Nevada Revised Statutes 268.055 – Conveyance of property to corporation for public benefit
Current as of: 2022 | Check for updates
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1. The governing body of a city may convey real property of the city without consideration to a corporation for public benefit if the property is not needed for the public purposes of the city and the property is actually used for charitable or civic purposes.
Terms Used In Nevada Revised Statutes 268.055
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. A conveyance pursuant to this section may be made on such terms and conditions as seem proper to the governing body of the city.
3. If a corporation for public benefit to which property is conveyed pursuant to this section ceases to use the property for charitable or civic purposes, the property automatically reverts to the city.
4. As used in this section, ‘corporation for public benefit’ has the meaning ascribed to it in NRS 82.021.