The annual general meeting of the Icelandic Toy Museum was held at the National Library on May 23, 2019, and it was the museum's last annual general meeting. A proposal to close the museum in its current form was approved at the meeting.

It was also agreed that the Museum of Playthings' collection and role will be entrusted to the National Library of Iceland - University Library and the National Museum of Iceland in accordance with the agreement between these parties dated January 8, 2019.

When the general meeting had been adjourned, a new meeting was called, the founding meeting of the Friends' Association for the Performing Arts Heritage, whose role is to promote, enrich and strengthen the work of the two main museums for the benefit of the future collection, preservation, research and dissemination of the nation's performing arts heritage. The rules of procedure of the Friends' Association were approved and a board was elected. The board members are Börkur Hrafn Birgisson, Lárus Vilhjálmsson and Sesselja G. Magnúsdóttir, the alternate is Ásgerður Guðrún Gunnarsdóttir.