N.Y. Tobacco Settlement Financing Corporation Act § 2
There is hereby created and established a subsidiary of the authority to be known as the "tobacco settlement financing corporation" as a public benefit corporation, separate and apart from the state. The directors of the authority shall serve as the members of the corporation and shall receive no additional salary or other compensation, either direct or indirect, for serving as members of the corporation, other than reimbursement for actual and necessary expenses incurred in the performance of such person's duties. Any one or more members of the board may participate in a meeting of such board by means of a conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting. The corporation may delegate to one or more of its members, or officers, agents and employees, such powers and duties as the members may deem proper. Except as otherwise expressly provided by this act, actions by the corporation and the members of its board, and exercise of the corporation's powers, shall be taken in the same manner and subject to the same requirements, as are set forth or imposed under chapter 902 of the laws of 1972, as amended, for such actions and performance by the authority and its directors. Notwithstanding the existence of common management, the corporation shall be treated as a separate legal entity with its separate corporate purpose as set forth in section six of this act; and, accordingly, the assets, liabilities and funds of the corporation shall be neither consolidated nor commingled with those of the authority. The corporation and its corporate existence shall continue until six months after all its liabilities have been met or otherwise discharged. Upon the termination of the existence of the corporation, all of its rights and property shall pass to and be vested in the state.
N.Y. Tobacco Settlement Financing Corporation Act § 2