§ 4 — Corporation for urban development and research of New York

§ 4. Corporation for urban development and research of New York. 1.\nThere is hereby created a non-profit corporation which shall be known as\nthe "Corporation for Urban Development and Research of New York." Except\nas otherwise provided in this act, the corporation shall have all the\npowers, privileges and immunities which are now or may hereafter be\nconferred on business corporations by the business corporations law.\n 2. The business of the corporation shall be managed by, and its\npowers, functions and duties shall be exercised through a board of\ndirectors, consisting of nine directors who shall be the directors of\nthe New York state urban development corporation.\n 3. The chairman of the corporation shall be the chairman of the New\nYork State urban development corporation. The directors shall serve\nwithout salary, but each director shall be entitled to reimbursement for\nhis actual and necessary expenses incurred in the performance of his\nofficial duties with the corporation.\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\ncorporation created by this section; provided, however, a director who\nholds such 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 corporation and its corporate existence shall continue until\nterminated by law, provided, however, that no such law shall take effect\nso long as the corporation shall have bonds, notes and other obligations\noutstanding, unless adequate provision has been made for the payment\nthereof in the documents securing the same. Upon termination of the\nexistence of the corporation, all its rights and properties shall pass\nto and be vested in the state.\n 6. The powers of the corporation shall be exercised by affirmative\nvote of no less than five of the directors thereof then in office,\nexcept as otherwise provided by subdivision two of section eight hereof.\nThe corporation may delegate to one or more of its directors, or its\nofficers, agents and employees, such powers and duties as it may deem\nproper.\n