Terms Used In Rhode Island General Laws > Chapter 45-38 - Gifts of Educational Facilities

• 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.
• Educational facility: means one or more structures suitable for use as a dormitory or other housing facility, dining hall, student union, administration building, academic building, library, laboratory, research, classroom, maintenance or storage or utility facility, and other structures or facilities related thereto or required for the instruction of students or the conducting of research or the operation of an educational institution, including parking and other facilities or structures essential or convenient for the orderly conduct of the educational institution, and also including equipment and machinery and other similar items necessary or convenient for the operations of a particular facility or structure in the manner for which its use is intended, but not including such items as books, fuel, supplies, or other items which are customarily deemed to result in a current operating charge. See Rhode Island General Laws 45-38-2
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means the board or body in which the general legislative powers of the municipality are vested. See Rhode Island General Laws 45-38-2
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Municipality: means any city or town in the state. See Rhode Island General Laws 45-38-2
• town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9