§ 43. New York state housing finance agency. 1. There is hereby
created the "New York state housing finance agency". The agency shall be
a corporate governmental agency constituting a public benefit
corporation. Its membership shall consist of the commissioner of
housing and community renewal, the director of the budget, the
commissioner of taxation and finance, one member appointed by the
temporary president of the senate, and one member appointed by the
speaker of the assembly. In addition, there shall be four members to be
appointed by the governor with the advice and consent of the senate. The
members first appointed by the governor shall serve for terms ending
three, four, five and six years respectively from January first next
succeeding the date of their appointment. Their successors shall serve
for terms of six years each. Members shall continue in office until
their successors have been appointed and qualified. The members
appointed by the temporary president of the senate and the speaker of
the assembly shall serve at the pleasure of the temporary president of
the senate and the speaker of the assembly respectively. In the event of
a vacancy occurring in the office of any member by death, resignation or
otherwise, such vacancy shall be filled, for the unexpired term, if
applicable, in the same manner as the original appointment. The
provisions of section thirty-nine of the public officers law shall apply
to such members.

2. The governor shall designate from among the members appointed by
him or her a chairman, who shall serve as such during his or her term as
member. The members, including the chairman, shall serve without salary
or other compensation, but each member, including the chairman, shall be
entitled to reimbursement for actual and necessary expenses incurred in
the performance of his or her official duties and in the event that the
chairman shall also be a full time officer or employee of the agency,
the chairman shall receive no salary as chairman but shall receive only
his or her regular salary as officer or employee, not to exceed the
average of the salaries paid to the appointed commissioners of the state
departments or the regular salary such officer or employee was receiving
at the time of his or her appointment as chairman, whichever is greater.

3. Such members other than the commissioner of housing and community
renewal, the director of the budget, the commissioner of taxation and
finance and the chairman if he be a full time officer or employee of the
agency, may engage in private employment, or in a profession or
business, subject to the limitations contained in sections seventy-three
and seventy-four of the public officers law. The agency shall, for the
purposes of sections seventy-three and seventy-four of the public
officers law, be a "state-agency," and such members shall be "officers"
of the agency for the purposes of said sections.

4. Notwithstanding any inconsistent provisions of law, general,
special or local, no officer or employee of the state, or of any civil
division thereof, shall be deemed to have forfeited or shall forfeit his
office or employment by reason of his acceptance of membership on the
agency created by this section; provided, however, a member who holds
such other public office or employment shall receive no additional
compensation or allowance for services rendered pursuant to this
article, but shall be entitled to reimbursement for his actual and
necessary expenses incurred in the performance of such services.

5. The governor may remove any member for inefficiency, neglect of
duty or misconduct in office after giving him a copy of the charges
against him, and an opportunity to be heard, in person or by counsel, in
his defense, upon not less than ten days' notice. If any such member
shall be removed, the governor shall file in the office of the
department of state a complete statement of charges made against such
member, and his findings thereon, together with a complete record of the
proceeding. The holding of office by the commissioner of housing shall
continue to be governed by the provisions of section eleven of the
public housing law.

6. The agency and its corporate existence shall continue until
terminated by law, provided, however, that no such law shall take effect
so long as the agency shall have bonds, notes and other obligations
outstanding. Upon termination of the existence of the agency, all its
rights and properties shall pass to and be vested in the state.

7. The powers of the agency shall be vested in and exercised by no
less than six of the members thereof then in office. The agency may
delegate to one or more of its members, or its officers, agents and
employees, such powers and duties as it may deem proper.

8. The commissioner of housing and community renewal, the director of
the budget and the commissioner of taxation and finance each may appoint
a person from their respective division or department to represent such
member, respectively, at all meetings of the agency from which such
member may be absent. Any such representative so designated shall have
the power to attend and to vote at any meeting of the agency from which
the member so designating him as a representative is absent with the
same force and effect as if the member designating him were present and
voting. Such designation shall be by written notice filed with the
chairman of the agency by each of the said members. The designation of
such persons shall continue until revoked at any time by written notice
to the chairman by the respective member making the designation. Such
designation shall not be deemed to limit the power of the appointing
member to attend and vote at any meeting of the agency.