§ 4 — Urban development guarantee fund of New York

§ 4. Urban development guarantee fund of New York. 1. There is hereby\ncreated a non-profit corporation which shall be known as the "Urban\nDevelopment Guarantee Fund of New York." Except as otherwise provided in\nthis act, the fund shall have all the powers, privileges and immunities\nwhich are now or may hereafter be conferred on business corporations by\nthe business corporation law.\n 2. The business of the fund shall be managed by, and its powers,\nfunctions and duties shall be exercised through a board of directors,\nconsisting of the directors of the New York state urban development\ncorporation.\n 3. The chairman of the fund shall be the chairman of the New York\nstate urban development corporation. Each director shall be entitled to\nreimbursement for his actual and necessary expenses incurred in the\nperformance of his official duties with the fund.\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\nfund 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 act,\nbut shall be entitled to reimbursement for his actual and necessary\nexpenses incurred in the performance of such services.\n 5. The fund and its corporate existence shall continue until\nterminated by law, which law shall provide for the disposition of the\nproperties and assets of the fund and the assumption of its liabilities,\nif any. In no event shall such law take effect while debentures,\nguarantees or other obligations of the fund are outstanding, unless\nadequate provision is made in such law for the liquidation, satisfaction\nor securing of such obligations.\n 6. The powers of the fund shall be exercised by affirmative vote of no\nless than five of the directors thereof then in office. The fund may\ndelegate to one or more of its directors, or its officers, agents and\nemployees, such powers and duties as it may deem proper.\n 7. The fund may appoint one or more advisory committees consisting of\nnot more than seven members each to consider and advise the fund upon\nall matters submitted to them by the fund and to recommend to the fund\nsuch changes in the administration of this act and the operations of the\nfund as the advisory committee may deem desirable. Members of advisory\ncommittees shall serve without salary for such terms, not to exceed four\nyears, as the fund may determine. Each member of an advisory committee\nshall be entitled to reimbursement for his actual and necessary expenses\nincurred in the performance of his duties.\n