Section 360 - Division of science, technology and innovation1. Economic development efficiency. In order to promote economic development efficiency in the state of New York, the transfer of powers, functions and affairs of the New York state foundation for science, technology and innovation is hereby authorized and there is hereby created within the department the division of science, technology and innovation. Notwithstanding the foregoing, the small business technology investment fund and cash assets of the New York state foundation for science, technology and innovation shall be transferred to the urban development corporation pursuant to subdivision twelve of this section.2. Transfer of powers of the New York state foundation for science, technology and innovation. The functions and powers possessed by and all of the obligations and duties of the New York state foundation for science, technology and innovation, as established pursuant to article ten-A of the public authorities law and article ten-B of the executive law, with the exception of the small business technology investment fund and cash assets of the New York state foundation for science, technology and innovation shall be transferred and assigned to, and assumed by and devolved upon, the department. Notwithstanding the foregoing, any programs specified in law to be administered by the New York state foundation for science, technology and innovation shall be administered by the department only to the extent of available appropriations.3. Abolition of the New York state foundation for science, technology and innovation. Upon the transfer pursuant to subdivisions two and twelve of this section of the functions and powers possessed by and all of the obligations and duties of the New York state foundation for science, technology and innovation, as established pursuant to article ten-A of the public authorities law and article ten-B of the executive law, the New York state foundation for science, technology and innovation shall be abolished.3-a. Notwithstanding any other provision of law, rule, or regulation to the contrary, upon the transfer of functions from the New York state foundation for science, technology and innovation pursuant to this section, employees of the New York state foundation for science, technology and innovation, as determined by the commissioner in his or her discretion, who are necessary to the continuation of the transferred functions and substantially engaged in the performance of the transferred functions shall be transferred to the department. Employees transferred pursuant to this section shall be transferred without further examination or qualification and shall retain their respective civil service classifications or the equivalent thereof.4. Continuity of authority of the New York state foundation for science, technology and innovation. Except as herein otherwise provided, upon the transfer pursuant to subdivisions two and twelve of this section of the functions and powers possessed by and all of the obligations and duties of the New York state foundation for science, technology and innovation as established pursuant to such provisions of the executive law and the public authorities law to the department as prescribed by subdivision two of this section and to the urban development corporation pursuant to subdivision twelve of this section for the purpose of succession of all functions, powers, duties and obligations of the New York state foundation for science, technology and innovation, the department and the urban development corporation, as appropriate shall be deemed to and be held to constitute the continuation of such functions, powers, duties and obligations and not a different agency or authority.5. Transfer of records of the New York state foundation for science, technology and innovation. Upon the transfer pursuant to subdivisions two and twelve of this section of the functions and powers possessed by and all of the obligations and duties of the New York state foundation for science, technology and innovation as established pursuant to such provisions of the executive law and the public authorities law to the department as prescribed by subdivision two of this section and to the urban development corporation pursuant to subdivision twelve of this section, all books, papers, records and property pertaining to the New York state foundation for science, technology and innovation shall be transferred to and maintained by the department and the urban development corporation, as appropriate.6. Completion of unfinished business of the New York state foundation for science, technology and innovation. Upon the transfer pursuant to subdivisions two and twelve of this section of the functions and powers possessed by and all of the obligations and duties of the New York state foundation for science, technology and innovation as established pursuant to such provisions of the executive law and the public authorities law to the department as prescribed by subdivision two of this section and to the urban development corporation pursuant to subdivision twelve of this section, any business or other matter undertaken or commenced by the New York state foundation for science, technology and innovation pertaining to or connected with the functions, powers, obligations and duties so transferred and assigned to the department may be conducted or completed by the department and the urban development corporation, as appropriate.7. Terms occurring in laws, contracts or other documents of or pertaining to the New York state foundation for science, technology and innovation. Upon the transfer pursuant to subdivisions two and twelve of this section of the functions and powers possessed by and all of the obligations and duties of the New York state foundation for science, technology and innovation as established pursuant to such provisions of the executive law and the public authorities law, whenever the New York state foundation for science, technology and innovation and the executive director thereof, the functions, powers, obligations and duties of which are transferred to the department and the urban development corporation are referred to or designated in any law, contract or document pertaining to the functions, powers, obligations and duties transferred and assigned pursuant to this section, such reference or designation shall be deemed to refer to the department and its commissioner or the urban development corporation and its president and chief executive officer, as appropriate, or