Massachusetts General Laws ch. 120 sec. 1 – Corporate status of department of youth services; holding and investing trust funds
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Section 1. The department of youth services shall be a corporation for the purpose of taking, holding and investing in trust for the commonwealth, subject to section fifteen of chapter ten, any grant or devise of land or any gift or bequest made at any time for the use of any institution of which said department has the management, government and care, and it shall succeed to and retain the rights, powers and duties formerly held or acquired by the division of youth service and by the youth service board, except as otherwise provided in said section fifteen and in this chapter.
Terms Used In Massachusetts General Laws ch. 120 sec. 1
- 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.