Kansas Statutes 80-1430. Transfer of township moneys or property to not-for-profit corporation or other governmental subdivision
Terms Used In Kansas Statutes 80-1430
- Bequest: Property gifted by will.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: includes personal and real property. See Kansas Statutes 77-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) Any township may transfer all or any portion of any moneys or property, or the proceeds from the sale of property which the township receives by donation, contribution, gift, device or bequest to any of the following: (1) A Kansas not-for-profit corporation which is exempt from federal income taxation under the provisions of section 501(c)(3) of the internal revenue code of 1986, and amendments thereto which is located within the same county as the township; or
(2) any political or taxing subdivision located within the same county as the township.
(b) The transfer of moneys as provided in subsection (a) shall be authorized by the township board by passage of a resolution. The resolution shall state that the township board has determined that the money, property or proceeds from the sale of property are not required by the township to meet its obligations.
(c) The transfer of moneys or property or the proceeds from the sale of property as provided for in subsection (a) is hereby declared to be a public purpose.