§ 43. New York state housing finance agency. 1. There is hereby created the "New York state housing finance agency". The agency shall be a corporate governmental agency constituting a public benefit corporation. Its membership shall consist of the commissioner of housing and community renewal, the director of the budget, the commissioner of taxation and finance and four members to be appointed by the governor with the advice and consent of the senate. The members first appointed by the governor shall serve for terms ending three, four, five and six years respectively from January first next succeeding the date of their appointment. Their successors shall serve for terms of six years each. Members shall continue in office until their successors have been appointed and qualified. In the event of a vacancy occurring in the office of any member by death, resignation or otherwise, the governor shall appoint a successor with the advice and consent of the senate to serve for the balance of the unexpired term. The provisions of section thirty-nine of the public officers law shall apply to such members.

2. The governor shall designate from among the members appointed by him or her a chairman, who shall serve as such during his or her term as member. The members, including the chairman, shall serve without salary or other compensation, but each member, including the chairman, shall be entitled to reimbursement for actual and necessary expenses incurred in the performance of his or her official duties and in the event that the chairman shall also be a full time officer or employee of the agency, the chairman shall receive no salary as chairman but shall receive only his or her regular salary as officer or employee, not to exceed the average of the salaries paid to the appointed commissioners of the state departments or the regular salary such officer or employee was receiving at the time of his or her appointment as chairman, whichever is greater.

3. Such members other than the commissioner of housing and community renewal, the director of the budget, the commissioner of taxation and finance and the chairman if he be a full time officer or employee of the agency, may engage in private employment, or in a profession or business, subject to the limitations contained in sections seventy-three and seventy-four of the public officers law. The agency shall, for the purposes of sections seventy-three and seventy-four of the public officers law, be a "state-agency," and such members shall be "officers" of the agency for the purposes of said sections.

4. Notwithstanding any inconsistent provisions of law, general, special or local, no officer or employee of the state, or of any civil division thereof, shall be deemed to have forfeited or shall forfeit his office or employment by reason of his acceptance of membership on the agency created by this section; provided, however, a member who holds such other public office or employment shall receive no additional compensation or allowance for services rendered pursuant to this article, but shall be entitled to reimbursement for his actual and necessary expenses incurred in the performance of such services.

5. The governor may remove any member for inefficiency, neglect of duty or misconduct in office after giving him a copy of the charges against him, and an opportunity to be heard, in person or by counsel, in his defense, upon not less than ten days' notice. If any such member shall be removed, the governor shall file in the office of the department of state a complete statement of charges made against such member, and his findings thereon, together with a complete record of the proceeding. The holding of office by the commissioner of housing shall continue to be governed by the provisions of section eleven of the public housing law.

6. The agency and its corporate existence shall continue until terminated by law, provided, however, that no such law shall take effect so long as the agency shall have bonds, notes and other obligations outstanding. Upon termination of the existence of the agency, all its rights and properties shall pass to and be vested in the state.

7. The powers of the agency shall be vested in and exercised by no less than four of the members thereof then in office. The agency may delegate to one or more of its members, or its officers, agents and employees, such powers and duties as it may deem proper.

8. The commissioner of housing and community renewal, the director of the budget and the commissioner of taxation and finance each may appoint a person from their respective division or department to represent such member, respectively, at all meetings of the agency from which such member may be absent. Any such representative so designated shall have the power to attend and to vote at any meeting of the agency from which the member so designating him as a representative is absent with the same force and effect as if the member designating him were present and voting. Such designation shall be by written notice filed with the chairman of the agency by each of the said members. The designation of such persons shall continue until revoked at any time by written notice to the chairman by the respective member making the designation. Such designation shall not be deemed to limit the power of the appointing member to attend and vote at any meeting of the agency.