20-25-308. Prohibition on transfer to foundation.
20-25-308. Prohibition on transfer to foundation. In order to implement the provisions of Article VIII, section 12, of the Montana constitution, ownership of the following may not be transferred to a nonprofit corporation or foundation established for the benefit of a unit of the university system unless full market value is received for the transfer and laws applicable to the disposition of property are followed:
(1) money in the higher education funds provided for in 17-2-102;
(2) excess proceeds of money borrowed pursuant to 20-25-402; and
(3) except as provided in 20-25-309, real or personal property acquired with money listed in subsection (1) or proceeds listed in subsection (2).
History: En. Sec. 1, Ch. 371, L. 1995; amd. Sec. 6, Ch. 478, L. 1995; amd. sec. 36, Ch. 308, L. 1995; amd. Sec. 33, Ch. 130, L. 2005; amd. Sec. 3, Ch. 419, L. 2007.