2023 New York Laws › EDN - Education › Title 1 - General Provisions › Article 14 - New York State Higher Education Services Corporation › Part 1 - Corporate Structure › 653 - Powers and Duties of the Board.

§ 653. Powers  and duties of the board. In furtherance of the purposes
  set forth in  this  article,  the  board  of  trustees  shall  have  the
  following powers and duties:
1. To take, hold and preserve, on behalf of the corporation all moneys
  appropriated to the corporation or otherwise available to it.
2.  a.  To  submit  to  the  governor,  the temporary president of the
  senate, the speaker of the assembly, the senate finance  committee,  the
  assembly  ways  and  means  committee and the standing committees of the
  legislature having jurisdiction of higher education, at  such  times  as
  the  director  of the budget may prescribe a student aid and loan budget
  request for the following state fiscal year. The  budget  request  shall
  include,   but   not   be   limited  to  estimates  of  the  number  and
  characteristics of students eligible  for  aid  and  loans,  other  than
  education  loans  made  under the New York higher education loan program
  pursuant to part V  of  this  article  which  budget  request  shall  be
  developed  by the president after consultation with the board of regents
  in order to implement the student financial aid and loan programs, other
  than education loans made under  the  New  York  higher  education  loan
  program pursuant to part V of this article provided for in this article.
  Notwithstanding,  the  budget  request shall also include an estimate of
  the amounts needed for state  operations  within  the  New  York  higher
  education  loan  program  account  for  purposes  of the New York higher
  education loan program established pursuant to part V of this article. A
  copy of the budget request shall be transmitted to the commissioner  for
  his  information.  The  budget  request  submitted by the board shall be
  subject to approval annually as part of the executive budget.
b. At the time and in the format prescribed by  the  Director  of  the
  Budget,  the  Board  shall  submit  to  the  Division  of  the Budget an
  administrative and operating budget request. This budget  request  shall
  be subject to approval annually as part of the executive budget.
c.  In  order  further  to  assure  the  payment by the corporation to
  lending institutions for defaulted loans,  other  than  education  loans
  made under the New York higher education loan program pursuant to part V
  of  this  article  in  the  respective  amounts  as  guaranteed  by  the
  corporation pursuant to contract, there shall  be  annually  apportioned
  and  paid  to the corporation such estimated amount, if any, as shall be
  certified by the board to the governor and director  of  the  budget  as
  necessary  to  provide for the payment of all such defaults for the next
  ensuing state fiscal year. The board shall, as part of its annual budget
  request, make and deliver to the governor and director  of  the  budget,
  its  certificate  stating  the estimated amount, if any, required to pay
  such defaults for the ensuing state fiscal year, if any, and  said  sums
  shall  be  apportioned  and  paid  to the corporation during such fiscal
  year.
3. To submit on or before November first  of  each  calendar  year  an
  annual  report  to  the  board  of  regents, the governor, the temporary
  president of the senate, the speaker of the assembly, the senate finance
  committee, the assembly  ways  and  means  committee  and  the  standing
  committees of the legislature having jurisdiction of higher education.
4.  To  sue  and  be  sued  in  the  name of the corporation provided,
  however, a claim for money damages against the corporation, except where
  such claim is based on an alleged  guarantee  made  by  the  corporation
  under the federal guaranteed student loan programs or is for interest or
  other  subsidies  payable by the federal government under such programs,
  shall be made solely under and pursuant to the provisions of  the  court
  of  claims  act including but not limited to service thereunder upon the
  attorney general. Except in the case where the provisions of  the  court
  of  claims  act apply, process in any action or proceeding may be served

  upon the secretary of state as agent for the corporation, in the  manner
  provided  by  section three hundred six of the business corporation law.
  Provided, however, notwithstanding any inconsistent  provision  of  law,
  the venue of an action brought by or on behalf of the corporation on any
  loan made or guaranteed by it which is in default, may be laid in Albany
  county  or any other county otherwise permitted by law and in any action
  brought against the corporation the venue shall be laid in the county of
  Albany. Provided further however, that in an action  brought  by  or  on
  behalf  of the corporation on any loan made or guaranteed by it which is
  in default, a defendant shall be  entitled,  upon  motion  made  in  the
  county  in  which  venue  has  been  laid  and  upon  a showing of facts
  sufficient to require a trial of any issue of fact, to a change of venue
  to any other county permitted by law.
5. To procure a policy or policies of group life insurance  to  insure
  the  repayment  of  loans  made  or guaranteed by the corporation in the
  event of the death of an individual to whom a loan is made or guaranteed
  hereunder.
6. To  appoint  an  advisory  council  to  consist  of  three  student
  financial  aid  officers  from  public institutions of higher education,
  three student financial aid officers from private institutions of higher
  education, three representatives  of  banking  institutions  within  the
  state, and four students, one of whom shall be a student registered in a
  full time course of study at an institution of the state university, one
  of  whom shall be a student registered in a full time course of study at
  an institution of the city university of the city of New  York,  one  of
  whom  shall be a student registered in a full time course of study at an
  independent institution of higher education within the state, and one of
  whom shall be a student registered in a full time course of study  at  a
  community college located outside of the city of New York, to assist the
  corporation  on  a  regular basis in carrying out its purposes. The four
  student  members  shall  be  appointed  after  consultation   with   and
  recommendations  from  appropriate  student  organizations. Appointments
  shall be for a period of three years, except that of the student members
  which shall be for one year,  and  except  that  of  the  members  first
  appointed  from  public  institutions  of  higher  education  and of the
  members first appointed from private institutions of higher learning and
  of the members first appointed from banking institutions,  respectively,
  one  shall  be  appointed  for  a term of one year beginning July first,
  nineteen  hundred  seventy-five  and  ending  June  thirtieth,  nineteen
  hundred  seventy-six,  one  shall  be  appointed for a term of two years
  beginning July first, nineteen  hundred  seventy-five  and  ending  June
  thirtieth, nineteen hundred seventy-seven and one shall be appointed for
  a   term   of   three  years  beginning  July  first,  nineteen  hundred
  seventy-five and ending June thirtieth, nineteen hundred  seventy-eight.
  Any  members whose employment or student status ceases to conform to the
  above requirements shall be  required  to  resign.  Vacancies  shall  be
  filled   for   the  unexpired  term  in  the  same  manner  as  original
  appointments.
7. To prescribe, with the approval of the  comptroller,  a  system  of
  accounts.
8.  To take, hold and administer, on behalf of the corporation and for
  any of its purposes, real property, personal property and moneys, or any
  interest therein, and the income  therefrom,  either  absolutely  or  in
  trust,  for  any  purpose  of  the  corporation.  The  board may acquire
  property or moneys for such purpose by purchase or lease  in  accordance
  with  the requirements of article eleven of the state finance law and by
  the acceptance of gifts, grants, bequests, devises or  loans;  provided,

  however,  that  no  obligation of the corporation shall be a debt of the
  state.
9.  To  perform  such other acts as may be necessary or appropriate to
  carry out the objects and purposes of the corporation  as  specified  in
  this  article  including  promulgation  of  rules and regulations, which
  shall be filed in accordance with  section  one  hundred  one-a  of  the
  executive law.