Indiana § 21-9-4-9 Acceptance of gifts, bequests, donations, and devises by authority

Indiana Statutes

§ 21-9-4-9 — Acceptance of gifts, bequests, donations, and devises by authority

Indiana·Title 21 HIGHER EDUCATION·Art. 9 EDUCATION SAVINGS PROGRAMS·Ch. 4 Authority Board of Directors and Officers

(a)The authority may accept gifts, bequests, donations, and devises of personal and real property:

(1)as trustees for the maintenance, use, or benefit of the authority, the education savings programs, or the endowment fund; or

(2)to be administered for other public or charitable purposes for the benefit or use of account owners or account beneficiaries.

(b)The authority may receive, accept, hold, administer, and use any property transferred to the authority by gift, bequest, donation, or devise in accordance with the terms, conditions, obligations, liabilities, and burdens imposed on the gift, bequest, donation, or devise if, in the judgment of the board, the action is in the best interest of the authority, the education savings programs, the endowment fund, account owners, contributor

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(a) The authority may accept gifts, bequests,
donations, and devises of personal and real property:
(1) as trustees for the maintenance, use, or benefit of the
authority, the education savings programs, or the endowment
fund; or
(2) to be administered for other public or charitable purposes for
the benefit or use of account owners or account beneficiaries.
(b) The authority may receive, accept, hold, administer, and use any
property transferred to the authority by gift, bequest, donation, or
devise in accordance with the terms, conditions, obligations, liabilities,
and burdens imposed on the gift, bequest, donation, or devise if, in the
judgment of the board, the action is in the best interest of the authority,
the education savings programs, the endowment fund, account owners,
contributors, or account beneficiaries, as applicable.
(c) The authority may accept a gift, devise, donation, or bequest
made for the purpose of providing an annuity on conditions consistent
with the conditions set forth in IC 21-30-3-3 and IC 21-30-3-4 (relating
to boards of trustees of state educational institutions).
(d) The authority may, if not inconsistent with the terms and
conditions of a gift of real property:
(1) sell, convey, or otherwise dispose of the real property; and
(2) invest, reinvest, or use the proceeds as, in the judgment of the
board, is of the greatest benefit to the authority, the education
savings programs, the endowment fund, account beneficiaries,
and account owners.
(e) When acting under the powers granted by this article and also
with respect to the money in the endowment fund and the program
account as provided in IC 21-9-5 and IC 21-9-7, the members serve as
trustees of private trusts, subject to the terms and conditions of the trust
program or the gift, bequest, donation, or devise and law applicable to
private trusts.

Indiana § 21-9-4-9 (Acceptance of gifts, bequests, donations, and devises by authority) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.