Arts and Cultural Affairs - New York State Cultural Resources Act - New York State Cultural Resources Act - Administration of a trust

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§ 20.09. Administration of a trust. 1. A trust shall be administered
by a board of trustees, all of whom shall be appointed as provided by
special law. The number of trustees, their qualifications, and the
duration of their respective terms of office shall be set forth in the
special law.

2. The special law creating a trust may provide for the appointment of
a trustee as chairman of the board of trustees and for the appointment
of a trustee as president and chief executive officer of the trust. The
chairman of the board of trustees and the president and chief executive
officer of the trust shall have such powers and duties as may be
prescribed by special law.

3. No trustee other than the president and chief executive officer
shall receive, directly or indirectly, any salary or other compensation
from a trust, in any capacity. Each trustee shall be entitled to
reimbursement for his actual and necessary expenses incurred in the
performance of his duties as a trustee. Each trustee shall be deemed to
be a state officer for purposes of sections seventy-three and
seventy-four of the public officers law. Notwithstanding anything to
the contrary contained in any general, special or local law concerning
the holding of dual offices, an officer or employee of the state or any
political subdivision of the state, or any agency or instrumentality of
the state or any such political subdivision, or any public corporation,
may be appointed as president and chief executive officer of a trust,
and such officers and employees may be appointed as trustees. No such
officer or employee shall forfeit his office or employment by reason of
his acceptance or appointment as a trustee, officer, employee or agent
of the trust. No more than one person serving on the board of trustees,
or equivalent body, of each participating cultural institution with
which the trust has entered into a financing agreement shall serve
concurrently on the board of trustees of a trust. Any trustee of a trust
who is concurrently serving on the board of trustees, or equivalent
body, of a participating cultural institution shall refrain from
participating in discussions or voting on matters pertaining to such
participating cultural institution. Each trustee may be removed for
cause as provided by special law.

4. Except as otherwise provided in this article or by special law, (a)
a majority of the trustees then in office shall constitute a quorum for
the transaction of any business or the exercise of any power by a trust;
and (b) the powers of the trust shall be vested in, and be exercised by
the affirmative vote of, a majority of the members of the board of
trustees present at a meeting at which a quorum is in attendance;
provided, however, that any action required or permitted to be taken at
a meeting of the board of trustees may be taken without a meeting if all
the members of the board of trustees then in office consent thereto in
writing and provided further that one or more trustees may participate
in a meeting by means of conference telephone or similar communications
equipment allowing all persons participating in the meeting to hear each
other at the same time and participation by such means shall constitute
presence in person at a meeting. No trustee may vote by proxy. The trust
may delegate to one or more of its trustees, officers, agents or
employees such powers and duties as it may deem proper.

5. The trustees, officers and employees of a trust shall not be
personally liable for any debt, obligation or liability incurred by or
imposed upon the trust at any time.

6. A trust may make payments to or on behalf of its trustees, officers
and employees in accordance with and to the same extent as authorized by
the provisions of sections seven hundred twenty-one through seven
hundred twenty-six of the business corporation law as amended from time
to time with the same effect as though such sections applied to the
trust, its trustees, officers and employees; provided, however, that a
trust shall save harmless and indemnify its trustees, officers and
employees against any claim, demand, suit or judgment based on
allegations that financial loss has been sustained by any person in
connection with the acquisition, disposition or holding of bonds, notes,
securities or other obligations of a trust, or those of any other public
corporation if such loss allegedly resulted from dealings with the
trust, unless such trustee, officer or employee is found by a final
judicial determination not to have acted in good faith for a purpose
which he reasonably believed to be in the best interests of the trust or
not to have had reasonable cause to believe that his conduct was lawful;
and provided further than no trustee, officer or employee of the trust
shall be liable to any person other than the trust based solely on his
or her conduct in the execution of such office, unless the conduct of
such trustee, officer or employee with respect to the person asserting
liability constituted gross negligence or was intended to cause the
resulting harm to the person asserting such liability. A trust may
procure insurance or be indemnified with respect to any payment
permitted under this subdivision in such amounts and with such insurers
or other persons as it deems desirable.