There is a newer version of the New York Consolidated Laws
2006 New York Code - New York City Off-track Betting Corporation.
§ 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.
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