§ 15-68-02 — Powers and duties of board

The board of university and school lands may accept and administer any gift, grant,
bequest, or devise of land or money, on behalf of the state, for the purposes of the Indian
cultural education trust. The board may refuse to accept any gift, grant, devise, or bequest that
is upon terms or circumstances unacceptable to the board. The board shall manage all land and
money in the trust in the same manner that it manages its other trust land and money except as
is otherwise provided in this chapter, in the donor agreement, or as may otherwise be required
to satisfy the purposes of this chapter.
The board, in its sole discretion, may divest any land or money acquired under this chapter.
The donor agreement which placed the land and money into the trust must provide to whom the
land is to be conveyed and money disbursed in the event the board decides to divest the land or
money.