§ 40.05. New York state cultural education trust. 1. A trust to be
known as the "New York state cultural education trust" is hereby created
under the jurisdiction of the state education department and its
existence shall commence with the appointment of the members of the
board as provided herein.

2. The board shall consist of five members as follows: the chancellor
of the board of regents of the university of the state of New York, or
his or her designee from the board of regents, who shall serve as the
chair; one additional member of the board of regents, to be appointed by
such chancellor; one member appointed by the governor; one member
appointed by the majority leader of the senate; and one member appointed
by the speaker of the assembly. Members of the board, other than the
representative of the board of regents, shall be appointed to the board
based on their knowledge and background as relevant to the purposes of
the trust, or, due to their experience and knowledge in the fields of
New York state history, collection display and management or other
related fields.

3. The member of the board of regents appointed to the board shall
serve at the pleasure of the chancellor of the board of regents and
shall serve a term equivalent to his or her term as a member of the
board of regents. The chancellor may reappoint the same member of the
board of regents as his or her appointee for so long as such regent
remains a member of the board of regents.

4. The initial terms of the appointees of the governor, the speaker of
the assembly and the majority leader of the senate shall be staggered,
with the governor's appointment expiring after one year and the majority
leader of the senate's and the speaker of the assembly's appointments
expiring after three years. All subsequent appointments shall be for
three years.

5. Members may be reappointed and may serve two consecutive full
terms, in addition to the terms of their original appointments, but not
more than nine consecutive years. Each member shall continue in office
until such member's successor has been appointed and qualifies. Such
continuation in office shall not be counted in determining whether a
member has served nine consecutive years. In the event of a vacancy
occurring in the office of any member of the board, other than by the
expiration of a member's term, such vacancy shall be filled for the
balance of the unexpired term, if applicable, in the same manner as the
original appointment.

6. The members of the board shall serve without compensation, but
shall be entitled to reimbursement of their actual and necessary
expenses incurred in the performance of their official duties.

7. The powers of the trust shall be vested in and exercised by a
majority of the members thereof.