§ 15-17-02 — Powers of institutional holding association

An institutional holding association has the power:
1. To erect, equip, operate, manage, lease, or sell, as provided in this chapter,
dormitories and their necessary equipment and appurtenances to be located upon the
campus of the university, of the state university, or of any of the normal schools, or
other state educational institutions, or upon sites in the vicinity of any such campus,
purchased or otherwise acquired by the association, either as a new dormitory or as
an addition to an existing dormitory at any such educational institution. Such dormitory
at all times must be used and operated solely for educational purposes in connection
with such educational institution.
2. To borrow money or contract debts for any or all of the purposes mentioned in
subsection 1 and to issue bonds or other evidences of indebtedness therefor.
3. To secure the payment of evidences of indebtedness issued by it by mortgaging or
pledging any or all of its property and the income therefrom.
4. To perform all acts necessary or convenient to exercise the powers granted in this
section and to accomplish the purposes of this chapter and to obtain loans from
federal lending corporations or other federal agencies upon such terms and conditions
consistent with the law of this state as such lending corporations or agencies may
impose.
5. To accept grants of money, materials, or property of any kind from the United States of
America, or any agency thereof, upon such terms and conditions consistent with the
law of this state as the United States or any such agency may impose, and the value
of such grants must be omitted from consideration in determining the cost of site,
building, and equipment.