§ 4. Urban development guarantee fund of New York. 1. There is hereby
created a non-profit corporation which shall be known as the "Urban
Development Guarantee Fund of New York." Except as otherwise provided in
this act, the fund shall have all the powers, privileges and immunities
which are now or may hereafter be conferred on business corporations by
the business corporation law.

2. The business of the fund shall be managed by, and its powers,
functions and duties shall be exercised through a board of directors,
consisting of the directors of the New York state urban development
corporation.

3. The chairman of the fund shall be the chairman of the New York
state urban development corporation. Each director shall be entitled to
reimbursement for his actual and necessary expenses incurred in the
performance of his official duties with the fund.

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
fund created by this section; provided, however, a director who holds
such other public office or employment shall receive no additional
compensation or allowance for services rendered pursuant to this act,
but shall be entitled to reimbursement for his actual and necessary
expenses incurred in the performance of such services.

5. The fund and its corporate existence shall continue until
terminated by law, which law shall provide for the disposition of the
properties and assets of the fund and the assumption of its liabilities,
if any. In no event shall such law take effect while debentures,
guarantees or other obligations of the fund are outstanding, unless
adequate provision is made in such law for the liquidation, satisfaction
or securing of such obligations.

6. The powers of the fund shall be exercised by affirmative vote of no
less than five of the directors thereof then in office. The fund may
delegate to one or more of its directors, or its officers, agents and
employees, such powers and duties as it may deem proper.

7. The fund may appoint one or more advisory committees consisting of
not more than seven members each to consider and advise the fund upon
all matters submitted to them by the fund and to recommend to the fund
such changes in the administration of this act and the operations of the
fund as the advisory committee may deem desirable. Members of advisory
committees shall serve without salary for such terms, not to exceed four
years, as the fund may determine. Each member of an advisory committee
shall be entitled to reimbursement for his actual and necessary expenses
incurred in the performance of his duties.