2006 New York Code - New York City Transit Authority.

 
    §  1201.  New York city transit authority.--1. A board, to be known as
  "New York City Transit Authority" is hereby created. Such board shall be
  a body corporate and politic constituting a public benefit  corporation.
  It  shall  consist  of  seventeen members, all serving ex officio. Those
  members shall be the persons who  from  time  to  time  shall  hold  the
  offices   of   chairman   and  members  of  metropolitan  transportation
  authority.
    2. The chairman of such board shall be the  chairman  of  metropolitan
  transportation authority, serving ex officio, and the executive director
  of  the  authority  shall  be the executive director of the metropolitan
  transportation authority, serving ex  officio.  The  executive  director
  shall be empowered to delegate his or her function and power to appoint,
  discipline  and remove officers and employees to one or more officers or
  employees designated by him or her.
    3. The chairman, other members of the board and the executive director
  shall not be entitled to compensation for their services  but  shall  be
  entitled  to  reimbursement  for  their  actual  and  necessary expenses
  incurred in the performance of their official duties.
    4. Notwithstanding any inconsistent provisions of this  or  any  other
  law,  general,  special or local, no officer or employee of the state or
  any public corporation, as defined in the general corporation law, shall
  be deemed to have forfeited or shall forfeit his office or employment or
  any benefits provided under the retirement and social  security  law  or
  under any public retirement system maintained by the state or any of its
  subdivisions  by  reason  of  his  being a member or the chairman of the
  authority.
    5. A majority of the whole number of members of the authority then  in
  office  shall constitute a quorum for the transaction of any business or
  the exercise  of  any  power  of  the  authority.  Except  as  otherwise
  specified  in  this  title,  for  the transaction of any business or the
  exercise of any power of the authority, the  authority  shall  have  the
  power to act by a majority vote of the members present at any meeting at
  which a quorum is in attendance. In the event of a tie vote the chairman
  shall  cast  one  additional  vote.  For  the purposes of the voting and
  quorum  requirements  of  this  subdivision,  the  voting   and   quorum
  requirements  set  forth  in subdivision three of section twelve hundred
  sixty-three of this article  and  in  any  by-law  of  the  metropolitan
  transportation  authority  adopted  pursuant  to  the provisions of such
  subdivision shall be applicable hereto.
    6. The authority and its  corporate  existence  shall  continue  until
  terminated  by law, provided however, that no such law shall take effect
  so long as the authority or any of its  subsidiaries,  the  metropolitan
  transportation  authority  or the Triborough bridge and tunnel authority
  shall have outstanding any notes or bonds or lease,  sublease  or  other
  contractual  obligations  issued  or incurred pursuant to section twelve
  hundred seven-m of this title or issued or incurred in  connection  with
  the transfer of its interest in and the lease from the transferee of any
  property  furnished  to  it  pursuant  to  chapter twelve of the laws of
  nineteen hundred  seventy-nine  or  section  fifteen  of  chapter  three
  hundred  fourteen of the laws of nineteen hundred eighty-one, or section
  twelve hundred sixty-six-c or twelve hundred seventy-d of this  article,
  unless  adequate provision has been made for the payment or satisfaction
  of such outstanding notes, bonds, lease, sublease or  other  contractual
  obligations.