N.Y. ACA Law § 20.11 — New York Code / Act ACA / Title E / Article 20 / Section 20.11
General powers of a trust
Status: in_force

§ 20.11. General powers of a trust. In addition to the other powers\nconferred by this article and by special law, a trust shall have the\nfollowing general powers:\n  1. to sue and be sued,\n  2. to have a seal and alter the same at pleasure,\n  3. to make and execute contracts and all other instruments, including\nwithout limitation instruments of guarantee and indemnification,\n  4. to incur liabilities, borrow money at such rates of interest as the\ntrust may determine, issue its notes, bonds and other obligations, and\nnotwithstanding subdivision three of section 20.33 of this article, if\nin its sole discretion the trust so determines and declares, to issue\nbonds and notes, the income from and interest on which may be taxed or\ntaxable by the United States, by the state, and if applicable, by any\nmunicipality or other political subdivision in the state, or by any of\nthem, and to secure any of its obligations by mortgage or pledge of all\nor any of its real and personal property or any interest therein,\nwherever situated,\n  5. to invest and reinvest any funds held in reserve or sinking funds\nor any other funds not required for immediate use or disbursement,\nincluding proceeds from the sale of any bonds or notes and any revenues,\nreceipts, borrowings and income, in obligations of or guaranteed by the\nUnited States, the state or any political subdivision of the state, or\nany agency or instrumentality of any of them, or certificates of\ndeposit, savings accounts, time deposits or other obligations or\naccounts of banks or trust companies in the state, secured, if the trust\nshall so require, in such manner as the trust may so determine,\n  6. to adopt, amend or repeal by-laws for its organization and internal\nmanagement, the power to amend, alter or repeal which shall not be\nabridged by any covenant with bondholders, and rules and regulations\ngoverning the exercise of its powers and the fulfillment of its\npurposes,\n  7. to acquire or contract to acquire by grant, purchase, or otherwise,\nany real, personal or mixed property or any interest therein; to own,\nhold, clear, improve, maintain, develop, operate, employ, use and\notherwise deal in, and to sell, assign, exchange, transfer, convey,\nlease, mortgage, grant a security interest in or otherwise dispose of or\nencumber the same,\n  8. to appoint such officers and hire such employees as it may require,\nto fix and determine their qualifications, duties and compensation and\nto retain or employ other agents, including but not limited to\narchitects, counsel, auditors, engineers and private consultants on a\ncontract basis or otherwise for rendering professional or technical\nservices and advice,\n  9. to make plans, surveys, and studies necessary, convenient or\ndesirable to the effectuation of its purposes and powers and to prepare\nrecommendations in regard thereto,\n  10. to procure insurance against any loss in connection with its\nproperty, assets and operations in such amounts and from such insurers\nas it deems desirable,\n  11. to enter into agreements with the state, any county or\nmunicipality and the United States, or any agency or instrumentality of\nany of them, or any other person for any lawful purposes,\n  12. to accept grants, loans or contributions from the state, any\ncounty or municipality and the United States, or any agency or\ninstrumentality of any of them, and from any other person or source and\nto expend the proceeds thereof,\n  13. to make loans to a participating cultural institution in\naccordance with an agreement between the trust and the participating\ncultural institution for the development of cultural facilities or the\ninstitutional portion of combined-use facilities, and\n  14. to do any and all things necessary, convenient or desirable to\ncarry out its purposes and exercise its powers.\n