§ 653. Powers and duties of the board. In furtherance of the purposes\nset forth in this article, the board of trustees shall have the\nfollowing powers and duties:\n 1. To take, hold and preserve, on behalf of the corporation all moneys\nappropriated to the corporation or otherwise available to it.\n 2. a. To submit to the governor, the temporary president of the\nsenate, the speaker of the assembly, the senate finance committee, the\nassembly ways and means committee and the standing committees of the\nlegislature having jurisdiction of higher education, at such times as\nthe director of the budget may prescribe a student aid and loan budget\nrequest for the following state fiscal year. The budget request shall\ninclude, but not be limited to estimates of the number and\ncharacteristics of students eligible for aid and loans, other than\neducation loans made under the New York higher education loan program\npursuant to part V of this article which budget request shall be\ndeveloped by the president after consultation with the board of regents\nin order to implement the student financial aid and loan programs, other\nthan education loans made under the New York higher education loan\nprogram pursuant to part V of this article provided for in this article.\nNotwithstanding, the budget request shall also include an estimate of\nthe amounts needed for state operations within the New York higher\neducation loan program account for purposes of the New York higher\neducation loan program established pursuant to part V of this article. A\ncopy of the budget request shall be transmitted to the commissioner for\nhis information. The budget request submitted by the board shall be\nsubject to approval annually as part of the executive budget.\n b. At the time and in the format prescribed by the Director of the\nBudget, the Board shall submit to the Division of the Budget an\nadministrative and operating budget request. This budget request shall\nbe subject to approval annually as part of the executive budget.\n c. In order further to assure the payment by the corporation to\nlending institutions for defaulted loans, other than education loans\nmade under the New York higher education loan program pursuant to part V\nof this article in the respective amounts as guaranteed by the\ncorporation pursuant to contract, there shall be annually apportioned\nand paid to the corporation such estimated amount, if any, as shall be\ncertified by the board to the governor and director of the budget as\nnecessary to provide for the payment of all such defaults for the next\nensuing state fiscal year. The board shall, as part of its annual budget\nrequest, make and deliver to the governor and director of the budget,\nits certificate stating the estimated amount, if any, required to pay\nsuch defaults for the ensuing state fiscal year, if any, and said sums\nshall be apportioned and paid to the corporation during such fiscal\nyear.\n 3. To submit on or before November first of each calendar year an\nannual report to the board of regents, the governor, the temporary\npresident of the senate, the speaker of the assembly, the senate finance\ncommittee, the assembly ways and means committee and the standing\ncommittees of the legislature having jurisdiction of higher education.\n 4. To sue and be sued in the name of the corporation provided,\nhowever, a claim for money damages against the corporation, except where\nsuch claim is based on an alleged guarantee made by the corporation\nunder the federal guaranteed student loan programs or is for interest or\nother subsidies payable by the federal government under such programs,\nshall be made solely under and pursuant to the provisions of the court\nof claims act including but not limited to service thereunder upon the\nattorney general. Except in the case where the provisions of the court\nof claims act apply, process in any action or proceeding may be served\nupon the secretary of state as agent for the
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