N.Y. PBA Law § 1201

§ 1201. New York city transit authority.--1. A board, to be known as\n"New York City Transit Authority" is hereby created. Such board shall be\na body corporate and politic constituting a public benefit corporation.\nIt shall consist of seventeen members, all serving ex officio. Those\nmembers shall be the persons who from time to time shall hold the\noffices of chairman and members of metropolitan transportation\nauthority.\n 2. The chairman of such board shall be the chairman of metropolitan\ntransportation authority, serving ex officio, and, provided that there\nis an executive director of the metropolitan transportation authority,\nthe executive director of the authority shall be the executive director\nof the metropolitan transportation authority, serving ex officio.\nNotwithstanding any provision of law to the contrary, the chairman shall\nbe the chief executive officer of the authority and shall be responsible\nfor the discharge of the executive and administrative functions and\npowers of the authority. The chairman and executive director, if any,\neach shall be empowered to delegate his or her functions and powers to\none or more officers or employees designated by him or her.\n 3. The chairman, other members of the board and the executive director\nshall not be entitled to compensation for their services but shall be\nentitled to reimbursement for their actual and necessary expenses\nincurred in the performance of their official duties.\n 4. Notwithstanding any inconsistent provisions of this or any other\nlaw, general, special or local, no officer or employee of the state or\nany public corporation, as defined in the general corporation law, shall\nbe deemed to have forfeited or shall forfeit his office or employment or\nany benefits provided under the retirement and social security law or\nunder any public retirement system maintained by the state or any of its\nsubdivisions by reason of his being a member or the chairman of the\nauthority.\n 5. A majority of the whole number of members of the authority then in\noffice shall constitute a quorum for the transaction of any business or\nthe exercise of any power of the authority. Except as otherwise\nspecified in this title, for the transaction of any business or the\nexercise of any power of the authority, the authority shall have the\npower to act by a majority vote of the members present at any meeting at\nwhich a quorum is in attendance. In the event of a tie vote the chairman\nshall cast one additional vote. For the purposes of the voting and\nquorum requirements of this subdivision, the voting and quorum\nrequirements set forth in subdivision three of section twelve hundred\nsixty-three of this article and in any by-law of the metropolitan\ntransportation authority adopted pursuant to the provisions of such\nsubdivision shall be applicable hereto.\n 6. The authority and its corporate existence shall continue until\nterminated by law, provided however, that no such law shall take effect\nso long as the authority or any of its subsidiaries, the metropolitan\ntransportation authority or the Triborough bridge and tunnel authority\nshall have outstanding any notes or bonds or lease, sublease or other\ncontractual obligations issued or incurred pursuant to section twelve\nhundred seven-m of this title or issued or incurred in connection with\nthe transfer of its interest in and the lease from the transferee of any\nproperty furnished to it pursuant to chapter twelve of the laws of\nnineteen hundred seventy-nine or section fifteen of chapter three\nhundred fourteen of the laws of nineteen hundred eighty-one, or section\ntwelve hundred sixty-six-c or twelve hundred seventy-d of this article,\nunless adequate provision has been made for the payment or satisfaction\nof such outstanding notes, bonds, lease, sublease or other contractual\nobligations.\n