Oregon Statutes 359.423 – Board solicitation or acceptance of gifts, bequests, devises of money, securities or other property
(1)(a) The Trust for Cultural Development Board may solicit and accept gifts, bequests or devises of money, securities or other property of any kind to carry out the purposes of ORS § 359.400 to 359.444.
Terms Used In Oregon Statutes 359.423
- Bequest: Property gifted by will.
- 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.
- State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
- Trustee: A person or institution holding and administering property in trust.
(b) Notwithstanding paragraph (a) of this subsection, a restricted gift, bequest or devise may not be accepted if the restriction is contrary to the laws of this state.
(2)(a) The board shall be the custodian of any property accepted pursuant to this section.
(b) The board shall hold the property as trustee for the state and shall conserve and administer the property to carry out the purposes of ORS § 359.400 to 359.444.
(c) Except as prohibited by law or restricted by the terms of the gift, bequest or devise, the board may from time to time sell or exchange any property accepted as a gift, bequest or devise as the board determines appropriate.
(3) Moneys, and any income from property, accepted pursuant to this section shall be paid into the State Treasury and deposited to the credit of the Trust for Cultural Development Account established by ORS § 359.405. [2015 c.668 § 2]
(Disbursement of Trust Account)