§ 21146 Founder'S Veto Rights

Key Takeaways

•If someone gives money or property to create something (like a school or charity), they can keep the right to say 'no' or change decisions made by the people in charge.
•This 'no' power can cover the original gift, any extra money or property added later, and even buildings or things connected to it.
•The person who gave the gift can decide how much control they want to keep over how things are run.

Example

A rich person donates money to build a new library and says they want to approve any big changes, like selling the building or firing the librarian.

The law lets the rich person keep that power to say 'no' to decisions they don’t like, even after they’ve given the money.

By a provision in the gift or grant, the founder may elect, in respect to the personal and real property conveyed, and the additions and increase thereof, and in respect to the erection, maintenance, and management of any buildings auxiliary thereto, and in respect to any property connected with the institution, to reserve to himself a veto and right of annulment or modification of any act of the trustees. (Enacted by Stats. 1976, Ch. 1010.)

Key Takeaways

•If someone gives money or property to create something (like a school or charity), they can keep the right to say 'no' or change decisions made by the people in charge.
•This 'no' power can cover the original gift, any extra money or property added later, and even buildings or things connected to it.
•The person who gave the gift can decide how much control they want to keep over how things are run.

Example

A rich person donates money to build a new library and says they want to approve any big changes, like selling the building or firing the librarian.

The law lets the rich person keep that power to say 'no' to decisions they don’t like, even after they’ve given the money.

Key Takeaways

Example

Key Terms

References

§ 21146 Founder'S Veto Rights

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References