city of Albany and the city of Rensselaer; and all lands and water,
in the Hudson river contiguous thereto, subject to the right, title and
interest of the state in and to the lands under the waters of the Hudson
river. Such district is hereby declared to be a public corporation and
shall have perpetual existence and the power to acquire such real estate
and other property as may be necessary, to sue and be sued, to incur
debts and liabilities, to have a seal, to exercise the right of eminent
domain, and to do all acts and exercise all powers authorized by and
subject to the provisions of this act, but subject also to the
constitution and laws of the United States. Such powers shall be
exercised by and in the name of the Albany port district commission.