N.Y. ACA Law § 55.05

§ 55.05. Natural Heritage Trust. The board known as the "Natural\nHeritage Trust" is hereby continued. Such a board shall be a body\ncorporate and politic constituting a public benefit corporation and its\nexistence shall commence upon the appointment of the members as herein\nprovided. Such board shall consist of the chairperson of the state\ncouncil of parks and outdoor recreation, the commissioner of\nenvironmental conservation, the secretary of state and the commissioner\nof parks, recreation and historic preservation. The powers of the board\nshall be vested in and exercised by the majority of the members thereof.\nThe members of the board shall serve without compensation, but shall be\nentitled to reimbursement of their actual and necessary expenses\nincurred in the performance of their official duties. At the first\nmeeting of the board and the first meeting thereof in each fiscal year\nthereafter, the members of the board shall choose from their number, a\nchairperson and vice-chairperson.\n The trust and its corporate existence shall continue until terminated\nby law, provided, however, that no such law shall take effect so long as\nthe trust shall have bonds, notes and other obligations outstanding,\nunless adequate provision has been made for the payment thereof in the\ndocuments securing the same. Upon termination of the existence of the\ntrust, all its rights and properties shall vest in the state.\n