§ 431 — New York state quarter horse breeding and development fund

§ 431. New York state quarter horse breeding and development fund. 1.\nA corporation to be known as the "New York state quarter horse breeding\nand development fund corporation" is hereby created. Such corporation\nshall be a body corporate and politic constituting a public benefit\ncorporation, the objective of which shall be to encourage the breeding\nof quarter horses and the development of the quarter horse industry in\nthis state. It shall be administered by a board of directors consisting\nof the chair of the commission or his or her designee, who shall be\nchair of the board of directors of the corporation, the commissioner of\nagriculture and markets, and the members of the commission.\n 2. The powers of the fund shall be vested in and exercised by the\nboard at a meeting held at a time fixed by any by-laws adopted by the\nboard or at any duly adjourned meeting of such board or at any meeting\nheld upon reasonable notice to all of the directors, and a majority of\nthe whole number of directors shall constitute a quorum; provided that\nneither the business nor the powers of the fund shall be transacted or\nexercised except pursuant to a favorable vote of at least a majority of\nthe directors present at a meeting at which a quorum is in attendance.\n 3. The commission may delegate to one or more of the directors or\nofficers of the fund such powers and duties as it may deem proper and\nshall use, pursuant to a contract approved by the director of the\nbudget, the service employees of the commission and the state office of\nracing promotion and development.\n 4. The directors shall not be entitled to any compensation for their\nservices but shall be entitled to reimbursement for their actual and\nnecessary expenses incurred in the performance of their official duties.\n