NY Rac, Pari-Mut Wag & Breeding L § 603 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 6 - New York City Off-Track Betting Corporation 603 - New York City Off-Track Betting Corporation.

§  603.  New York city off-track betting corporation. 1. A corporation   to be known as the "New York  city  off-track  betting  corporation"  is   hereby  created.  Such corporation shall be a body corporate and politic   constituting a public benefit corporation. It shall be administered by a   board of directors  consisting  of  five  members,  who  may  be  public   officers,  appointed  by  the  governor  for  fixed terms as hereinafter   provided, one of whom shall be appointed on the  recommendation  of  the   temporary president of the senate, and one of whom shall be appointed on   the recommendation of the speaker of the assembly.2.  Of  the  directors,  one  shall  be appointed for a term ending on   December thirty-first, two thousand nine,  one  for  a  term  ending  on   December  thirty-first,  two  thousand  ten,  one  for  a term ending on   December thirty-first,  two  thousand  twelve,  and  the  two  directors   appointed on the recommendation of the temporary president of the senate   and   the   speaker   of  the  assembly,  for  a  term  ending  December   thirty-first, two thousand fourteen. Upon the expiration of such  terms,   the  terms  of  office of their successors shall be six years. Vacancies   occurring otherwise than by expiration of term shall be filled  for  the   unexpired term.3. The governor shall designate one of the directors to be chairman of   the  board  of directors and may at his pleasure, change his designation   of any such director to be chairman.4. Each director shall continue to serve  until  the  appointment  and   qualification of his successor.5.  The  directors  shall be removable for cause by the governor, upon   charges and after a hearing.6. The powers of the corporation shall be vested in and  exercised  by   the  board  at a meeting duly held at a time fixed by any by-law adopted   by the board, or at any duly adjourned meeting of such meeting or at any   meeting held upon reasonable notice to all of  the  directors,  or  upon   written  waiver thereof, and a majority of the whole number of directors   shall constitute a quorum; provided that neither the  business  nor  the   powers  of  the  corporation  shall  be  transacted  or exercised except   pursuant to the favorable vote of at least a majority of  the  directors   present at a meeting at which a quorum is in attendance.7.  The  board may delegate to one or more of the directors, officers,   agents or employees of the corporation such powers and duties as it  may   deem proper.8.  The  directors  shall be reimbursed for their actual and necessary   expenses incurred in the performance of their official duties.9. The directors may engage in outside employment or in  a  profession   or  business  unless  otherwise  prohibited  from  doing so by virtue of   holding another public office  subject  to  the  provisions  of  section   seventy-three of the public officers law.10. The board shall hold an annual meeting.11.  The  fiscal  year of the corporation shall be the same as that of   the city, provided, however, that the  corporation  shall  have  a  nine   month  fiscal  year  from  July  first, two thousand eight through March   thirty-first, two thousand  nine,  and  then  the  fiscal  year  of  the   corporation shall be the same as the state.