N.Y. Arts and Cultural Affairs Law § 55.05: Natural Heritage Trust

§ 55.05. Natural Heritage Trust. The board known as the "Natural

Heritage Trust" is hereby continued. Such a board shall be a body

corporate and politic constituting a public benefit corporation and its

existence shall commence upon the appointment of the members as herein

provided. Such board shall consist of the chairperson of the state

council of parks and outdoor recreation, the commissioner of

environmental conservation, the secretary of state and the commissioner

of parks, recreation and historic preservation. The powers of the board

shall be vested in and exercised by the majority of the members thereof.

The members of the board shall serve without compensation, but shall be

entitled to reimbursement of their actual and necessary expenses

incurred in the performance of their official duties. At the first

meeting of the board and the first meeting thereof in each fiscal year

thereafter, the members of the board shall choose from their number, a

chairperson and vice-chairperson.

The trust and its corporate existence shall continue until terminated

by law, provided, however, that no such law shall take effect so long as

the trust shall have bonds, notes and other obligations outstanding,

unless adequate provision has been made for the payment thereof in the

documents securing the same. Upon termination of the existence of the

trust, all its rights and properties shall vest in the state.