(a) A member of the state legislature appointed to the board shall
serve for a single term not to exceed five years and shall serve as a
member only while he or she is a member of the legislature.
(b) Of the six directors appointed by the governor who are not members
of the legislature, three directors shall serve for terms of four years,
two directors shall serve for terms of three years, and one director
shall serve for a one year term. Thereafter, each director, except for a
director appointed to fill an unexpired term, shall serve for a five
year term. No director may serve on the board for more than ten years.
2. In the event of a vacancy occurring in the office of a director by
death, resignation or otherwise, the governor shall appoint a successor,
with the advice and consent of the New York state senate, to serve for
the balance of the unexpired term.
3. The board of directors shall provide for the holding of regular and
special meetings. A majority of the directors shall constitute a quorum
for the transaction of any business and, unless a greater number is
required by the by-laws of the corporation, the acts of a majority of
the directors present at a meeting at which a quorum is present shall be
deemed to be the acts of the board.
4. The board of directors shall adopt by-laws for the corporation and
may appoint such officers and employees as it deems advisable and may
fix their compensation and prescribe their duties.
5. The directors appointed by the governor shall serve without salary,
but each director, including the chairperson shall be entitled to
reimbursement for such director's reasonable actual and necessary
expenses incurred in the performance of his or her official duties, and
except in the case of any director who serves as a member of the
legislature or serves in an ex officio capacity, a per diem allowance
when rendering services as such director.
6. No member of the board of directors shall participate in a decision
on the awarding of any grant or contract to an individual or
organization with whom such member is affiliated.
7. Directors other than the chancellor of the state university of New
York and the commissioner of education of the state of New York may
engage in private employment, or in a profession or business. The
corporation, its directors, officers and employees shall be subject to
the provisions of sections seventy-three and seventy-four of the public
officers law.