Arizona Laws 10-2103. Title to property of society
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The property conveyed or acquired by devise, gift, purchase or otherwise to the society, or to any person as trustee for the use thereof, shall vest in the trustees and their successors in office as fully as if originally conveyed to them, and shall be held by them and by their successors in trust for the society.
Terms Used In Arizona Laws 10-2103
- 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.
- Person: includes an individual and entity. See Arizona Laws 10-140
- Property: includes both real and personal property. See Arizona Laws 1-215
- Trustee: A person or institution holding and administering property in trust.
- trustees: means individuals, designated in the articles of incorporation or bylaws or elected by the incorporators, and their successors and individuals elected or appointed by any other name or title to act as members of the board. See Arizona Laws 10-3140