N.Y. ACA Law § 20.07

§ 20.07. Creation and purposes of a trust. 1. A trust shall be created\nby a special law as a corporate governmental agency and a public benefit\ncorporation, constituting a political subdivision of the state. A trust\nand its corporate existence shall continue until terminated by law;\nprovided, however, that no such law shall take effect so long as the\ntrust shall have bonds, notes or other obligations outstanding unless\nadequate provision has been made for the payment thereof. Upon\ntermination of the existence of a trust, all its rights and properties\nnot otherwise disposed of shall pass to and be vested in the state. Any\nnet earnings of a trust, beyond that necessary to retire any\nindebtedness of a trust or to implement the purposes set forth in this\narticle and in any special law, may not inure to the benefit of any\nperson other than the state, county or the municipality in which the\nprincipal office of the trust is located.\n 2. A trust shall exercise the powers granted to it by this article and\nby special law in cooperation with participating cultural institutions\nsolely and exclusively in furtherance of the purposes of this article\nand such special law. Before entering into any agreement for the\nconstruction of a combined-use facility, a facility for a not-for-profit\ncultural organization, or before making a loan to a not-for-profit\ncultural organization, the board of trustees shall hold a public hearing\nand thereafter shall determine that development of such facility or the\nmaking of such loan is the most feasible means by which such purposes\nmay be effectuated and that the architectural and design characteristics\nof the non-institutional portion are compatible with those of the\ninstitutional portion of such combined-use facility. Notice of such\npublic hearing shall be published at least once no less than twenty days\nprior to such hearing in a newspaper of general circulation in the\nmunicipality or county in which such facility is located. Notice of such\npublic hearing shall be served by certified mail upon the chairman of\nthe planning board of any county in which such combined-use facility is\nor is designed to be developed, except that in a municipality, such\nnotice shall be so served upon the chairman of the local community board\nin the area in which such facility is or is designed to be developed;\nand notice of such public hearing shall be served upon the chairman of\nthe planning board, or equivalent board, of any county in which a\nfacility for a not-for-profit cultural organization is, or is designed\nto be, developed, or in which, in the case of a loan, a not-for-profit\ncultural organization is located.\n