Miss. Code Ann. § 37-115-1: Miss. Code Ann. § 37-115-1

The University of Mississippi, incorporated on the twenty-fourth of February, A. D., 1844, shall continue to exist as a body-politic and corporate by that name and style, with all its property, real and personal, and with all the franchises, rights, powers and privileges heretofore conferred on it by law or properly incident to such a body and necessary to accomplish the end of its creation; said university may receive, hold and dispose of all real and personal property conveyed to it for such purpose.