his or her designee.8. Existing rights and remedies of or pertaining to the New York state foundation for science, technology and innovation preserved. Upon the transfer pursuant to subdivisions two and twelve of this section of the functions and powers possessed by and all of the obligations and duties of the New York state foundation for science, technology and innovation as established pursuant to the executive law and the public authorities law to the department as prescribed by subdivision two of this section and to the urban development corporation pursuant to subdivision twelve of this section, no existing right or remedy of the state, including the New York state foundation for science, technology and innovation, shall be lost, impaired or affected by reason of this section.9. Pending actions and proceedings of or pertaining to the New York state foundation for science, technology and innovation. Upon the transfer pursuant to subdivisions two and twelve of this section of the functions and powers possessed by and all of the obligations and duties of the New York state foundation for science, technology and innovation as established pursuant to such provisions of the executive law and the public authorities law transfer to the department as prescribed by subdivision two of this section and to the urban development corporation pursuant to subdivision twelve of this section, no action or proceeding pending on the effective date of this section, brought by or against the New York state foundation for science, technology and innovation or executive director thereof shall be affected by any provision of this section, but the same may be prosecuted or defended in the name of the department or the urban development corporation, as appropriate. In all such actions and proceedings, the department and the urban development corporation, as appropriate, upon application to the court, shall be substituted as a party.10. Continuation of rules and regulations of or pertaining to the New York state foundation for science, technology and innovation. Upon the transfer pursuant to subdivisions two and twelve of this section of the functions and powers possessed by and all the obligations and duties of the New York state foundation for science, technology and innovation as established pursuant to such provisions of the executive law and the public authorities law transfer to the department as prescribed by subdivision two of this section and to the urban development corporation pursuant to subdivision twelve of this section, all rules, regulations, acts, determinations and decisions of the New York state foundation for science, technology and innovation, pertaining to the functions transferred and assigned by this section to the department and the urban development corporation, as appropriate, in force at the time of such transfer, assignment, assumption and devolution shall continue in force and effect as rules, regulations, acts, determinations and decisions of the department and the urban development corporation, as appropriate, until duly modified or repealed.11. Transfer of appropriations heretofore made to the New York state foundation for science, technology and innovation. Upon the transfer pursuant to subdivisions two and twelve of this section of the functions and powers possessed by and all of the obligations and duties of the New York state foundation for science, technology and innovation as established pursuant to such provisions of the executive law and the public authorities law to the department as prescribed by subdivision two of this section and to the urban development corporation pursuant to subdivision twelve of this section, all appropriations and reappropriations which shall have been made available as of the date of such transfer to the New York state foundation for science, technology and innovation or segregated pursuant to law, to the extent of remaining unexpended or unencumbered balances thereof, whether allocated or unallocated and whether obligated or unobligated, shall be transferred to and made available for use and expenditure by the department or the urban development corporation as deemed appropriate by the commissioner and shall be payable on vouchers certified or approved by the commissioner of taxation and finance, on audit and warrant of the comptroller. Payments of liabilities for expenses of personal services, maintenance and operation which shall have been incurred as of the date of such transfer by the New York state foundation for science, technology and innovation, and for liabilities incurred and to be incurred in completing its affairs shall also be made on vouchers certified or approved by the commissioner, on audit and warrant of the comptroller.12. Transfer of certain assets and liabilities. Upon the transfer pursuant to subdivision two of this section of the functions and powers possessed by and all the obligations and duties of the New York state foundation for science, technology and innovation, as established pursuant to article ten-A of the public authorities law and article ten-B of the executive law as prescribed by subdivision two of this section, all cash assets of the New York state foundation for science, technology and innovation, and all assets, records, and liabilities of the small business technology investment fund (SBTIF) established pursuant to appropriations made by various chapters of the law including, but not limited to chapter fifty-three of the laws of nineteen hundred eighty-one, chapter fifty-three of the laws of nineteen hundred eighty-five, chapter fifty-three of the laws of nineteen hundred eighty-six, chapter fifty-three of the laws of nineteen hundred eighty-seven, chapter fifty-three of the laws of nineteen hundred eighty-eight, chapter fifty-three of the laws of nineteen hundred eighty-nine, chapter fifty-three of the laws of nineteen hundred ninety, chapter fifty-three of the laws of nineteen hundred ninety-one, chapter fifty-three of the laws of nineteen hundred ninety-two, chapter fifty-three of the laws of nineteen hundred ninety-three, chapter fifty-three of the laws of nineteen hundred ninety-four, and chapter fifty-three of the laws of nineteen hundred ninety-five shall be transferred to the urban development corporation.13. Severability. If any clause, sentence, paragraph or part of this section shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph or part thereof directly involved in the controversy in which such judgment shall have been rendered.N.Y. Economic Development Law § 360