Texas Government Code 845.104 – Accepting Gift, Grant, or Bequest
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Terms Used In Texas Government Code 845.104
- 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.
- Grantor: The person who establishes a trust and places property into it.
The board of trustees shall accept a gift, grant, or bequest of money or securities:
(1) for the purpose designated by the grantor if the purpose provides an endowment or retirement benefits to some or all participating employees or annuitants of the retirement system; or
(2) otherwise, for deposit in the endowment fund.