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

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§ 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

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.