(b) The members, officers and employees of the corporation shall be
subject to the provisions of section 12-110 of the administrative code
of the city of New York pertaining to the filing of annual disclosure
reports with the New York city conflicts of interest board, and for such
purpose the members shall be deemed to be compensated members of the
corporation.
(c) Notwithstanding any inconsistent provisions of this or any other
general, special or local law, no officer or employee of the state, or
of any civil division thereof, or of any public corporation, as defined
in the general construction law, shall be deemed to have forfeited or
shall forfeit such person's office or employment or any benefits
provided under the retirement and social security law or under any
public retirement system maintained by the state or by the civil
divisions thereof by reason of such person's acceptance of membership on
or by virtue of such person being an officer, employee or agent of the
corporation. A member shall not receive a salary or other compensation
for services rendered pursuant to this article but shall be entitled to
reimbursement for such member's actual and necessary expenses incurred
in the performance of such services. The members may engage in private
employment or in a profession or business, unless otherwise prohibited
from doing so by virtue of holding another public office, subject to the
provisions of chapter sixty-eight of the New York city charter and the
rules promulgated thereunder by the New York city conflicts of interest
board.
3. The powers of the corporation shall be vested in and exercised by
no less than four of the members thereof then in office. The corporation
may delegate to one or more of its members, officers, agents or
employees such powers and duties as it may deem proper.
4. The corporation and its corporate existence shall continue until
terminated by law; provided, however, that no such law shall take effect
so long as the corporation shall have notes, bonds, or other obligations
outstanding. Upon termination of the existence of the corporation all of
its rights and properties shall pass to and be vested in the city.
Structure New York Laws
Article 12 - New York City Housing Development Corporation
651 - Statement of Legislative Findings and Purpose.
653 - New York City Housing Development Corporation.
654 - Powers of the Corporation.
654-A - Subsidiaries; How Created.
654-B - Housing Assistance Corporation.
654-C - Housing New York Corporation.
654-D - Residential Mortgage Insurance Corporation.
655 - Notes and Bonds of the Corporation.
656 - Reserve Funds and Appropriations.
657 - Agreement With the State.
658 - State and City Not Liable on Notes and Bonds.
659 - City's Right to Require Redemption of Bonds.
660 - Remedies of Noteholders and Bondholders.
661 - Assistance to the Corporation.
662 - Notes and Bonds as Legal Investments.
663 - Exemption From Taxation.
664 - Employees of the Corporation.
665 - Assistance by Department of Housing Preservation and Development.
666 - Moneys of the Corporation.