Code of Alabama
Division 6 - Contributions.
Section 45-49A-63.103 - Donations.

Any person, firm, association, or corporation may donate money to the fund and the board may take by gift, grant, devise, or bequest any money, personal property, real estate, or any interest therein or any right of property for the benefit of the fund. Any gift, grant, devise, or bequest may be absolute or in fee simple or upon condition that only the rents, income, and profits arising therefrom shall be applied to the purposes for which the fund is created. Any money or property donated to the fund pursuant to this section which is a gift, grant, devise, or bequest for which absolute ownership is granted to the fund shall be added to the fund to be administered by the board in its capacity as trustee. If any money or property donated to the fund pursuant to this section is not a grant of absolute ownership, then the board shall take such steps which are necessary to preserve its interest in such money or property, including the appointment of a trustee who may be paid from the income or corpus of the money or property.

Structure Code of Alabama