Massachusetts General Laws ch. 7B sec. 1 – Definitions
Section 1. As used in this chapter, the following words shall, unless the context clearly indicates otherwise, have the following meanings:—
Terms Used In Massachusetts General Laws ch. 7B sec. 1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
- Personal property: All property that is not real property.
(a) ”Asset”, all property that is in the lawful possession of or otherwise held by a state agency, and shall include without limitation both real and personal property and property interests regardless of whether they are held in tangible or intangible form. Without limiting the generality of the foregoing, the word ”asset” shall include land, buildings, structures, leases, easements, licenses, electronic and communication equipment, and time sharing capacities, air, water, and mineral rights, utilities, vehicles, and professional and technical services and expertise.
(b) ”Asset management board” or ”board”, the asset management board established pursuant to section two.
(c) ”Asset management project” or ”project”, any project for the management of assets that is proposed for the consideration of the board by a state agency and approved by the asset management board pursuant to the provisions of this chapter; provided, however, that this term shall not include any project involving the sale or permanent disposition of any asset.
(d) ”State agency” or ”agency”, any executive office, department, agency, board, or commission of the commonwealth.