N.Y. Arts and Cultural Affairs Law § 20.11: General powers of a trust

§ 20.11. General powers of a trust. In addition to the other powers

conferred by this article and by special law, a trust shall have the

following general powers:

1. to sue and be sued,

2. to have a seal and alter the same at pleasure,

3. to make and execute contracts and all other instruments, including

without limitation instruments of guarantee and indemnification,

4. to incur liabilities, borrow money at such rates of interest as the

trust may determine, issue its notes, bonds and other obligations, and

notwithstanding subdivision three of section 20.33 of this article, if

in its sole discretion the trust so determines and declares, to issue

bonds and notes, the income from and interest on which may be taxed or

taxable by the United States, by the state, and if applicable, by any

municipality or other political subdivision in the state, or by any of

them, and to secure any of its obligations by mortgage or pledge of all

or any of its real and personal property or any interest therein,

wherever situated,

5. to invest and reinvest any funds held in reserve or sinking funds

or any other funds not required for immediate use or disbursement,

including proceeds from the sale of any bonds or notes and any revenues,

receipts, borrowings and income, in obligations of or guaranteed by the

United States, the state or any political subdivision of the state, or

any agency or instrumentality of any of them, or certificates of

deposit, savings accounts, time deposits or other obligations or

accounts of banks or trust companies in the state, secured, if the trust

shall so require, in such manner as the trust may so determine,

6. to adopt, amend or repeal by-laws for its organization and internal

management, the power to amend, alter or repeal which shall not be

abridged by any covenant with bondholders, and rules and regulations

governing the exercise of its powers and the fulfillment of its

purposes,

7. to acquire or contract to acquire by grant, purchase, or otherwise,

any real, personal or mixed property or any interest therein; to own,

hold, clear, improve, maintain, develop, operate, employ, use and

otherwise deal in, and to sell, assign, exchange, transfer, convey,

lease, mortgage, grant a security interest in or otherwise dispose of or

encumber the same,

8. to appoint such officers and hire such employees as it may require,

to fix and determine their qualifications, duties and compensation and

to retain or employ other agents, including but not limited to

architects, counsel, auditors, engineers and private consultants on a

contract basis or otherwise for rendering professional or technical

services and advice,

9. to make plans, surveys, and studies necessary, convenient or

desirable to the effectuation of its purposes and powers and to prepare

recommendations in regard thereto,

10. to procure insurance against any loss in connection with its

property, assets and operations in such amounts and from such insurers

as it deems desirable,

11. to enter into agreements with the state, any county or

municipality and the United States, or any agency or instrumentality of

any of them, or any other person for any lawful purposes,

12. to accept grants, loans or contributions from the state, any

county or municipality and the United States, or any agency or

instrumentality of any of them, and from any other person or source and

to expend the proceeds thereof,

13. to make loans to a participating cultural institution in

accordance with an agreement between the trust and the participating

cultural institution for the development of cultural facilities or the

institutional portion of combined-use facilities, and

14. to do any and all things necessary, convenient or desirable to

carry out its purposes and exercise its powers.