Nevada Revised Statutes 396.430 – Sale and lease of property; use of proceeds
Current as of: 2022 | Check for updates
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1. The Board of Regents may sell or lease any property granted, donated, devised or bequeathed to the System if:
Terms Used In Nevada Revised Statutes 396.430
- Bequest: Property gifted by will.
- Board of Regents: means the Board of Regents of the University of Nevada. See Nevada Revised Statutes 396.005
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- System: means the Nevada System of Higher Education. See Nevada Revised Statutes 396.005
(a) The sale or lease is not prohibited by or inconsistent with the provisions or conditions prescribed by the grant, gift, devise or bequest; and
(b) The sale or lease is approved by the Governor.
2. The proceeds and rents from the sale or lease must be held, managed, invested, used, bestowed and applied by the Board of Regents for the purposes, provisions and conditions prescribed by the original grant, gift, devise or bequest of the property so sold or leased.