§ 15-11-29 — Matching funds for bequests to university of North Dakota

North Dakota § 15-11-29

• Jurisdiction: North Dakota
• Title 15: Education
• Ch. 15-11: State University and School of Mines

Text

In any case wherein any person, corporation, or limited liability company shall have made
any gift to the university of North Dakota, whether by donation, bequest, devise, or otherwise,
upon condition that the university of North Dakota must raise a matching, equivalent, or
counterpart fund held to the same purposes as the original gift in order to enjoy such gift, the
university of North Dakota alumni association, incorporated, is hereby empowered to raise such
equivalent, matching, or counterpart fund by any practicable and lawful means, and to hold such
equivalent, matching, or counterpart fund so raised in trust for the same purposes as the original
gift; and such equivalent, matching, or counterpart fund shall be deemed both in law and equity
to have been raised by the university of North Dakota. For this purpose the university of North
Dakota alumni association, incorporated, is hereby declared to be an agent of the university of
North Dakota. Nothing in this section shall be construed to allow the university of North Dakota
alumni association, incorporated, any power or authority to alter or change the provisions of any
instrument of trust or agreement wherein it is named custodian or trustee of any funds or
securities or given any legal power with respect thereto, and nothing in this section shall be
deemed to permit the university of North Dakota alumni association, incorporated, to enlarge,
amend, or derogate from any conditions such instrument of trust or agreement imposes, or to
devote any trust funds in its possession to any purpose other than those stipulated by the
settlers of such trust.