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

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

3. The chairman of the corporation shall be the chairman of the New
York State urban development corporation. The directors shall serve
without salary, but each director shall be entitled to reimbursement for
his actual and necessary expenses incurred in the performance of his
official duties with the corporation.

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
corporation 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 corporation and its corporate existence shall continue until
terminated by law, provided, however, that no such law shall take effect
so long as the corporation shall have bonds, notes and other obligations
outstanding, unless adequate provision has been made for the payment
thereof in the documents securing the same. Upon termination of the
existence of the corporation, all its rights and properties shall pass
to and be vested in the state.

6. The powers of the corporation shall be exercised by affirmative
vote of no less than five of the directors thereof then in office,
except as otherwise provided by subdivision two of section eight hereof.
The corporation may delegate to one or more of its directors, or its
officers, agents and employees, such powers and duties as it may deem
proper.