Section 14-3-5 - Gifts, donations and loans. - New Mexico Statutes

14-3-5. Gifts, donations and loans.

The commission may receive from private sources, financial or other donations to assist in building, enlarging, maintaining or equipping a records center, or for the acquisition by purchase of documentary material, in accordance with plans made and agreed upon by the commission and the administrator. Funds thus received shall be administered by the commission separately from funds supplied by the state for the execution of this act [Chapter 14, Article 3 NMSA 1978], but shall be audited by the state. Such funds shall not be subject to reversion to the general fund if unexpended at the close of the fiscal year. Although all material acquired by expenditure of such donated funds and all such donated material shall become the unqualified and unrestricted property of the state, permanent public acknowledgment of the names of the donors may in each case be made in an appropriate manner.   

The commission may receive either as donations or loans from private sources, other state agencies, counties, municipalities, the federal government and other states or countries, documentary materials of any physical form or characteristics which are deemed to be of value to the state and the general public for historical reference or research purposes. Acceptance of both donations and loans shall be at the discretion of the commission upon advice of the administrator. Accepted donations shall become, without qualification or restriction, the property of the state of New Mexico. Loans shall be accepted only after a written agreement covering all terms and conditions of each loan shall have been signed by the lender and the administrator and approved by the commission.