2006 New York Code - Certain Charitable Trusts Authorized

 
  § 8-1.2 Certain charitable trusts authorized
    (a)  Property  may  be  disposed of to any incorporated educational or
  literary institution in this state, to be held in trust for any  one  or
  more of the following purposes:
    (1) To establish and maintain an observatory;
    (2) To found and maintain professorships and scholarships;
    (3) To provide and keep in repair a place for the burial of the dead.
    (4) For any other specific purpose comprehended in the general objects
  authorized by its charter.
    (b)  The  trust  may  be  made  subject  to  such conditions as may be
  prescribed by the creator and agreed to by the trustee, and all property
  which is hereafter  disposed  of  to  any  incorporated  educational  or
  literary  institution in trust for any of the foregoing purposes, may be
  held by such institution under such trust, subject to such conditions as
  may be prescribed.
    (c) Property may be disposed of to any incorporated city or village of
  this state to  be  held  in  trust  for  any  educational  purpose,  the
  diffusion  of  knowledge,  or  for the relief of distress, or for parks,
  gardens, other ornamental  grounds  or  grounds  for  military  parades,
  exercise,  health  and recreation, within or near such incorporated city
  or village, upon such conditions as may be prescribed by the creator and
  agreed to by such corporation; and all property so transferred  to  such
  corporation  may  be  held  by  it,  under  such  trust, subject to such
  conditions as may be prescribed.
    (d) Property may be disposed of to commissioners of common schools  of
  any  town  and  to  trustees  of  any  school district, in trust for the
  benefit of such common schools or the schools of such district.
    (e) The trusts authorized by this section may continue for  such  time
  as  may  be  necessary  to  accomplish  the  purposes for which they are
  created.