Grants to nonprofit organizations, pursuant to Section 1390, for the acquisition of real property or interests therein shall be subject to all of the following conditions:

(a) The purchase price of any interest in real property acquired by the nonprofit organization shall not exceed fair market value as established by an appraisal approved by the board.

Terms Used In California Fish and Game Code 1457

  • Appraisal: A determination of property value.
  • Board: means the Wildlife Conservation Board. See California Fish and Game Code 1452
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Nonprofit organization: means any private, nonprofit organization that qualifies for exempt status under Section 501(c)(3) of the United States Internal Revenue Code of 1986, and has among its principal charitable purposes the preservation of real property for scientific, historic, educational, recreational, scenic, or open-space values, the protection of the natural environment, or the preservation and enhancement of fisheries and wildlife or their habitat. See California Fish and Game Code 1452
  • Purchase: means "buy" as defined in Section 24. See California Fish and Game Code 68
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • State: means the State of California, unless applied to the different parts of the United States. See California Fish and Game Code 83

(b) The board approves the terms under which the interest in real property is acquired.

(c) The interest in real property acquired pursuant to a grant from the board shall not be used as security for any debt to be incurred by the nonprofit organization unless the board approves the transaction.

(d) The transfer of real property acquired pursuant to a grant shall be subject to the approval of the board and the execution of an agreement between the board and the transferee sufficient to protect the interest of the state.

(e) The state shall have a right of entry and power of termination in and over all interests in real property acquired with state funds, which may be exercised if any essential term or condition of the grant is violated.

(f) If the existence of the nonprofit organization is terminated for any reason, title to all interest in real property acquired with state funds shall immediately vest in the state. However, before that termination, upon approval of the board, another public agency or nonprofit organization may receive title to all or a portion of that interest in real property by recording its acceptance of title in writing. Any deed or other instrument of conveyance whereby real property is being acquired by a nonprofit organization pursuant to this section shall be recorded and shall set forth the executory interest or right of entry on the part of the state.

(Added by Stats. 2021, Ch. 380, Sec. 1. (AB 1183) Effective January 1, 2022.)

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