New Jersey § 32:1-35

§ 32:1-35.

All details of the effectuation, including but not limited to details of financing,

leasing, rentals, tolls, fares, fees and other charges, rates, contracts and service,

of the world trade center, the Hudson tubes and the Hudson tubes extensions by the

port authority shall be within its sole discretion and its decision in connection

with any and all matters concerning the world trade center, the Hudson tubes and the

Hudson tubes extensions shall be controlling and conclusive. The local laws, resolutions, ordinances, rules and regulations of the city of New

York shall apply to such world trade center if so provided in any agreement between

the port authority and the city and to the extent provided in any such agreement. So long as any facility constituting a portion of the port development project shall

be owned, controlled or operated by the port authority (either directly or through

a subsidiary corporation incorporated for any of the purposes of this act), no agency,

commission or municipality of either or both of the 2 States shall have jurisdiction

over such facility nor shall any such agency, commission or municipality have any

jurisdiction over the terms or method of effectuation of all or any portion thereof

by the port authority (or such subsidiary corporation) including but not limited to

the transfer of all or any portion thereof to or by the port authority (or such subsidiary

corporation). Nothing in this act shall be deemed to prevent the port authority from establishing,

acquiring, owning, leasing, constructing, effectuating, developing, maintaining, operating,

rehabilitating or improving all or any portion of the port development project through

wholly owned subsidiary corporations of the port authority or from transferring to

or from any such corporations any moneys, real property or other property for any

of the purposes of this act. If the port authority shall determine from time to time to form such a subsidiary

corporation it shall do so by executing and filing with the Secretary of State of

New York and the Secretary of State of New Jersey a certificate of incorporation,

which may be amended from time to time by similar filing, which shall set forth the

name of such subsidiary corporation, its duration, the location of its principal office,

and the purposes of the incorporation which shall be one or more of the purposes of

establishing, acquiring, owning, leasing, constructing, effectuating, developing,

maintaining, operating, rehabilitating or improving all or any portion of the port

development project. The directors of such subsidiary corporation shall be the same persons holding the

offices of commissioners of the port authority. Such subsidiary corporation shall have all the powers vested in the port authority

itself for the purposes of this act except that it shall not have the power to contract

indebtedness. Such subsidiary corporation and any of its property, functions and activities shall

have all of the privileges, immunities, tax exemptions and other exemptions of the

port authority and of the port authority's property, functions and activities. Such subsidiary corporation shall be subject to the restrictions and limitations

to which the port authority may be subject, including, but not limited to the requirement

that no action taken at any meeting of the board of directors of such subsidiary corporation

shall have force or effect until the Governors of the 2 States shall have an opportunity,

in the same manner and within the same time as now or hereafter provided by law for

approval or veto of actions taken at any meeting of the port authority itself, to

approve or veto such action. Such subsidiary corporation shall be subject to suit in accordance with section

9 of this act 1 and chapter 301 of the laws of New York of 1950 2 and chapter 204 of the laws of New Jersey of 1951 3 as if such subsidiary corporation were the port authority itself. Such subsidiary corporation shall not be a participating employer under the New

York Retirement and Social Security law or any similar law of either State and the

employees of any such subsidiary corporation, except those who are also employees

of the port authority, shall not be deemed employees of the port authority. Whenever any State, municipality, commission, agency, officer, department, board or

division is authorized and empowered for any of the purposes of this act to co-operate

and enter into agreements with the port authority or to grant any consent to the port

authority or to grant, convey, lease or otherwise transfer any property to the port

authority or to execute any document, such State, municipality, commission, agency,

officer, department, board or division shall have the same authorization and power

for any of such purposes to co-operate and enter into agreements with such subsidiary

corporation and to grant consents to such subsidiary corporation and to grant, convey,

lease or otherwise transfer property to such subsidiary corporation and to execute

documents for such subsidiary corporation. 1

N.J.S.A. § 32:1-35.58. 2

McKinney's Unconsol.Laws §§ 7101 to 7112. 3

N.J.S.A. §§ 32:1-157 to 32:1-168.