N.Y. PML Law § 603

§ 603. New York city off-track betting corporation. 1. A corporation\nto be known as the "New York city off-track betting corporation" is\nhereby created. Such corporation shall be a body corporate and politic\nconstituting a public benefit corporation. It shall be administered by a\nboard of directors consisting of five members, who may be public\nofficers, appointed by the governor for fixed terms as hereinafter\nprovided, one of whom shall be appointed on the recommendation of the\ntemporary president of the senate, and one of whom shall be appointed on\nthe recommendation of the speaker of the assembly.\n 2. Of the directors, one shall be appointed for a term ending on\nDecember thirty-first, two thousand nine, one for a term ending on\nDecember thirty-first, two thousand ten, one for a term ending on\nDecember thirty-first, two thousand twelve, and the two directors\nappointed on the recommendation of the temporary president of the senate\nand the speaker of the assembly, for a term ending December\nthirty-first, two thousand fourteen. Upon the expiration of such terms,\nthe terms of office of their successors shall be six years. Vacancies\noccurring otherwise than by expiration of term shall be filled for the\nunexpired term.\n 3. The governor shall designate one of the directors to be chairman of\nthe board of directors and may at his pleasure, change his designation\nof any such director to be chairman.\n 4. Each director shall continue to serve until the appointment and\nqualification of his successor.\n 5. The directors shall be removable for cause by the governor, upon\ncharges and after a hearing.\n 6. The powers of the corporation shall be vested in and exercised by\nthe board at a meeting duly held at a time fixed by any by-law adopted\nby the board, or at any duly adjourned meeting of such meeting or at any\nmeeting held upon reasonable notice to all of the directors, or upon\nwritten waiver thereof, and a majority of the whole number of directors\nshall constitute a quorum; provided that neither the business nor the\npowers of the corporation shall be transacted or exercised except\npursuant to the favorable vote of at least a majority of the directors\npresent at a meeting at which a quorum is in attendance.\n 7. The board may delegate to one or more of the directors, officers,\nagents or employees of the corporation such powers and duties as it may\ndeem proper.\n 8. The directors shall be reimbursed for their actual and necessary\nexpenses incurred in the performance of their official duties.\n 9. The directors may engage in outside employment or in a profession\nor business unless otherwise prohibited from doing so by virtue of\nholding another public office subject to the provisions of section\nseventy-three of the public officers law.\n 10. The board shall hold an annual meeting.\n 11. The fiscal year of the corporation shall be the same as that of\nthe city, provided, however, that the corporation shall have a nine\nmonth fiscal year from July first, two thousand eight through March\nthirty-first, two thousand nine, and then the fiscal year of the\ncorporation shall be the same as the state.\n