NY Pub Auth L § 2403 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 17 - State of New York Mortgage Agency Act Part 1 2403 - State of New York Mortgage Agency.

§ 2403. State of New York mortgage agency. (1) There is hereby created the  state  of New York mortgage agency. The agency shall be a corporate governmental agency of the state, constituting a  political  subdivision and  public  benefit  corporation.  Its membership shall consist of nine directors as follows: the comptroller  or  a  member  appointed  by  the comptroller who shall serve until his or her successor is appointed, the director  of  the  budget  of the state of New York, the commissioner of housing and community renewal, one director appointed by  the  temporary president  of  the  senate, one director appointed by the speaker of the assembly, and four directors to be appointed by the  governor  with  the advice  and  consent  of the senate. The director first appointed by the governor pursuant to chapter three hundred fifty-six of the laws of  two thousand  four,  which  amended this subdivision, shall serve for a term ending four  years  from  January  first  next  succeeding  his  or  her appointment.  The  other directors first appointed by the governor shall be appointed within ten days of the effective date  of  this  title  and shall  serve  for  terms ending two, three and four years, respectively, from January first next succeeding their appointment.  Their  successors shall serve for terms of four years each. The directors appointed by the governor  shall  continue  in  office  until  their successors have been appointed and  qualified.  The  directors  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  a  director by death, resignation or otherwise, such vacancy shall be filled, for the unexpired term,  if  applicable,  in  the  same manner as the original appointment. From the four directors appointed by him  or  her,  the governor shall designate the chair of the agency. The governor shall  designate  the  first  chair  within  ten  days  of  the effective date of this title.  (2)  The directors, including the chairman, shall serve without salary or  other  compensation,  but  each  director  shall  be   entitled   to reimbursement   for  actual  and  necessary  expenses  incurred  in  the performance of his or her official duties.  (3) Such directors other than the comptroller,  the  budget  director, and  the  commissioner  of  housing  and community renewal may engage in private employment, or in a profession  or  business.  The  agency,  its directors,  officers and employees shall be subject to the provisions of sections seventy-three and seventy-four of the public officers law.  (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 director who  holds such  other  public  office  or  employment  shall receive no additional compensation or allowance for services rendered pursuant to this  title, 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  director  appointed  by  him  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 director shall be removed, the governor shall file in the office of the department of state a complete statement of charges made against such director and his findings  thereon,  together  with  a complete record of the proceeding.  (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,  unless  adequate  provision  has been made for the payment thereof. Upon termination of the existence of the agency, all its rights and properties shall pass to and be vested in the state.  (7)  A  majority  of  the directors of the agency then in office shall constitute a quorum for the transaction of any business or the  exercise of  any  power or function of the agency. The agency may delegate to one or more of its directors, or its officers,  agents  or  employees,  such powers  and  duties  as  it  may  deem  proper.  The  executive director appointed by the agency shall be the  chief  executive  officer  of  the agency.  (8) The commissioner of housing and community renewal and the director of  the  budget each may appoint a person from their respective division 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.