§ 23-13-15-1 — Universities and colleges; authorization; acceptance of section

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.