GIFTS TO THE LIBRARY
Form. All amounts and properties given, devised or bequeathed and the income therefrom shall be funds, assets and income of the Library, as such terms are used herein or in the Certificate of Incorporation, whether given, devised or bequeathed directly to the Library or to a bank or trust company for the library.
Refusal of Gifts.The Library shall refuse or renounce all grants, gifts, devises, bequests and legacies, the acceptance of which would cause it to be treated as other than a charitable organization duly qualified under Section 501(c)3 of the Internal Revenue Code of 1986 or any similar section in any subsequent federal tax law.
Reservation of Powers by Library. All grants, gifts, devises, bequests and legacies to the Library are made and accepted subject to all the terms, restrictions, requirements and powers contained in theses By-Laws and the Certificate of Incorporated, as such documents may be amended, whether before or after the making of such grants or the like, and the donor or testator, by making such grants or the like, and in consideration of the acceptance thereof by the Library, accepts and aggress to such terms, restrictions, requirements and powers.
Grantor’s Directions. A grantor may, with respect to a grant or the like to the Library, give directions:
- (a) as to the field of charitable purposes or objects for which the gift is to be held and used, and
- (b) as to whether such gift shall be a permanent fund or whether both principal and income may be utilized by the Library.
The Library will use its best efforts to follow the directions of the grantor and to carry out his, her, or its intent and purposes; however, all gifts to the Library are made and accepted by subject to (1) the provisions of Section 3 of this Article II of these By-laws and (2) the power and duty of the Trustees to modify any such directions, restrictions or conditions if the distribution of funds for the specified charitable purposes becomes, in the sole judgment of the Trustees, unnecessary or incapable of fulfillment.
Southeast Steuben County Library
Board of Trustees