§ 424. Institute of arts and sciences. Real property which may hereafter be acquired within a city having a population of one million or more by a corporation, organized exclusively as an institute of arts and sciences for the general purposes of the encouragement of the study of and the advancement of knowledge in the arts and sciences within such city on which a building has been constructed as an academy of music which is maintained and operated by such corporation as such and to otherwise further the purposes for which such corporation was organized, shall be exempt from taxation including the buildings thereon as provided for corporations in section four hundred twenty-a of this article although a portion thereof is leased or otherwise used for the public performances of opera or concerts, lectures, graduation exercises or for such other non-commercial uses for the purposes of income, if such income is necessary for and is actually applied to the maintenance and support of such academy of music.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.