§ 2403 — State of New York mortgage agency

New York § 2403

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 17: State of New York Mortgage Agency Act
• Part 1: No title
• Art. 8: Miscellaneous Authorities

Text

§ 2403. State of New York mortgage agency. (1) There is hereby created\nthe state of New York mortgage agency. The agency shall be a corporate\ngovernmental agency of the state, constituting a political subdivision\nand public benefit corporation. Its membership shall consist of nine\ndirectors as follows: the comptroller or a member appointed by the\ncomptroller who shall serve until his or her successor is appointed, the\ndirector of the budget of the state of New York, the commissioner of\nhousing and community renewal, one director appointed by the temporary\npresident of the senate, one director appointed by the speaker of the\nassembly, and four directors to be appointed by the governor with the\nadvice and consent of the senate. The director first appointed by the\ngovernor pursuant to chapter three hundred fifty-six of the laws of two\nthousand four, which amended this subdivision, shall serve for a term\nending four years from January first next succeeding his or her\nappointment. The other directors first appointed by the governor shall\nbe appointed within ten days of the effective date of this title and\nshall serve for terms ending two, three and four years, respectively,\nfrom January first next succeeding their appointment. Their successors\nshall serve for terms of four years each. The directors appointed by the\ngovernor shall continue in office until their successors have been\nappointed and qualified. The directors appointed by the temporary\npresident of the senate and the speaker of the assembly shall serve at\nthe pleasure of the temporary president of the senate and the speaker of\nthe assembly respectively. In the event of a vacancy occurring in the\noffice of a director by death, resignation or otherwise, such vacancy\nshall be filled, for the unexpired term, if applicable, in the same\nmanner as the original appointment. From the four directors appointed by\nhim or her, the governor shall designate the chair of the agency. The\ngovernor shall designate the first chair within ten days of the\neffective date of this title.\n (2) The directors, including the chairman, shall serve without salary\nor other compensation, but each director shall be entitled to\nreimbursement for actual and necessary expenses incurred in the\nperformance of his or her official duties.\n (3) Such directors other than the comptroller, the budget director,\nand the commissioner of housing and community renewal may engage in\nprivate employment, or in a profession or business. The agency, its\ndirectors, officers and employees shall be subject to the provisions of\nsections seventy-three and seventy-four of the public officers law.\n (4) Notwithstanding any inconsistent provisions of law, general,\nspecial or local, no officer or employee of the state or of any civil\ndivision thereof shall be deemed to have forfeited or shall forfeit his\noffice or employment by reason of his acceptance of membership on the\nagency created by this section; provided, however, a director who holds\nsuch other public office or employment shall receive no additional\ncompensation or allowance for services rendered pursuant to this title,\nbut shall be entitled to reimbursement for his actual and necessary\nexpenses incurred in the performance of such services.\n (5) The governor may remove any director appointed by him for\ninefficiency, neglect of duty or misconduct in office after giving him a\ncopy of the charges against him and an opportunity to be heard, in\nperson or by counsel, in his defense, upon not less than ten days'\nnotice. If any such director shall be removed, the governor shall file\nin the office of the department of state a complete statement of charges\nmade against such director and his findings thereon, together with a\ncomplete record of the proceeding.\n (6) The agency and its corporate existence shall continue until\nterminated by law, provided, however, that no such law shall take effect\nso long as the agency shall have bonds, notes and other obligations\noutstanding, unless adequate provision has been made for the payment\nthereof. Upon termination of the existence of the agency, all its rights\nand properties shall pass to and be vested in the state.\n (7) A majority of the directors of the agency then in office shall\nconstitute a quorum for the transaction of any business or the exercise\nof any power or function of the agency. The agency may delegate to one\nor more of its directors, or its officers, agents or employees, such\npowers and duties as it may deem proper. The executive director\nappointed by the agency shall be the chief executive officer of the\nagency.\n (8) The commissioner of housing and community renewal and the director\nof the budget each may appoint a person from their respective division\nto represent such member, respectively, at all meetings of the agency\nfrom which such member may be absent. Any such representative so\ndesignated shall have the power to attend and to vote at any meeting of\nthe agency from which the member so designating him as a representative\nis absent with the same force and effect as if the member designating\nhim were present and voting. Such designation shall be by written notice\nfiled with the chairman of the agency by each of the said members. The\ndesignation of such persons shall continue until revoked at any time by\nwritten notice to the chairman by the respective member making the\ndesignation. Such designation shall not be deemed to limit the power of\nthe appointing member to attend and vote at any meeting of the agency.\n