Montana Code 22-2-107. Gifts and donations
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22-2-107. Gifts and donations. The council may acquire, accept, receive, dispose of, and administer in the name of the council any gifts, donations, properties, securities, bequests, and legacies that may be made to it. Money received by donation, gift, bequest, or legacy, unless otherwise provided by the donor, must be deposited in the state special revenue fund of the state treasury and used for the general operation of the council. The council is the official agency of the state to receive and disburse any funds made available by the national endowment for the arts.
Terms Used In Montana Code 22-2-107
- Bequest: Property gifted by will.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Legacy: A gift of property made by will.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201