§ 2403. State of New York mortgage agency. (1) There is hereby created
the state of New York mortgage agency. The agency shall be a corporate
governmental agency of the state, constituting a political subdivision
and public benefit corporation. Its membership shall consist of nine
directors as follows: the comptroller or a member appointed by the
comptroller who shall serve until his or her successor is appointed, the
director of the budget of the state of New York, the commissioner of
housing and community renewal, one director appointed by the temporary
president of the senate, one director appointed by the speaker of the
assembly, and four directors to be appointed by the governor with the
advice and consent of the senate. The director first appointed by the
governor pursuant to chapter three hundred fifty-six of the laws of two
thousand four, which amended this subdivision, shall serve for a term
ending four years from January first next succeeding his or her
appointment. The other directors first appointed by the governor shall
be appointed within ten days of the effective date of this title and
shall serve for terms ending two, three and four years, respectively,
from January first next succeeding their appointment. Their successors
shall serve for terms of four years each. The directors appointed by the
governor shall continue in office until their successors have been
appointed and qualified. The directors appointed by the temporary
president of the senate and the speaker of the assembly shall serve at
the pleasure of the temporary president of the senate and the speaker of
the assembly respectively. In the event of a vacancy occurring in the
office of a director by death, resignation or otherwise, such vacancy
shall be filled, for the unexpired term, if applicable, in the same
manner as the original appointment. From the four directors appointed by
him or her, the governor shall designate the chair of the agency. The
governor shall designate the first chair within ten days of the
effective date of this title.

(2) The directors, including the chairman, shall serve without salary
or other compensation, but each director shall be entitled to
reimbursement for actual and necessary expenses incurred in the
performance of his or her official duties.

(3) Such directors other than the comptroller, the budget director,
and the commissioner of housing and community renewal may engage in
private employment, or in a profession or business. The agency, its
directors, officers and employees shall be subject to the provisions of
sections seventy-three and seventy-four of the public officers law.

(4) Notwithstanding any inconsistent provisions of law, general,
special or local, no officer or employee of the state or of any civil
division thereof shall be deemed to have forfeited or shall forfeit his
office or employment by reason of his acceptance of membership on the
agency created by this section; provided, however, a director who holds
such other public office or employment shall receive no additional
compensation or allowance for services rendered pursuant to this title,
but shall be entitled to reimbursement for his actual and necessary
expenses incurred in the performance of such services.

(5) The governor may remove any director appointed by him for
inefficiency, neglect of duty or misconduct in office after giving him a
copy of the charges against him and an opportunity to be heard, in
person or by counsel, in his defense, upon not less than ten days'
notice. If any such director shall be removed, the governor shall file
in the office of the department of state a complete statement of charges
made against such director and his findings thereon, together with a
complete record of the proceeding.

(6) The agency and its corporate existence shall continue until
terminated by law, provided, however, that no such law shall take effect
so long as the agency shall have bonds, notes and other obligations
outstanding, unless adequate provision has been made for the payment
thereof. Upon termination of the existence of the agency, all its rights
and properties shall pass to and be vested in the state.

(7) A majority of the directors of the agency then in office shall
constitute a quorum for the transaction of any business or the exercise
of any power or function of the agency. The agency may delegate to one
or more of its directors, or its officers, agents or employees, such
powers and duties as it may deem proper. The executive director
appointed by the agency shall be the chief executive officer of the
agency.

(8) The commissioner of housing and community renewal and the director
of the budget each may appoint a person from their respective division
to represent such member, respectively, at all meetings of the agency
from which such member may be absent. Any such representative so
designated shall have the power to attend and to vote at any meeting of
the agency from which the member so designating him as a representative
is absent with the same force and effect as if the member designating
him were present and voting. Such designation shall be by written notice
filed with the chairman of the agency by each of the said members. The
designation of such persons shall continue until revoked at any time by
written notice to the chairman by the respective member making the
designation. Such designation shall not be deemed to limit the power of
the appointing member to attend and vote at any meeting of the agency.