160-FF - Management of the fund; board of directors. - New York Statutes

§ 160-ff. Management of the fund; board of directors. 1. Within thirty days of the effective date of this article, there shall be appointed a board of directors of the fund, consisting of nine directors, five of whom shall be selected by the black car assistance corporation; three of whom shall be chosen by the governor, including one chosen upon the recommendation of the temporary president of the senate and one chosen upon the recommendation of the speaker of the assembly; and one of whom shall be the secretary, who shall serve ex officio. The initial terms of directors other than the secretary shall be staggered, the three directors appointed by the governor serving for initial terms of three years from the effective date of this article, three of the remaining five directors serving for initial terms of two years from the effective date of this article and two directors serving for initial terms of one year from the effective date of this article. The subsequent terms of all directors other than the secretary shall be three years. The board shall have the power to remove for cause any director other than the secretary. 2. The directors shall elect annually from among their number a chair and a vice chair who shall act as chair in the chair's absence. 3. For their attendance at meetings, the directors of the fund shall be entitled to compensation, as authorized by the directors, in an amount not to exceed two hundred dollars per meeting per director and to reimbursement of their actual and necessary expenses. 4. Directors of the fund, except as otherwise provided by law, may engage in private or public employment or in a profession or business. 5. (a) All of the directors shall have equal voting rights and five or more directors shall constitute a quorum. The affirmative vote of five directors shall be necessary for the transaction of any business or the exercise of any power or function of the fund. (b) The fund may delegate to one or more of its directors, officers, agents or employees such powers and duties as it may deem proper. (c) A vacancy occurring in a director position for which the governor was the original appointing authority shall be filled by the governor, upon the recommendation of the legislative official, if any, that was authorized to recommend the original appointee pursuant to subdivision one of this section. A vacancy occurring in a director position for which the black car assistance corporation was the original appointing authority shall be filled by the black car assistance corporation. A vacancy in any one or more of the director positions shall not prevent the remaining directors from transacting any business, provided a quorum is present and voting. (d) At the expiration of a director's term, the authority that appointed such director pursuant to subdivision one of this section or paragraph (c) of this subdivision shall re-appoint such director for an additional term or appoint a new director for such subsequent term, provided however that no individual may serve as director for more than three successive terms.