US Laws, Codes, Statutes & Cases

 
    § 253. The New York state thoroughbred racing capital investment fund.
  1.  A corporation to be known as the "New York state thoroughbred racing
  capital investment fund", in this article referred to as "the fund",  is
  hereby  created.  Such  fund  shall  be  a  body  corporate and politic,
  constituting a public benefit corporation. It shall be administered by a
  board of directors consisting of the director of the budget or his  duly
  designated  appointee,  the  chairman  of  the state racing and wagering
  board or his duly designated appointee, and seven additional members who
  shall be appointed by the governor,  one  upon  the  nomination  of  the
  temporary  president  of  the  senate,  one  upon  the nomination of the
  speaker of the assembly, one upon the nomination of the minority  leader
  of the senate, and one upon the nomination of the minority leader of the
  assembly.  These  seven additional members shall each serve for two year
  terms beginning on January tenth of each odd numbered year. Each of  the
  seven  additional  members  initially  appointed  to  the board shall be
  appointed within thirty days after the effective date  of  this  article
  and  shall  serve  for  a  term  ending  January ninth, nineteen hundred
  eighty-five or until his successor has been appointed and qualified. All
  members shall continue  in  office  until  their  successors  have  been
  appointed  and  qualified.  The governor shall designate a chairman from
  among the sitting members, who shall serve as such at  the  pleasure  of
  the governor.
    2.  The members shall serve without compensation for their services as
  members, but shall be entitled to reimbursement for actual and necessary
  expenses incurred in the performance of their official duties.
    3. Such members, except as otherwise provided by law,  may  engage  in
  private  employment,  or  in  a  profession  or  business. The fund, its
  members, officers and employees shall be subject to  the  provisions  of
  sections seventy-three and seventy-four of the public officers law.
    4.  Notwithstanding  any  inconsistent  provisions  of  law,  general,
  special or local, no officer or employee of the state or  of  any  civil
  division  thereof shall be deemed to have forfeited or shall forfeit his
  office or employment by reason of his acceptance of  membership  on  the
  fund created by this section.
    5.   The  fund  and  its  corporate  existence  shall  continue  until
  terminated by  law.  However,  should  the  fund  have  notes  or  other
  obligations  outstanding,  the  fund  may be terminated only if adequate
  provision has been made for the payment  of  such  obligations  and  the
  rights  of  the  holders  of  such obligations are fully protected. Upon
  termination of the fund, all its rights and properties shall pass to and
  be vested in the state.
    6. The affirmative vote of five of the members shall be necessary  for
  the transaction of any business or the exercise of any power or function
  of the fund. The fund may delegate to one or more of its members, or its
  officers,  agents  or  employees,  such powers and duties as it may deem
  proper.
    7.  The  governor  may  remove  any  director  for  neglect  of  duty,
  misconduct  or  other  good cause after giving him a copy of the charges
  against him and an opportunity to be heard in person  and  defended,  in
  person  or  by  counsel,  upon  not  less  than ten days' notice. If any
  director shall be so removed, the governor shall file in the  office  of
  the  department  of  state  a complete statement of charges against such
  director, and the governor's findings thereon, together with a  complete
  record of the proceedings.