Connecticut General Statutes 10-9 – Bequests for educational purposes
(a) The State Treasurer may receive in the name of the state any money or property given or bequeathed to the state, to the Board of Regents for Higher Education or to any of the constituent units for educational purposes, and may expend the same or any income therefrom according to the terms of the gift or bequest. Such money or property shall be invested by the Treasurer in accordance with the provisions of § 3-31a.
Terms Used In Connecticut General Statutes 10-9
- Bequest: Property gifted 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.
(b) Notwithstanding the provisions of subsection (a) of this section, the State Board of Education may receive in the name of the state any money or property given or bequeathed to the State Board of Education. Said board shall transfer any such money to the State Treasurer who shall invest the money in accordance with the provisions of § 3-31a. Said board may use any such property for educational purposes.