§ 32-2-6 - Acceptance of gifts – Metropolitan park trust fund. - Rhode Island Statutes

SECTION 32-2-6

   § 32-2-6  Acceptance of gifts –Metropolitan park trust fund. – The general treasurer is hereby directed, authorized, and empowered, with theapproval of the governor, to receive, take title to, and hold in trust for thestate, exempt from taxation, any gift, grant, or devise, of lands or interests,estates or rights therein, and any gift or bequest of money or other personalproperty, made for the purposes of this chapter, subject to the approval of thedirector of environmental management; and unless otherwise provided by theterms of any gift or bequest of money or other personal property, the generaltreasurer shall preserve and invest that money or the proceeds of that otherpersonal property in notes and bonds secured by good and sufficient mortgagesecurity, or in such securities as by law the sinking fund commission isauthorized to invest. The trust property and real estate shall be known as themetropolitan park trust fund and shall be used under the direction of thedepartment of environmental management, subject to the orders of the directorof the department, under the terms of such trusts as may be provided by thedonors thereof.