2023 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.