§ 527. New York State Bridge Authority. 1. The board known as the "New York State Bridge Authority," is hereby continued. Such board shall be a body corporate and politic, shall have a corporate seal and be capable of suing and being sued. It shall consist of seven members who shall be appointed by the governor by and with the advice and consent of the senate. The present members of the board shall continue in office, unless a vacancy occurs, for the remainder of the time for which they were respectively appointed. Of the additional members, one shall be appointed for a term to expire February first, nineteen hundred fifty-one, and one for a term to expire February first, nineteen hundred fifty-two. Their successors and any additional appointees shall be appointed, one annually, for terms of five years each from the first day of February; provided that the person appointed as successor to the member heretofore appointed for a three year term which expired February first, nineteen hundred forty-seven, shall be appointed for a term to expire February first, nineteen hundred fifty. Vacancies in the office of such board occurring otherwise than by expiration of term also shall be filled by the governor by appointment by and with the advice and consent of the senate for the unexpired term, and the provisions of section thirty-nine of the public officers law relating to recess appointments shall apply to such board. Such board shall choose from its members a chairman. The members of such board shall be paid or reimbursed for their necessary expenses incurred under this title, but shall receive no compensation for their services.

2. Such board and its corporate existence shall continue so long as it shall have bonds or other obligations outstanding (including bonds or obligations hereafter issued or incurred) and until its existence shall be terminated by law. Upon ceasing to exist all of its rights and properties shall pass to the state.