N.Y. Public Authorities Law Section 1201
New York city transit authority

--1. A board, to be known as “New York City Transit Authority” is hereby created. Such board shall be a body corporate and politic constituting a public benefit corporation. It shall consist of seventeen members, all serving ex officio. Those members shall be the persons who from time to time shall hold the offices of chairman and members of metropolitan transportation authority.

2.

The chairman of such board shall be the chairman of metropolitan transportation authority, serving ex officio, and, provided that there is an executive director of the metropolitan transportation authority, the executive director of the authority shall be the executive director of the metropolitan transportation authority, serving ex officio. Notwithstanding any provision of law to the contrary, the chairman shall be the chief executive officer of the authority and shall be responsible for the discharge of the executive and administrative functions and powers of the authority. The chairman and executive director, if any, each shall be empowered to delegate his or her functions and powers to one or more officers or employees designated by him or her.

3.

The chairman, other members of the board and the executive director shall not be entitled to compensation for their services but shall be entitled to reimbursement for their actual and necessary expenses incurred in the performance of their official duties.

4.

Notwithstanding any inconsistent provisions of this or any other law, general, special or local, no officer or employee of the state or any public corporation, as defined in the general corporation law, shall be deemed to have forfeited or shall forfeit his 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 any of its subdivisions by reason of his being a member or the chairman of the authority.

5.

A majority of the whole number of members of the authority then in office shall constitute a quorum for the transaction of any business or the exercise of any power of the authority. Except as otherwise specified in this title, for the transaction of any business or the exercise of any power of the authority, the authority shall have the power to act by a majority vote of the members present at any meeting at which a quorum is in attendance. In the event of a tie vote the chairman shall cast one additional vote. For the purposes of the voting and quorum requirements of this subdivision, the voting and quorum requirements set forth in subdivision three of § 1263 (Metropolitan transportation authority)section twelve hundred sixty-three of this article and in any by-law of the metropolitan transportation authority adopted pursuant to the provisions of such subdivision shall be applicable hereto.

6.

The authority and its corporate existence shall continue until terminated by law, provided however, that no such law shall take effect so long as the authority or any of its subsidiaries, the metropolitan transportation authority or the Triborough bridge and tunnel authority shall have outstanding any notes or bonds or lease, sublease or other contractual obligations issued or incurred pursuant to § 1207-M (Transit projects)section twelve hundred seven-m of this title or issued or incurred in connection with the transfer of its interest in and the lease from the transferee of any property furnished to it pursuant to chapter twelve of the laws of nineteen hundred seventy-nine or section fifteen of chapter three hundred fourteen of the laws of nineteen hundred eighty-one, or section twelve hundred sixty-six-c or twelve hundred seventy-d of this article, unless adequate provision has been made for the payment or satisfaction of such outstanding notes, bonds, lease, sublease or other contractual obligations.

Source: Section 1201 — New York city transit authority, https://www.­nysenate.­gov/legislation/laws/PBA/1201 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

1200
Definitions 1201
New York city transit authority 1202
Purposes of the authority 1203
Transfer of transit facilities by the city to the authority 1203‑A
Subsidiary corporation 1203‑B
Transfer of funds 1204
General powers of the authority 1204‑A
Rapid transit noise code 1204‑C
Receipt of line of duty pay 1204‑D
Special powers of the authority 1204‑E
New York city transit authority advisory council 1204‑F
Subway track safety 1205
Rates of fare and levels of service 1205‑A
Surrender of power plants 1206
Omnibus operations 1206‑A
Transit construction fund 1207
Notes and equipment trusts 1207‑A
Purchase of cars by the authority and disposition thereof 1207‑B
Issuance of bonds and notes by the authority 1207‑C
Required redemption of bonds 1207‑D
Agreement of the state 1207‑E
State and city not liable on bonds or notes 1207‑F
Bonds and notes legal investments for fiduciaries 1207‑G
Exemptions from taxation 1207‑H
Remedies of bondholders and noteholders 1207‑I
Rates of fare while bonds, notes and other obligations are outstanding 1207‑J
Limitation on the exercise of powers by authority and lease renewal 1207‑K
Purchase, financing and lease of cars and rolling stock by city 1207‑L
Inconsistent provisions of other acts superseded 1207‑M
Transit projects 1208
Revenue and accounts 1209
Contracts 1209‑A
Transit adjudication bureau 1210
Employees 1210‑A
Flexible benefits program 1211
Members and employees not to be interested in contracts 1212
Actions against the authority 1212‑A
Security by authority 1213
Report 1214
Rapid transit law 1215
Construction of terms 1216
Exemption from taxation and fees 1217
Records 1218
Pending actions and proceedings 1219
Continuity of jurisdiction 1219‑A
Transfer and receipt of surplus funds 1220
Separability 1221
Inconsistent provisions in other acts superseded
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 1201’s source at nysenate​.gov

Link Style