CHAPTER 15. ACQUIRING, HOLDING, AND DISPOSING OF REAL ESTATE

IC 23-13-15
    Chapter 15. Acquiring, Holding, and Disposing of Real Estate

IC 23-13-15-1
Universities and colleges; authorization; acceptance of section
    Sec. 1. Any university or college, incorporated by and under thelaws of the state of Indiana, shall have the right to acquire and holdreal estate by donation, devise, or purchase on foreclosure ofmortgage given to secure any part of the endowment fund of saiduniversity or college, and the same to dispose of for the use andpurposes of such university or college, such real estate not to exceedin value the sum of five hundred thousand dollars ($500,000),exclusive of the realty used and occupied for university and collegegrounds and buildings; provided, that all such real estate shall bedisposed of within twenty (20) years after the same has been soacquired; and provided, further, that any such university or collegeshall, no later than September 9, 1885, file with the secretary of stateof Indiana a certified copy of the proceedings of the board of trusteesof such university or college accepting the provisions of this sectionas part of the organic laws of such university or college.
(Formerly: Acts 1885, c.49, s.1.) As amended by P.L.34-1987,SEC.357.