§ 438. Trustees of a hospital, playground and library; hospital for
benefit of a city. 1. Real property held by trustees named in a will
or deed of trust or appointed by the supreme court of the state of New
York for hospital, public playground and library purposes, as set forth
in sections four hundred twenty-a and four hundred twenty-b of this
article, shall be exempt from taxation and exempt from special ad
valorem levies and special assessments to the extent provided in section
four hundred ninety of this article, to the same extent and subject to
the same conditions and exceptions as if owned by a corporation.

2. Real property held for hospital purposes in the name of a
corporation organized for the purpose of managing and controlling a
hospital for the use and benefit of a city shall be exempt from taxation
and exempt from special ad valorem levies and special assessments to the
extent provided in section four hundred ninety of this article, to the
same extent and subject to the same conditions and exceptions as
property of a corporation organized exclusively for hospital purposes.