424 - Institute of arts and sciences.

§  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.