2023 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.