Montana § 20-25-308 Prohibition On Transfer To Foundation

Montana Statutes

§ 20-25-308 — Prohibition On Transfer To Foundation

Montana·Title 20 EDUCATION·Ch. 25 UNIVERSITY SYSTEM·Part 3 Administration of University System

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).

Free access — add to your briefcase to read the full text and ask questions with AI

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).

Montana § 20-25-308 (Prohibition On Transfer To Foundation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative 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.