Massachusetts General Laws ch. 111 sec. 64D – Corporation; investments
Section 64D. The trustees shall be a corporation for the purpose of taking and holding, by them and their successors, in the name of the commonwealth, and in accordance with the terms thereof, any grant or devise of land or any gift or bequest of money or other personal property made for the use or benefit of the hospital or its patients. The trustees shall also receive all payments and third party reimbursements, including the entire payments, both state and federal, made pursuant to Title XVIII and Title XIX of the Social Security Act, for patient care as provided in section sixty-four E.
Terms Used In Massachusetts General Laws ch. 111 sec. 64D
- 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.
- 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.
- Personal property: All property that is not real property.
The trustees may invest any such gifts, payments or reimbursements in any investment as is legal for savings banks in the commonwealth. For said purposes, the trustees may employ such agents as it may from time to time determine to be wise and proper, including any trust company or other corporation authorized by law to administer trusts and may from funds received as aforesaid or the income thereof pay such expenses as may be necessary for the prudent administration of such gifts, payments or reimbursements.