§ 3034 — Administration of the corporation

* § 3034. Administration of the corporation. 1. The corporation shall\nbe administered by a board of directors, consisting of nine directors,\nnone of whom shall be officers or employees of the federal government or\nof the state or political subdivisions thereof. All of the directors\nshall be appointed by the governor with the advice and consent of the\nsenate, provided that four of such directors shall be appointed upon\nwritten recommendation of the mayor. Of the directors initially\nappointed upon the written recommendation of the mayor, one shall serve\nfor a term ending December thirty-first, nineteen hundred seventy-six;\none shall serve for a term ending December thirty-first, nineteen\nhundred seventy-seven; one shall serve for a term ending December\nthirty-first, nineteen hundred seventy-eight; and one shall serve for a\nterm ending December thirty-first, nineteen hundred seventy-nine. Of the\nremaining directors initially appointed by the governor, one shall serve\nfor a term ending December thirty-first, nineteen hundred seventy-six;\none shall serve for a term ending December thirty-first, nineteen\nhundred seventy-seven; one shall serve for a term ending December\nthirty-first, nineteen hundred seventy-eight; and two shall serve for a\nterm ending December thirty-first, nineteen hundred seventy-nine. Each\ndirector shall hold office until his successor has been appointed and\nqualified. Thereafter each director appointed by the governor shall\nserve a term of four years, except that any director appointed to fill a\nvacancy shall serve only until the expiration of his predecessor's term.\n 2. The speaker and the minority leader of the assembly, the president\npro-tem and the minority leader of the senate, the city board of\nestimate acting by majority vote, and the vice-chairman of the city\ncouncil, shall each be entitled to appoint a representative to the board\nof directors. Each such representative shall be entitled to receive\nnotice of and to attend all meetings of the board of directors but shall\nnot be entitled to vote. No representative shall be an employee or\nofficer of the federal, state or city governments. Each representative\nshall serve at the pleasure of the appointing official or body, shall be\neligible for reappointment, and shall hold office until his successor\nhas been appointed.\n 3. The corporation shall have the power to make and execute contracts\nto pay the expenses of operation of the emergency financial control\nboard for the city of New York, within the appropriation available\ntherefor and including the repayment to the state of any advance to such\nboard under any agreement between the board and the director of the\nbudget, out of any revenues available to the corporation and not\notherwise pledged except the proceeds of its notes and bonds.\n * NB The corporation shall continue for a term ending the later of\nJuly 1, 2008 or one year after its liabilities have been fully paid and\ndischarged per § 3033 sub 1.\n