§ 21.05. Creation and administration of the trust. 1. There is hereby
created the trust for cultural resources of the city of New York which
shall have all the powers, rights, privileges and exemptions of a trust
for cultural resources described in article twenty of this chapter and
this article.

2. The board of trustees of the trust shall consist of nine trustees,
as follows: the deputy mayor of finance and economic development of the
city of New York, the chairperson of the New York city industrial
development agency, the commissioner of cultural affairs of the city of
New York and six trustees to be appointed by the mayor. The mayor shall
designate one of the trustees appointed by the mayor as chairman of the
board of trustees. The chairman shall preside over all meetings of the
board of trustees, and after consultation with the mayor, the chairman
may appoint a trustee who may be the chairman as president and chief
executive officer of the trust. The chairman and the president and chief
executive officer shall have such powers and duties as are set forth in
the by-laws of the trust. Trustees appointed by the mayor shall be
appointed for a term of six years from the effective dates of their
appointments; provided, however, that the term of office of two trustees
first appointed shall be five years, and the term of office of one
trustee first appointed shall be four years. All trustees shall continue
to hold office until their successors have been appointed. If at any
time there is a vacancy in the membership of the board of trustees, by
reason of death, resignation, disqualification or otherwise, such
vacancy shall be filled for the unexpired term in the same manner as the
original appointment. The mayor may remove any trustee from office for
cause.

3. The deputy mayor for economic development and rebuilding of the
city of New York, the chairperson of the New York city industrial
development agency and the commissioner of cultural affairs of the city
of New York each may designate a person from his or her staff or agency
to represent him or her at all meetings of the board of trustees of the
trust for cultural resources for the city of New York from which such
trustee may be absent. Any representatives so designated shall have the
power to attend and to vote at any meeting of the board of trustees of
said trust from which the trustee so designating him or her is absent,
with the same force and effect as if the trustee designating such
representative were present and voting. Such designation shall be by
written notice signed by the trustee making the designation and
delivered to the chairman of the board of trustees of the trust for
cultural resources for the city of New York. The designation of each
such person shall continue until revoked at any time by written notice
signed by the trustee making the designation or his or her successor in
office. Such designation shall not limit the power of the trustee making
the designation to attend and vote in person at any meeting of the board
of trustees of the trust for cultural resources for the city of New
York.

4. Notwithstanding any other provision of law, any person serving as
an ex officio member of the board of trustees of the trust for cultural
resources for the city of New York, may also serve as an ex officio
member of the board of trustees, or equivalent body, of any
participating cultural institution. Notwithstanding any other provision
of law, the trust for cultural resources for the city of New York may
enter into a financing agreement with a participating cultural
institution if more than one person serving on the board of trustees, or
the equivalent body, of such participating cultural institution serves
concurrently on the board of trustees of the trust for cultural
resources for the city of New York, provided, however, that no more than
one such person serves other than in an ex officio capacity. Any trustee
of the trust for cultural resources for the city of New York who is
concurrently serving on the board of trustees, or equivalent body, of a
participating cultural institution shall refrain from participating in
discussions or voting on matters pertaining to such participating
cultural institution, except that any such trustee of the trust for
cultural resources for the city of New York who is serving concurrently
as an ex officio member of the board of trustees of such trust and as an
ex officio member of the board of trustees, or the equivalent body, of
such participating cultural institution may participate in discussions
and voting on matters pertaining to such participating cultural
institutions while attending any regularly scheduled meeting or duly
called special meeting of the board of directors for the trust for
cultural resources for the city of New York.