N.Y. Arts and Cultural Affairs Law 55.13 – Moneys of the corporation
§ 55.13. Moneys of the corporation. 1. The moneys of the trust shall be retained by it and deposited in a general account and such other accounts as the trust may deem necessary for the transaction of its business and shall be paid out on checks signed by the chairperson of the corporation or by such other member or officer as the corporation may authorize.
Terms Used In N.Y. Arts and Cultural Affairs Law 55.13
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
2. The comptroller of the state and his legally authorized representatives are hereby authorized and empowered from time to time to examine the accounts and books of the trust including its receipts, disbursements, contracts, investments and any other matters relating to its financial standing.
3. The trust shall submit to the governor, the chairperson of the senate finance committee, the chairperson of the assembly ways and means committee and the state comptroller, within ninety days after the end of its fiscal year, a complete and detailed report of its operations and accomplishments, its receipts and disbursements and its assets and liabilities.