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).