Massachusetts General Laws ch. 74 sec. 43 – Acceptance of gifts
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Section 43. The board of trustees of said college and of said institute shall be a corporation for the purpose of taking by gift, bequest or devise any real or personal property.
Terms Used In Massachusetts General Laws ch. 74 sec. 43
- 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.
- 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.
- Personal property: All property that is not real property.