US Laws, Codes, Statutes & Cases

 
    § 431. New York state quarter horse breeding and development fund.  1.
  A  corporation to be known as the "New York state quarter horse breeding
  and development fund corporation" is hereby  created.  Such  corporation
  shall  be  a  body  corporate  and politic constituting a public benefit
  corporation, the objective of which shall be to encourage  the  breeding
  of  quarter  horses and the development of the quarter horse industry in
  this state. It shall be administered by a board of directors  consisting
  of  the  chairman  of  the state racing and wagering board, who shall be
  chairman of the board of directors of the corporation, the  commissioner
  of  agriculture  and  markets,  and  the members of the state racing and
  wagering board.
    2. The powers of the fund shall be vested  in  and  exercised  by  the
  board  at  a  meeting held at a time fixed by any by-laws adopted by the
  board or at any duly adjourned meeting of such board or at  any  meeting
  held  upon  reasonable notice to all of the directors, and a majority of
  the whole number of directors shall constitute a quorum;  provided  that
  neither  the  business nor the powers of the fund shall be transacted or
  exercised except pursuant to a favorable vote of at least a majority  of
  the directors present at a meeting at which a quorum is in attendance.
    3.  The  board may delegate to one or more of the directors, officers,
  agents or employees of the fund such powers and duties as  it  may  deem
  proper  and may utilize, pursuant to a contract approved by the director
  of the budget, the service employees of the state  racing  and  wagering
  board.
    4.  The  directors shall not be entitled to any compensation for their
  services but shall be entitled to reimbursement  for  their  actual  and
  necessary expenses incurred in the performance of their official duties.