N.Y. ACA Law § 21.07 — New York Code / Act ACA / Title E / Article 21 / Section 21.07
Special powers of the trust relating to assisting participating cultural institutions
Status: in_force

§ 21.07. Special powers of the trust relating to assisting\nparticipating cultural institutions. In addition to such powers as are\nconferred elsewhere in article twenty of this chapter and this article,\nthe trust shall have the following powers which may be exercised, at the\ndiscretion of the board of trustees, solely and exclusively in\nfurtherance of its corporate purposes with or without public auction or\nbidding:\n  1. to undertake surveys of the present and anticipated needs of\ncultural institutions in the city, including without limitation the need\nfor development of the facilities of such institutions, in order to\ndetermine whether or not the trust may effectively exercise its powers\nand fulfill its purposes in cooperation with any such institution;\n  2. to acquire, construct, install, equip, furnish, renovate,\nmodernize, and otherwise develop combined-use facilities and cultural\nfacilities or cause such combined-use facilities and cultural facilities\nto be so developed, in accordance with this article and article twenty\nof this title, to acquire in connection therewith real property or\ninterests in real property of a participating cultural institution or of\nthe city, or of the developer or other persons whose participation the\ntrust deems necessary for the development of any such combined-use\nfacility or cultural facility, subject (if applicable) to the retention\nor creation by any such parties of any future or remainder interests in\nsuch property, all of which shall be valid notwithstanding any rule\nagainst perpetuities, and in connection therewith, to install or cause\nto be installed water, fuel, gas, electrical, telephone, heating,\nair-conditioning and other utility services, including appropriate\nconnections;\n  3. to maintain, repair, keep up, manage and operate its real property\nand any combined-use facility or part thereof or any cultural facility\nor part thereof developed by or pursuant to an agreement with it, by\nmeans which may include the enforcement of its rules and regulations in\nthe manner described in subdivision d of section two hundred two of the\nnot-for-profit corporation law with the same effect as though such\nsubdivision applied to the trust and to such property and combined-use\nfacility or cultural facility;\n  4. to offer to convey and to convey all or any part of the\nnon-institutional portion of a combined-use facility or any interest\ntherein, and to take any and all actions deemed necessary or appropriate\nby the trust to advertise, promote, encourage, and effect such\nconveyances, all future or remainder interests created or retained by\nthe trust in connection therewith which shall be valid notwithstanding\nany rule against perpetuities;\n  5. to convey with or without consideration, to a participating\ncultural institution the institutional portion of a combined-use\nfacility or a cultural facility developed in cooperation with such\ninstitution and any real property held by the trust in connection with\nsuch development;\n  6. to enter into a partnership, joint venture or other enterprise in\nany capacity deemed by it to be appropriate, for the purpose of\ndeveloping and operating a combined-use facility or any part thereof or\na cultural facility or any part thereof;\n  7. to convey, without public auction or bidding, any real property to\na developer for the purpose of developing therein or thereon a\ncombined-use facility, or a part or portion thereof, or a cultural\nfacility, or any part or portion thereof, subject to the creation or\nretention by the trust and/or a participating cultural institution of\nsuch future or remainder interests in such property as it deems\nappropriate, all of which shall be valid notwithstanding any rule\nagainst perpetuities;\n  8. to purchase or lease the institutional portion of a combined-use\nfacility or all or any portion of a cultural facility from the developer\nthereof for use and occupancy by a participating cultural institution;\n  9. to furnish cultural institutions with advice and with technical and\nother assistance; to act as liaison with federal, state and municipal\nand other local authorities and with users and occupants of combined-use\nfacilities and cultural facilities with respect to the cultural,\nrecreational and educational activities provided by cultural\ninstitutions; and otherwise to foster and encourage greater public\nknowledge of, and participation in, the cultural, recreational and\neducational activities of such institutions;\n  10. to organize one or more wholly-owned subsidiary corporations under\nany applicable provision of law and to perform through such subsidiaries\nor cause such subsidiaries to perform all or any part of its powers and\nfunctions;\n  11. to establish and promulgate such rules and regulations as the\ntrust may deem necessary, convenient or desirable for the use and\noperation of any combined-use facility, or part thereof, or cultural\nfacility, or part thereof, and for the use of any real property\ndeveloped or to be developed by or pursuant to an agreement with it,\nincluding but not limited to rules and regulations governing the conduct\nand safety of the public on such premises;\n  12. to make and execute such agreements, including without limitation,\ninstruments of conveyance and agreements with participating cultural\ninstitutions with respect to the architectural and design\ncharacteristics of any combined-use facility or cultural facility, as\nare necessary or convenient for the exercise of its corporate powers and\nthe fulfillment of its purposes; and\n  13. to make loans in accordance with article twenty of this chapter.\n