(b) The members, officers and employees of the corporation shall be subject to the provisions of section 12-110 of the administrative code of the city of New York pertaining to the filing of annual disclosure reports with the New York city conflicts of interest board, and for such purpose the members shall be deemed to be compensated members of the corporation.
(c) Notwithstanding any inconsistent provisions of this or any other general, special or local law, no officer or employee of the state, or of any civil division thereof, or of any public corporation, as defined in the general construction law, shall be deemed to have forfeited or shall forfeit such person's office or employment or any benefits provided under the retirement and social security law or under any public retirement system maintained by the state or by the civil divisions thereof by reason of such person's acceptance of membership on or by virtue of such person being an officer, employee or agent of the corporation. A member shall not receive a salary or other compensation for services rendered pursuant to this article but shall be entitled to reimbursement for such member's actual and necessary expenses incurred in the performance of such services. The members may engage in private employment or in a profession or business, unless otherwise prohibited from doing so by virtue of holding another public office, subject to the provisions of chapter sixty-eight of the New York city charter and the rules promulgated thereunder by the New York city conflicts of interest board. 3. The powers of the corporation shall be vested in and exercised by no less than four of the members thereof then in office. The corporation may delegate to one or more of its members, officers, agents or employees such powers and duties as it may deem proper. 4. The corporation and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the corporation shall have notes, bonds, or other obligations outstanding. Upon termination of the existence of the corporation all of its rights and properties shall pass to and be vested in the city.
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