Or. Rev. Stat. § 359.423
Board solicitation or acceptance of gifts, bequests, devises of money, securities or other property
Oregon · Oregon Revised Statutes Chapter 359 — Art and Culture · Status: effective
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- Or. Rev. Stat. § 359.423, Board solicitation or acceptance of gifts, bequests, devises of money, securities or other property, Oregon, version 1 as recorded 2026-10-04, yourstate.us, https://yourstate.us/provision/2501964
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Full text
(1)(a) The Trust for Cultural Development Board may solicit and accept gifts, bequests or devises of money, securities or other property of any kind to carry out the purposes of ORS 359.400 to 359.444.
(b) Notwithstanding paragraph (a) of this subsection, a restricted gift, bequest or devise may not be accepted if the restriction is contrary to the laws of this state.
(2)(a) The board shall be the custodian of any property accepted pursuant to this section.
(b) The board shall hold the property as trustee for the state and shall conserve and administer the property to carry out the purposes of ORS 359.400 to 359.444.
(c) Except as prohibited by law or restricted by the terms of the gift, bequest or devise, the board may from time to time sell or exchange any property accepted as a gift, bequest or devise as the board determines appropriate.
(3) Moneys, and any income from property, accepted pursuant to this section shall be paid into the State Treasury and deposited to the credit of the Trust for Cultural Development Account established by ORS 359.405. [2015 c.668 §2]
(Disbursement of Trust Account)