Section 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.