2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 26 - New York City Stabilization Reserve Corporation › 2534 - Administration of the Corporation.

§  2534.  Administration of the corporation. (1) The corporation shall
be administered by three directors, one of whom shall be the director of
management and budget. The remaining two directors shall be appointed by
the mayor, no more than one of whom may be a  city  official.  Directors
who are not city officials shall serve for a term expiring at the end of
the  term  actually served by the officer making the appointment and may
be removed for cause by the mayor after hearing on ten days notice.
(2) The mayor shall designate a  chairman  and  a  vice-chairman  from
among the directors. The chairman shall preside over all meetings of the
directors  and  shall  have  such  other  duties as the directors or the
corporation  may  direct.  The  vice-chairman  shall  preside  over  all
meetings  of the directors in the absence of the chairman and shall have
such other duties as the directors of the corporation may prescribe.
(3) The directors of the corporation shall serve without  salary,  but
each  director  shall  be  reimbursed  for actual and necessary expenses
incurred in the performance of his official duties as a director of  the
corporation.  The  directors  of  the  corporation may engage in private
employment or in a profession or business (if not  otherwise  prohibited
from  so  doing  by  virtue  of any other public office), subject to the
limitations contained in sections seventy-three and seventy-four of  the
public  officers  law.  The  corporation  shall, for the purpose of such
sections, be a  "state  agency"  and  the  directors  thereof  shall  be
"officers" of the agency for the purpose of said sections.
(4)  Notwithstanding  any  inconsistent  provisions  of  law, general,
special or local, no officer or employee of the state of New  York,  any
city,  county, town or village, any other political or civil division of
the state, any  municipality,  any  governmental  entity  operating  any
public school or college, any school district or any other public agency
or  instrumentality  or  unit of government which exercises governmental
powers under the  laws  of  the  state,  shall  forfeit  his  office  or
employment  by  reason  of  his acceptance of appointment as a director,
officer or agent of the corporation nor shall service as such  director,
officer  or  agent  of  the  corporation  be  deemed  incompatible or in
conflict with such office or employment.
(5) A majority of the whole number of directors then in  office  shall
constitute  a quorum for the transaction of any business or the exercise
of any power of the corporation. Except as otherwise specified  in  this
title,  for the transaction of any business or the exercise of any power
of the corporation, the  corporation  shall  have  power  to  act  by  a
majority of the directors present at any meeting at which a quorum is in
attendance.  The  corporation  may  delegate  to  one  or  more  of  its
directors, or officers, agents and employees, such powers and duties  as
the directors may deem proper.
(6)  The  corporation may appoint officers, employees and agents as it
may require and prescribe their duties and fix their compensation.
(7) On or before November fifteenth  of  each  year,  the  corporation
shall  submit  a financial statement to the mayor, the state comptroller
and the city comptroller, the state director of the budget and the  city
director  of  the budget, and to the city board of estimate and the city
council.