1. (a) A state educational institution shall keep all money or other proceeds derived from the sale, conveyance, or other disposition of real property received as a gift, bequest, or devise in a separate and distinct fund that is devoted exclusively to the uses designated in the gift, bequest, or devise.

2. (b) If the uses to which the real property may be devoted are not specifically designated or prescribed in a gift, bequest, or devise of real property, the board of trustees of the state educational institution may determine how to use the proceeds derived from the sale, conveyance, or disposition of the real property.

   [Pre-2007 Higher Education Recodification Citation: 20-12-5-2.]

As added by P.L.2-2007, SEC.271. Amended by P.L.3-2008, SEC.138.