NY Arts & Cult Aff L § 20.11 (2021)
2021 New York Laws ACA - Arts and Cultural Affairs Title E - New York State Cultural Resources Act Article 20 - New York State Cultural Resources Act 20.11 - General Powers of a Trust.

§ 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   purposes,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, and14.  to  do  any  and all things necessary, convenient or desirable to   carry out its purposes and exercise its powers.