§ 15

Any person wishing to make donations of money, personal property or real estate for the benefit of any library system may vest title to such property in the board of directors of such library system to be held and controlled by such board, when accepted, according to the terms of the deed, gift or legacy of such property. The board shall be held and considered to be a special trustee of such donated property in accordance with the wishes of the donor, grantor or testator, and shall be accountable therefor. The board may invest funds until utilized and interest earned shall be subject to the same limitations as the principal.

Legislative History

(Source: P.A. 83-388.)