North Dakota Code 40-38.1-07 – Donations – How accepted – Council as trustee
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All persons desirous of making donations of money, personal property, or real estate for the municipal arts fund may vest the same in the municipal arts council. The council shall hold and control all property accepted as a special trustee. The city auditor shall be ex officio treasurer of the council as such special trustee, and shall, under the direction of the council, keep, invest, and disburse all funds and securities so vested in said board. The treasurer shall be deemed a public employee and as such bonded through the state bonding fund in the amount fixed by the council and at the expense of the council, as are other public employees under chapter 26.1-21.
Terms Used In North Dakota Code 40-38.1-07
- Ex officio: Literally, by virtue of one's office.
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- Trustee: A person or institution holding and administering property in trust.