Under the bill, proceeds from a sale could be used only for the acquisition of additional artworks for the museum's collection or "the preservation, protection or care" of works in the collection. And, it says, "No item in a museum's collection may be used as collateral or may be capitalized."
The legislation also delineates criteria under which an artwork could be deaccessioned: if it is inconsistent with the museum's mission as set forth in its mission statement, if it has "failed to retain its identity" because of decay or other deterioration, if it is redundant or inauthentic, or if it is being repatriated or returned to its rightful owner or donor.
Donn Zaretsky has his usual extremely interesting counterpoints here, such as this one:
A "sacred cultural and ethical trust" -- unless, of course, a museum wants to acquire some shiny new artworks, in which case: hey, knock yourself out! Sacred shmacred. Sell to your heart's content!