§ 59.05. The American Museum of Natural History Planetarium Authority. The trustees of The American Museum of Natural History, a corporation created by chapter one hundred and nineteen of the laws of eighteen hundred sixty-nine, and their successors in such office shall appoint no less than three nor more than five individuals to serve as members of the board of directors of the Planetarium Authority for terms of one to three years (as determined by the trustees of the American Museum of Natural History), and which is hereby continued as a body corporate by the name of "The American Museum of Natural History Planetarium Authority," to be located in the city of New York, for the purpose of establishing and maintaining in such city a planetarium upon a site provided by the authorities of such city adjacent to The American Museum of Natural History in such city; of encouraging and developing the study of astronomical science; of advancing the general knowledge of kindred subjects, and to that end, of furnishing popular instruction. Such authority shall constitute a public benefit corporation.

Each member of the board of the Planetarium Authority shall be independent of the Planetarium Authority and of the American Museum of Natural History as described in the public authorities law; and the American Museum of Natural History shall not be considered an affiliate of the Planetarium Authority.

The board of the Planetarium Authority may appoint an executive director. The members of the board and the executive director of the Planetarium Authority shall serve pro bono and shall be entitled to no compensation for their services or reimbursement for expenses incurred or to be incurred in connection with the planetarium hereby authorized. A majority of the members of the board of the Planetarium Authority shall constitute a quorum at any meeting of the board, and a majority of the members present at a meeting of the board at which there is a quorum may exercise the powers of the authority. The board of the Planetarium Authority may delegate to one or more of its members or to its officers, any such powers and duties as it may deem proper. The Planetarium Authority shall continue the lease with the American Museum of Natural History for the exclusive occupancy, operation and use of the planetarium by the American Museum of Natural History for the purpose of carrying out the purposes set forth above and related purposes, all upon the obligation of the American Museum of Natural History to keep the planetarium in reasonable repair, and to maintain and operate the planetarium, which lease may be of indefinite duration terminable only upon surrender of the lease by the direction and authorization of the board of trustees of the American Museum of Natural History.

The existence of the Planetarium Authority shall continue until dissolved by its board, provided that all its liabilities have been met and its bonds have been paid in full or such liabilities or bonds have been discharged and provided further that the Planetarium Authority's lease to the American Museum of Natural History shall have been surrendered by the American Museum of Natural History. Notwithstanding the foregoing, the Planetarium Authority shall be dissolved when the American Museum of Natural History surrenders its lease of the planetarium to the Planetarium Authority, provided that all its liabilities have been met and its bonds have been paid in full or such liabilities or bonds have been discharged or assumed by the American Museum of Natural History. Upon its ceasing to exist, all of its real property shall pass to the city of New York and all of its personal property shall pass to The American Museum of Natural History for its corporate purposes. Thereupon, such real property shall be maintained and operated in the same manner and subject to the same provisions, restrictions and authorities and by the same corporation as the other property of the city of New York which is now occupied by The American Museum of Natural History.