| Art - Promised Gifts - Claims |
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| If a museum finds itself with an unfulfilled promised gift and if the question is whether it can (not should) sue to enforce the gift, certain information on the law would have to be gathered before an informed opinion could be offered. More... |
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| THEATRE: NEW YORK ARTS AND CULTURAL AFFAIRS LAW, THEATRICAL SYNDICATION FINANCING, SMALL PRIVATE OFFERINGS |
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| An issuer or offeror (oftentimes the theatrical producer) may use an investment agreement as the only offering document if the offering is for $ 500,000 or less (including the right to an involuntary overcall). The offering limit has been changed to $ 1,000,000 effective after mid-January of 2005. The investment agreement is filed with the New York Department of Law, thus relieving the issuer from filing the offering circular or prospectus. More... |
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| THEATRE: RAISING MONEY TO PRODUCE A PLAY OR MUSICAL, THEATRICAL SYNDICATION FINANCING, FRONT MONEY OFFERINGS |
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| An offering to purchase an interest in a theatrical production company is exempt from New York securities laws if the offering is made for the sole purpose of raising front money and is initially made to less than five people. Thus, if a producer solicits and obtains an investment of front money from four people or less, the producer will not have to file documents with the New York Department of Law. More... |
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| Historic Preservation -- Section 106 -- Coverage |
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| In order for a review under Section 106 of the National Historic Preservation Act to occur, a building or place must be determined to have cultural or historical significance. This process of determining that which qualifies for Section 106 review is perhaps the most involved (and most expensive) part of the process. More... |
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| Art -- Outgoing Loans -- Duration and Returns |
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| As a rule, the basic authority to make loans resides in a museum's board of trustees. The board may retain the exercise of this authority or, barring specific legal restrictions to the contrary, may delegate and redelegate its exercise. Complete delegation, however, without guidance and oversight, is not in accord with normally accepted trust responsibility, and a museum's board will want to assure itself that policies and review procedures clarify who has the authority to make certain loans and what records must be maintained. If delegations are clear and adequate records are kept, effective oversight is possible. More... |
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