§ 2564. Special powers and duties of the corporation. The corporation\nshall have the power and duty:\n 1. To maintain and operate the convention center including the\nexpansion project; to rent parts thereof, and grant concessions, all on\nsuch terms and conditions as it may determine are fair and reasonable,\nsubject, in the case of rentals and concessions other than for\nexhibition purposes, to the prior approval of the state comptroller;\n 2. To approve the plan and design of the convention center project as\nrequired by a chapter of the laws of nineteen hundred seventy-nine and\nthe plan and design of the expansion project and any convention hotel\nfinanced by chapter three of the laws of two thousand four;\n 3. To transfer or otherwise make available to the subsidiary of New\nYo
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§ 2564. Special powers and duties of the corporation. The corporation\nshall have the power and duty:\n 1. To maintain and operate the convention center including the\nexpansion project; to rent parts thereof, and grant concessions, all on\nsuch terms and conditions as it may determine are fair and reasonable,\nsubject, in the case of rentals and concessions other than for\nexhibition purposes, to the prior approval of the state comptroller;\n 2. To approve the plan and design of the convention center project as\nrequired by a chapter of the laws of nineteen hundred seventy-nine and\nthe plan and design of the expansion project and any convention hotel\nfinanced by chapter three of the laws of two thousand four;\n 3. To transfer or otherwise make available to the subsidiary of New\nYork state urban development corporation organized pursuant to said\nchapter of the laws of nineteen hundred seventy-nine, without\nconsideration and when and as requested by said subsidiary, any or all\nrights, property and assets which shall have been transferred to the\ncorporation pursuant to section twenty-two-a of chapter ten hundred\neleven of the laws of nineteen hundred seventy-one as added by section\neighteen of said chapter of the laws of nineteen hundred seventy-nine;\nand\n 4. To establish a subsidiary for the purposes of forming a pure\ncaptive insurance company as provided in section seven thousand two of\nthe insurance law. Prior to forming such captive insurance company, the\ncorporation or its subsidiary shall complete a feasibility study\nincluding, but not limited to, an analysis of the actuarial risks and\nfeasibility associated with the creation of the insurance captive, a\nmeasurement of value of such insurance captives relative to financing\nrisk utilizing commercial insurance or self-financing, including in the\naggregate and by respective insurance type, the advantages and\ndisadvantages of potential insurance captive structures, and a domicile\nanalysis. Such feasibility study shall be provided to the temporary\npresident of the senate, the speaker of the assembly, and the governor\nupon completion, and shall be conducted by an independent risk\nconsultant firm or captive insurance broker licensed by the state to\nperform such duties. Such related risk consultant firm, captive\ninsurance broker, or any subsidiaries or affiliates thereof shall be\nprohibited from providing any management services for the captive\ninsurance company for the corporation for no less than five years from\nthe date of completing the study.\n