Nevada Revised Statutes 393.326 – Power of trustees
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1. When the board of trustees of a school district determines that the exchange of real property belonging to the school district for real property belonging to an individual, partnership or corporation, other than a public agency as defined in NRS 277.050 or an Indian tribe, is necessary or for the best interests of the school district, the board shall have the power to exchange such real property, whether acquired by purchase, dedication or otherwise.
Terms Used In Nevada Revised Statutes 393.326
- 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.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The provisions of subsection 1 shall not be construed to permit the exchange of any real property in contravention of any condition in a gift or devise of real property to the school district.