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§ 20.07. Creation and purposes of a trust. 1. A trust shall be created
by a special law as a corporate governmental agency and a public benefit
corporation, constituting a political subdivision of the state. A trust
and its corporate existence shall continue until terminated by law;
provided, however, that no such law shall take effect so long as the
trust shall have bonds, notes or other obligations outstanding unless
adequate provision has been made for the payment thereof. Upon
termination of the existence of a trust, all its rights and properties
not otherwise disposed of shall pass to and be vested in the state. Any
net earnings of a trust, beyond that necessary to retire any
indebtedness of a trust or to implement the purposes set forth in this
article and in any special law, may not inure to the benefit of any
person other than the state, county or the municipality in which the
principal office of the trust is located.

2. A trust shall exercise the powers granted to it by this article and
by special law in cooperation with participating cultural institutions
solely and exclusively in furtherance of the purposes of this article
and such special law. Before entering into any agreement for the
construction of a combined-use facility, a facility for a not-for-profit
cultural organization, or before making a loan to a not-for-profit
cultural organization, the board of trustees shall hold a public hearing
and thereafter shall determine that development of such facility or the
making of such loan is the most feasible means by which such purposes
may be effectuated and that the architectural and design characteristics
of the non-institutional portion are compatible with those of the
institutional portion of such combined-use facility. Notice of such
public hearing shall be published at least once no less than twenty days
prior to such hearing in a newspaper of general circulation in the
municipality or county in which such facility is located. Notice of such
public hearing shall be served by certified mail upon the chairman of
the planning board of any county in which such combined-use facility is
or is designed to be developed, except that in a municipality, such
notice shall be so served upon the chairman of the local community board
in the area in which such facility is or is designed to be developed;
and notice of such public hearing shall be served upon the chairman of
the planning board, or equivalent board, of any county in which a
facility for a not-for-profit cultural organization is, or is designed
to be, developed, or in which, in the case of a loan, a not-for-profit
cultural organization is located.

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