The board of trustees of a state educational institution, with the approval of the governor, may reinvest and use the proceeds from the sale of real estate under this chapter, as the board of trustees of the state educational institution finds will provide the greatest benefit to the state educational institution, for the purchase or improvement, or both, of other real estate acquired or to be acquired in the name of the:

1. (1) state educational institution; or

2. (2) state of Indiana for the use and benefit of the state educational institution.

   [Pre-2007 Higher Education Recodification Citation: 20-12-11-4 part.]

As added by P.L.2-2007, SEC.277.