2403 - State of New York mortgage agency.

§ 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 effectso 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.