N.Y. Public Authorities Law 3054 – Administration of the corporation
§ 3054. Administration of the corporation. The corporation shall be administered by a board of directors, consisting of seven directors, none of whom shall be officers or employees of the federal government or of the state or political subdivisions thereof. Five of the directors shall be appointed by the governor. One of the directors shall be appointed by the majority leader of the senate and one of the directors shall be appointed by the speaker of the assembly. Each of the members of the board of directors shall serve at the pleasure of the appointed official. Directors of the corporation may also be members of the supervisory board created for the city of Troy pursuant to section ten of chapter seven hundred twenty-one of the laws of nineteen hundred ninety-four, as amended from time to time. The corporation shall have the power to make and execute contracts to pay the expenses of operation of the supervisory board for the city of Troy, within the appropriation available therefor.
Terms Used In N.Y. Public Authorities Law 3054
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Board of directors: means the board of directors of a municipal assistance corporation. See N.Y. Public Authorities Law 3003
- City: means the city of Troy. See N.Y. Public Authorities Law 3052
- Corporation: means the corporate governmental agency created by section three thousand fifty-three of this title. See N.Y. Public Authorities Law 3052
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Governor: means the governor of the state of New York. See N.Y. Public Authorities Law 3003
- Majority leader: see Floor Leaders
- State: means the state of New York. See N.Y. Public Authorities Law 3003