N.Y. TSF Law § 2

§ 2. The tobacco settlement financing corporation. There is hereby\ncreated and established a subsidiary of the authority to be known as the\n"tobacco settlement financing corporation" as a public benefit\ncorporation, separate and apart from the state. The directors of the\nauthority shall serve as the members of the corporation and shall\nreceive no additional salary or other compensation, either direct or\nindirect, for serving as members of the corporation, other than\nreimbursement for actual and necessary expenses incurred in the\nperformance of such person's duties. Any one or more members of the\nboard may participate in a meeting of such board by means of a\nconference telephone or similar communications equipment allowing all\npersons participating in the meeting to hear each other at the same\ntime. Participation by such means shall constitute presence in person at\na meeting. The corporation may delegate to one or more of its members,\nor officers, agents and employees, such powers and duties as the members\nmay deem proper. Except as otherwise expressly provided by this act,\nactions by the corporation and the members of its board, and exercise of\nthe corporation's powers, shall be taken in the same manner and subject\nto the same requirements, as are set forth or imposed under chapter 902\nof the laws of 1972, as amended, for such actions and performance by the\nauthority and its directors. Notwithstanding the existence of common\nmanagement, the corporation shall be treated as a separate legal entity\nwith its separate corporate purpose as set forth in section six of this\nact; and, accordingly, the assets, liabilities and funds of the\ncorporation shall be neither consolidated nor commingled with those of\nthe authority. The corporation and its corporate existence shall\ncontinue until six months after all its liabilities have been met or\notherwise discharged. Upon the termination of the existence of the\ncorporation, all of its rights and property shall pass to and be vested\nin the state.\n