§ 4. Facilities Development corporation. There is hereby created the
facilities development corporation. The corporation shall be a corporate
governmental agency constituting a public benefit corporation. From and
after the effective date of the health care financing consolidation act,
as provided in subdivision 1 of section 1699-f of the public authorities
law, the corporation shall continue its corporate existence in and
through the dormitory authority, and the dormitory authority shall
succeed to all of the powers, duties and functions of the corporation.