1. (a) If the board of trustees of a state educational institution decides to sell, convey, or dispose of real property received as a gift, bequest, or devise, the board of trustees shall adopt a resolution to that effect.
2. (b) If the value of the real property, as determined by an independent appraisal procured by the board of trustees, is less than seven hundred fifty thousand dollars ($750,000), no further authorization is required before the board of trustees may dispose of the real property.

3. (c) If the board of trustees determines by appraisal or otherwise that the value of the real property is seven hundred fifty thousand dollars ($750,000) or more, the following apply:

   1. (1) The value of the real property comprised in and constituting the gift, bequest, or devise shall be determined by three (3) disinterested appraisers appointed by the governor.
   2. (2) The real property may not be sold, conveyed, or otherwise disposed of for less than the appraised value of the real property.

   3. (3) The sale, conveyance, or disposition must be approved by the governor.

      [Pre-2007 Higher Education Recodification Citation: 20-12-5-3.]

As added by P.L.2-2007, SEC.271. Amended by P.L.229-2011, SEC.235.