Any person desiring in his lifetime, to promote the public welfare by founding, endowing and having maintained a public library, museum, art gallery or educational institutions within this state, to be operated without profit, may to that end and for such purposes by grant, in writing, convey to a trustee, or any number of trustees, […]
The trustee or trustees named in any grant made and their successors, may in the name of the institution, as designated in such grant, sue and defend, in relation to the trust property and in relation to all matters affecting the institution endowed and established by such grant.
Any grant made under the provisions of this chapter may be executed, acknowledged and recorded in the same manner as is now provided by law for the execution, acknowledging, and recording of grants of real property.
The person making such grant may therein designate: The nature, objects and purposes of the institution to be founded, endowed and maintained; The name by which it shall be known; The powers and duties of the trustee or trustees and the manner in which he or they shall account, and to whom, if accounting be […]
No institution for pecuniary profit shall be founded under this chapter; nor shall any dividends be declared or paid by any institution founded under this chapter; and no trustee, officer, member or employee of any institution founded hereunder shall receive, or be entitled to receive, any pecuniary profit from the operations thereof except reasonable compensation […]
Every institution founded under this chapter, and the property of such institution, including real property, money, stock, bonds, notes, certificates of indebtedness, other evidences of indebtedness, and all other personal property, excepting motor vehicles, so far as devoted exclusively to carrying out objects and purposes of such institution shall be exempt from all state, county […]
Every institution founded under this chapter shall be competent to receive by purchase or gift further property, provided the aggregate of all real property held by such institution shall not exceed the amount necessary to the fulfillment of the objects and purposes of such institution. Such institution shall be competent to receive by bequest further […]
