Oregon Statutes 273.441 – Agency donation of property for industrial or manufacturing use; conditions
(1) Any agency of the State of Oregon may donate to any person, firm or corporation selected by such governmental body, conditionally or otherwise, for industrial or manufacturing purposes, or both, and purposes incidental thereto, any real property owned by the governmental body and not needed or likely to be needed for public use.
Terms Used In Oregon Statutes 273.441
- 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.
- Donee: The recipient of a gift.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Statute: A law passed by a legislature.
(2) The donation must include a condition that whenever the donee or successor in interest ceases to use the property for the donated purpose the title to the property shall revert to the donor.
(3) The gift shall be made by statute or formal order and the terms and conditions of the gift shall be set forth in such statute or order. [1981 c.787 § 16]
[1963 c.612 § 4; 1967 c.421 § 24; 1967 c.616 § 17; renumbered 273.121]
[1973 c.755 § 1; repealed by 1981 c.787 § 58]