Historical, library, museum and scientific associations mayincorporate as charitable trusts--property perpetuallydedicated--members--endowment funds.
352.040. 1. Any association or society formed foreducational purposes as classified in section 352.020, and asherein limited, located in any city or town, may elect to providein its articles of agreement by incorporating this section insuch articles, and in other respects conforming them thereto,that such corporation shall be, in all that relates to itsproperty and all such as it may acquire, a quasi-trustee for thepublic, and as such may receive and take by deed or devise in itscorporate capacity, any property, real and personal, in trust forthe uses and purposes for which such corporation was formed, andexecute any trust so created; provided, that this section shallapply only, and it is hereby expressly limited, to suchassociation or society as may be formed for the purpose ofpromoting historical studies or natural science, of establishinga museum, library or an art gallery, such educational andscientific purposes being chiefly for the advantage of the publicwhere such corporation is located; and provided furthermore, thatno corporation in whose charter is incorporated this sectionshall be permitted to amend such charter or to take advantage oravail itself of any change in the general law, in such way as toaffect this section, and such charter shall be taken as aperpetual contract between such corporation and the public.
2. It shall not be lawful for such corporation to create orcontract any debt or pecuniary obligation in the nature of adebt; and any attempt to create or contract any such debt orobligation shall be, ipso facto, void. Nor shall any suchcorporation mortgage, or deed in trust, any of its property, orsell any such property, except by way of exchange for property ofequal value, or for reinvestment.
3. If any such corporation dissolve, its property shall bevested in the city or town in which such corporation is located,to be taken and held for the benefit of the people of such cityor town, to the same purposes, uses and trusts as such propertywas held by such corporation.
4. Membership in such corporation shall be open to thepublic, under such reasonable rules and regulations as thecorporation may prescribe in its bylaws.
5. Every such corporation shall create and maintain anendowment fund, to remain perpetually intact, that means maythereby be provided for the stability and support of thecorporation; and to this end all moneys voluntarily contributedas life membership, and by persons not residents of the localitywhere such corporation is located, who desire to be registered asmembers, and one-fourth of the current subscriptions frommemberships, shall be set apart, until the moneys derived fromthese sources, together with such as lawfully come into suchendowment fund from other sources, shall amount in the aggregateto at least two hundred thousand dollars. Such endowment fundmay be invested in bonds of the United States, or of this state,or of the city or county in which the corporation is located, orin loans secured by mortgage on improved real estate situated inthis state, but shall not be invested in securities or stock ofany private trading or manufacturing corporation, or of anyrailroad company, or on any personal security, and the principalthereof shall not be encroached upon or expended by suchcorporation for any purpose.
6. The museum, gallery and cabinets of such corporationshall be open to the public of this state, under such reasonableregulations as may from time to time be prescribed, and thecontents of such museum, gallery or cabinets, or any portionthereof, shall not be loaned or taken out for exhibition or otherpurpose, on any pretext whatever.
7. Any existing corporation formed for purposes within thepurview of this section, and whose charter is in harmonytherewith, shall be empowered to adopt the same as an amendmentto such charter, under the provisions of section 352.070.
Historical, library, museum and scientific associations mayincorporate as charitable trusts--property perpetuallydedicated--members--endowment funds.
352.040. 1. Any association or society formed foreducational purposes as classified in section 352.020, and asherein limited, located in any city or town, may elect to providein its articles of agreement by incorporating this section insuch articles, and in other respects conforming them thereto,that such corporation shall be, in all that relates to itsproperty and all such as it may acquire, a quasi-trustee for thepublic, and as such may receive and take by deed or devise in itscorporate capacity, any property, real and personal, in trust forthe uses and purposes for which such corporation was formed, andexecute any trust so created; provided, that this section shallapply only, and it is hereby expressly limited, to suchassociation or society as may be formed for the purpose ofpromoting historical studies or natural science, of establishinga museum, library or an art gallery, such educational andscientific purposes being chiefly for the advantage of the publicwhere such corporation is located; and provided furthermore, thatno corporation in whose charter is incorporated this sectionshall be permitted to amend such charter or to take advantage oravail itself of any change in the general law, in such way as toaffect this section, and such charter shall be taken as aperpetual contract between such corporation and the public.
2. It shall not be lawful for such corporation to create orcontract any debt or pecuniary obligation in the nature of adebt; and any attempt to create or contract any such debt orobligation shall be, ipso facto, void. Nor shall any suchcorporation mortgage, or deed in trust, any of its property, orsell any such property, except by way of exchange for property ofequal value, or for reinvestment.
3. If any such corporation dissolve, its property shall bevested in the city or town in which such corporation is located,to be taken and held for the benefit of the people of such cityor town, to the same purposes, uses and trusts as such propertywas held by such corporation.
