§ 7-1-17 - Receipt of property for charitable purposes in excess of authorized holdings.
SECTION 7-1-17
§ 7-1-17 Receipt of property forcharitable purposes in excess of authorized holdings. – In case any real or personal estate is subsequently given to any corporation tohold for any charitable uses or purposes authorized or permitted by the charterof the corporation or any amendment of the charter, or by law, and thecorporation, but for the provisions of this section, would not be able to takeor hold the estate or some part of it on account of the limitation as to theamount of property of the corporation prescribed by the charter or anyamendment to it, then in every such case, it is lawful for the corporation totake and hold the real and personal estate, or the part of it as alreadystated, upon conditions subsequent, nevertheless, that the corporation obtainsfrom the general assembly authority to take and hold real and personal estateto an amount large enough to include, in addition to its other property, theproperty given to the corporation as already stated, and that the applicationto the general assembly is made not later than one year from the time on whichthe corporation takes and holds, or but for the previously stated limitationwould be entitled to take and hold, the given real or personal estate.