Arizona Laws 15-1303. School for the deaf and the blind as public corporation; tax exemption
Current as of: 2024 | Check for updates
|
Other versions
A. The school shall be a body corporate under the name of "the Arizona state school for the deaf and the blind".
Terms Used In Arizona Laws 15-1303
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Property: includes both real and personal property. See Arizona Laws 1-215
B. The corporation shall:
1. Have perpetual succession.
2. Have a corporate seal.
3. Be deemed a public corporation and its property shall be exempt from all taxes and assessments.
C. The corporation may, in the corporate name:
1. Sue and be sued.
2. Contract and be contracted with.
3. Take and hold by purchase, gift or devise real and personal property required for its use.
4. Convert property received by gift, purchase or devise which is not suitable for its use into money or property which is suitable for its use.