Kentucky Statutes 164A.615 – Acceptance of gifts — Awarding of scholarships, grants, etc
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Nothing contained in KRS § 164A.555 to KRS § 164A.630 shall be construed to prevent an institution or an affiliated corporation from enforcing or carrying out the bona fide terms of any gift, grant, conveyance, devise or bequest from any private person, corporation, foundation, estate or other entity contributing funds or any other thing of value to the institution or affiliated corporation, nor shall same be construed to prevent an affiliated corporation from awarding athletic scholarships or other scholarship, fellowship, assistantship or similar grants, loans or awards to students, faculty or other employees of an institution, or from performing such other functions as may be assigned by the institution’s governing board.
Effective: July 15, 1982
History: Created 1982 Ky. Acts ch. 391, sec. 15, effective July 15, 1982.
Effective: July 15, 1982
Terms Used In Kentucky Statutes 164A.615
- Bequest: Property gifted by will.
- 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.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- 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.
History: Created 1982 Ky. Acts ch. 391, sec. 15, effective July 15, 1982.