§ 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.