2011 ORS § 359.110¹
- • Arts Program as custodian
(1) The Arts Program of the Oregon Business Development Department may solicit and accept gifts, bequests or devises of money, securities or other property of whatever character to carry out the purposes of ORS 359.010 (Definitions for ORS 359.010 to 359.137) to 359.137 (Staff). A restricted gift, bequest or devise shall not be accepted if such restriction would be contrary to the laws of this state.
(2) The program shall be the custodian of any securities or other property accepted as a gift, bequest or devise. The program shall hold such property as trustee for the state and shall conserve and administer such property to carry out the purposes of ORS 359.010 (Definitions for ORS 359.010 to 359.137) to 359.137 (Staff). Except as prohibited by law or restricted by the terms of the gift, bequest or devise, the program may sell or exchange any property accepted as a gift, bequest or devise as it may from time to time determine. The income from such money, securities or other property shall be credited to the Arts Trust Account established by ORS 359.120 (Arts Trust Account). [1967 c.321 §11; 1993 c.209 §12]