4. Membership in such corporation shall be open to thepublic, under such reasonable rules and regulations as thecorporation may prescribe in its bylaws.
5. Every such corporation shall create and maintain anendowment fund, to remain perpetually intact, that means maythereby be provided for the stability and support of thecorporation; and to this end all moneys voluntarily contributedas life membership, and by persons not residents of the localitywhere such corporation is located, who desire to be registered asmembers, and one-fourth of the current subscriptions frommemberships, shall be set apart, until the moneys derived fromthese sources, together with such as lawfully come into suchendowment fund from other sources, shall amount in the aggregateto at least two hundred thousand dollars. Such endowment fundmay be invested in bonds of the United States, or of this state,or of the city or county in which the corporation is located, orin loans secured by mortgage on improved real estate situated inthis state, but shall not be invested in securities or stock ofany private trading or manufacturing corporation, or of anyrailroad company, or on any personal security, and the principalthereof shall not be encroached upon or expended by suchcorporation for any purpose.
6. The museum, gallery and cabinets of such corporationshall be open to the public of this state, under such reasonableregulations as may from time to time be prescribed, and thecontents of such museum, gallery or cabinets, or any portionthereof, shall not be loaned or taken out for exhibition or otherpurpose, on any pretext whatever.
7. Any existing corporation formed for purposes within thepurview of this section, and whose charter is in harmonytherewith, shall be empowered to adopt the same as an amendmentto such charter, under the provisions of section 352.070.
Historical, library, museum and scientific associations mayincorporate as charitable trusts--property perpetuallydedicated--members--endowment funds.
352.040. 1. Any association or society formed foreducational purposes as classified in section 352.020, and asherein limited, located in any city or town, may elect to providein its articles of agreement by incorporating this section insuch articles, and in other respects conforming them thereto,that such corporation shall be, in all that relates to itsproperty and all such as it may acquire, a quasi-trustee for thepublic, and as such may receive and take by deed or devise in itscorporate capacity, any property, real and personal, in trust forthe uses and purposes for which such corporation was formed, andexecute any trust so created; provided, that this section shallapply only, and it is hereby expressly limited, to suchassociation or society as may be formed for the purpose ofpromoting historical studies or natural science, of establishinga museum, library or an art gallery, such educational andscientific purposes being chiefly for the advantage of the publicwhere such corporation is located; and provided furthermore, thatno corporation in whose charter is incorporated this sectionshall be permitted to amend such charter or to take advantage oravail itself of any change in the general law, in such way as toaffect this section, and such charter shall be taken as aperpetual contract between such corporation and the public.
2. It shall not be lawful for such corporation to create orcontract any debt or pecuniary obligation in the nature of adebt; and any attempt to create or contract any such debt orobligation shall be, ipso facto, void. Nor shall any suchcorporation mortgage, or deed in trust, any of its property, orsell any such property, except by way of exchange for property ofequal value, or for reinvestment.
3. If any such corporation dissolve, its property shall bevested in the city or town in which such corporation is located,to be taken and held for the benefit of the people of such cityor town, to the same purposes, uses and trusts as such propertywas held by such corporation.
4. Membership in such corporation shall be open to thepublic, under such reasonable rules and regulations as thecorporation may prescribe in its bylaws.
5. Every such corporation shall create and maintain anendowment fund, to remain perpetually intact, that means maythereby be provided for the stability and support of thecorporation; and to this end all moneys voluntarily contributedas life membership, and by persons not residents of the localitywhere such corporation is located, who desire to be registered asmembers, and one-fourth of the current subscriptions frommemberships, shall be set apart, until the moneys derived fromthese sources, together with such as lawfully come into suchendowment fund from other sources, shall amount in the aggregateto at least two hundred thousand dollars. Such endowment fundmay be invested in bonds of the United States, or of this state,or of the city or county in which the corporation is located, orin loans secured by mortgage on improved real estate situated inthis state, but shall not be invested in securities or stock ofany private trading or manufacturing corporation, or of anyrailroad company, or on any personal security, and the principalthereof shall not be encroached upon or expended by suchcorporation for any purpose.
6. The museum, gallery and cabinets of such corporationshall be open to the public of this state, under such reasonableregulations as may from time to time be prescribed, and thecontents of such museum, gallery or cabinets, or any portionthereof, shall not be loaned or taken out for exhibition or otherpurpose, on any pretext whatever.
7. Any existing corporation formed for purposes within thepurview of this section, and whose charter is in harmonytherewith, shall be empowered to adopt the same as an amendmentto such charter, under the provisions of section 352.070.
