CHAPTER 15. ACQUIRING, HOLDING, AND DISPOSING OF REAL ESTATE
IC 23-13-15
Chapter 15. Acquiring, Holding, and Disposing of Real Estate
IC 23-13-15-1
Universities and colleges; authorization; acceptance of section
Sec. 1. Any university or college, incorporated by and under the
laws of the state of Indiana, shall have the right to acquire and hold
real estate by donation, devise, or purchase on foreclosure of
mortgage given to secure any part of the endowment fund of said
university or college, and the same to dispose of for the use and
purposes of such university or college, such real estate not to exceed
in value the sum of five hundred thousand dollars ($500,000),
exclusive of the realty used and occupied for university and college
grounds and buildings; provided, that all such real estate shall be
disposed of within twenty (20) years after the same has been so
acquired; and provided, further, that any such university or college
shall, no later than September 9, 1885, file with the secretary of state
of Indiana a certified copy of the proceedings of the board of trustees
of such university or college accepting the provisions of this section
as part of the organic laws of such university or college.
(Formerly: Acts 1885, c.49, s.1.) As amended by P.L.34-1987,
SEC.357.