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28-72-202. Acceptance of trust.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-72-202. Acceptance of trust.
(a) No public trust shall become effective until the beneficial interest therein shall have been accepted by a beneficiary thereof, and the trust shall be effective only as to beneficiaries who have accepted beneficial interest thereunder.
(b) If the state or any of its agencies or departments shall be named as the beneficiary, the beneficial interests shall be accepted by the Governor, and if any governmental or municipal subdivision of the state is named as the beneficiary, the beneficial interests shall be accepted by the governing body thereof. The power and authority to accept beneficial interests under such trusts is conferred upon the Governor and such governing bodies.
(c) The acceptance of beneficial interest of any trust shall be endorsed upon the trust instrument by the accepting governmental authority.
(d) Upon acceptance, the trust instrument shall be a binding contract between the state and the designated beneficiary and the trustee of the trust for the acceptance of the beneficial interest therein and for the application of the trust property and its proceeds, and the operation of the trust, in accordance with the purposes set forth in the trust instrument. The trustee of the trust thereupon shall be the regularly constituted authority of the beneficiary for the performance of the functions for which the trust shall have been created.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-202
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:28-72-202
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 945ee497c7a172f7e74ed7100c33723cd04cc5461266f2c58f710f0a151e3d79
Source location: content.xml paragraph 12288
Stored source content
28-72-202. Acceptance of trust.
(a) No public trust shall become effective until the beneficial interest therein shall have been accepted by a beneficiary thereof, and the trust shall be effective only as to beneficiaries who have accepted beneficial interest thereunder.
(b) If the state or any of its agencies or departments shall be named as the beneficiary, the beneficial interests shall be accepted by the Governor, and if any governmental or municipal subdivision of the state is named as the beneficiary, the beneficial interests shall be accepted by the governing body thereof. The power and authority to accept beneficial interests under such trusts is conferred upon the Governor and such governing bodies.
(c) The acceptance of beneficial interest of any trust shall be endorsed upon the trust instrument by the accepting governmental authority.
(d) Upon acceptance, the trust instrument shall be a binding contract between the state and the designated beneficiary and the trustee of the trust for the acceptance of the beneficial interest therein and for the application of the trust property and its proceeds, and the operation of the trust, in accordance with the purposes set forth in the trust instrument. The trustee of the trust thereupon shall be the regularly constituted authority of the beneficiary for the performance of the functions for which the trust shall have been created.
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