US Laws, Codes, Statutes & Cases

 
    §  603.  New York city off-track betting corporation. 1. A corporation
  to be known as the "New York  city  off-track  betting  corporation"  is
  hereby  created.  Such corporation shall be a body corporate and politic
  constituting a public benefit corporation. It shall be administered by a
  board of directors consisting of five members,  two  of  whom  shall  be
  appointed  by  the mayor, who shall serve at his pleasure and who may be
  public officers of the city. The  remaining  three  directors  shall  be
  appointed by the mayor for fixed terms as hereinafter provided.
    2.  Of  the  directors  first  appointed for fixed terms, one shall be
  appointed for a term ending on December thirty-first,  nineteen  hundred
  seventy-one,  one  for  a term ending on December thirty-first, nineteen
  hundred  seventy-three,  and  one  for  a  term   ending   on   December
  thirty-first, nineteen hundred seventy-five. Upon the expiration of such
  terms,  the  terms  of  office  of  their successors shall be six years.
  Vacancies occurring otherwise than by expiration of term shall be filled
  for the unexpired term.
    3. The mayor shall designate one of the directors holding office for a
  fixed term to be chairman of the board  of  directors  and  may  at  his
  pleasure, change his designation of any such director to be chairman.
    4.  Each  director  shall  continue to serve until the appointment and
  qualification of his successor.
    5. The directors holding office for a fixed term  shall  be  removable
  for cause by the mayor, upon charges and after a hearing.
    6.  The  powers of the corporation shall be vested in and exercised by
  the board at a meeting duly held at a time fixed by any  by-law  adopted
  by the board, or at any duly adjourned meeting of such meeting or at any
  meeting  held  upon  reasonable  notice to all of the directors, or upon
  written waiver thereof, and a majority of the whole number of  directors
  shall  constitute  a  quorum; provided that neither the business nor the
  powers of the  corporation  shall  be  transacted  or  exercised  except
  pursuant  to  the favorable vote of at least a majority of the directors
  present at a meeting at which a quorum is in attendance.
    7. The board may delegate to one or more of the  directors,  officers,
  agents  or employees of the corporation such powers and duties as it may
  deem proper.
    8. a. The directors may receive a sum of two hundred fifty dollars for
  each day or part  thereof  spent  in  attendance  at  meetings  held  in
  accordance  with  subdivision  six  of  this  section, but not to exceed
  twenty-five hundred dollars during any one year.
    b. The directors may receive a sum of one hundred dollars for each day
  or part thereof at meetings other than those defined in subdivision  six
  of  this  section  or otherwise in the work of the corporation; provided
  that such activities  are  approved  by  the  board  as  a  whole.  Such
  additional  expenses  shall  not  exceed  fifteen hundred dollars in any
  calendar year.
    c. The chairman of the board designated in accordance with subdivision
  three of this section  shall  receive  additional  compensation  of  one
  thousand  dollars  per  year  to  cover  those  expenses  and activities
  associated with such office.
    d. In addition, the directors shall be reimbursed for their actual and
  necessary expenses incurred in the performance of their official duties.
    e. Any expenses incurred by a director in excess of  those  authorized
  by  paragraph  d  of this subdivision shall be the responsibility of the
  appointing political  subdivision,  payable  on  vouchers  certified  or
  approved by the chief fiscal officer of such political subdivision as is
  provided by law.
    9.  The  directors may engage in outside employment or in a profession
  or business unless otherwise prohibited  from  doing  so  by  virtue  of
  holding  another  public  office  subject  to  the provisions of article
  eighteen of the general municipal law. For the purposes of such  article
  eighteen, the corporation shall be a "municipality" and a director shall
  be a "municipal officer".
    10. The board shall hold an annual meeting.
    11.  The  fiscal  year of the corporation shall be the same as that of
  the city. The comptroller shall be  the  chief  fiscal  officer  of  the
  corporation.
    12.  The  corporation counsel of the city shall be chief legal officer
  of the corporation.
    13. A general manager, who shall be the chief executive officer of the
  corporation, shall be in charge of the administration of its affairs. He
  shall perform his duties as chief executive officer, together  with  any
  other  duties  assigned  to  him  by  the  corporation, under its direct
  supervision and control and shall give full time to such duties.
    14.  Any  person  prohibited  by  any  law  or  rule  from   accepting
  compensation  described  in  subdivision  eight  of  this  section shall
  nonetheless be permitted to serve as a  director  provided  said  person
  waives his compensation.