N.Y. Estates, Powers & Trusts Law § 8-1.3: Certain charitable trusts regulated

§ 8-1.3 Certain charitable trusts regulated

(a) Any person desiring in his lifetime to promote the public welfare

by founding, endowing and maintaining, within this state, a public

library, museum or other educational institution, a chapel, crematory or

a board of trade or chamber of commerce may, by a disposition for such

purpose, transfer property to a trustee named in such disposition or to

his successor.

(b) The creator of such disposition may describe:

(1) The nature, object and purpose of the institution to be founded,

endowed and maintained or of the corporation to be benefited thereby.

(2) In case of the founding of an institution, the name by which it

shall be known.

(3) The powers and duties of the trustee and, if accounting is

required, the manner in which and to whom he shall account; but the

powers conferred shall not be exclusive of other powers which may be

necessary to enable such trustee to execute fully the object of such

disposition.

(4) Such rules for the management of the property as the creator may

prescribe; but, unless otherwise provided, such rules shall be advisory

only and shall not preclude the trustee from making such changes as new

circumstances may from time to time require.

(5) The manner and by whom the successor to the trustee named in the

disposition is to be appointed.

(6) The place where, and the time when, the buildings necessary and

proper for the institution shall be erected, and the character and

extent of such buildings. The creator may provide for all matters

necessary and proper to carry out the purposes of the institution, and

may provide for such lectures, exhibitions, instruction or amusement in

connection therewith as he may consider desirable.

(c) The trustee named in the disposition or his successor may sue and

defend, in the name of an institution established by such disposition,

with respect to all matters affecting such institution.

(d) The creator of the disposition may provide for the right, during

his lifetime, to personally perform the duties and exercise the powers

which the disposition imposes and confers upon the trustee, and may

further provide that his surviving spouse may, during her lifetime,

perform such duties and exercise such powers. In all cases in which such

duties and powers are performed and exercised by the creator or his

spouse, during his or her lifetime, upon his death or the death of his

spouse such duties and powers devolve upon and shall be performed and

exercised by the trustee or his successor.

(e) The creator may reserve the right to alter, amend or modify his

disposition with respect to any of the matters described in

subparagraphs (1) to (6). He may also reserve the right, during his

lifetime, to exercise complete control over the property subject to his

disposition, without obligation to account therefor in any manner

whatever, and may further provide that his surviving spouse shall,

during her lifetime, have like control over such property, without

obligation to account therefor in any manner whatever.

(f) A disposition described in this section may be executed,

acknowledged and recorded in the manner provided by the law of this

state for the execution, acknowledgment and recording of conveyances of

real property.

(g) No action or proceeding shall be maintained by any person to

affect, impair, or defeat a disposition described in this section or to

affect the title to property subject to such disposition or the right to

the possession of such property or the income therefrom, unless such

action or proceeding is commenced within two years from the time such

disposition is recorded. Nor shall any defense be made to any action or

proceeding maintained by a trustee or his successor which involves the

legality of such disposition or affects the title to property subject

thereto or the right to the possession of such property or the income

therefrom, unless such defense is made in an action or proceeding

commenced within two years from the time such disposition is recorded.