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