13-13a13.   Powers of regents to receive and hold property; endowments.The board shall have power to receive, hold, purchase, sell, rent andlease property, real, personal or mixed, and may enter into any legal andnecessary contract in the discharge of its functions as a fullyincorporated body. For the further endowment, maintenance or aid of suchmunicipal university, it may receive bequests; accept and take, as trustee,and in trust for any purpose, any estate, property or fundwhich may have been or may lawfully be transferred to said board of regentsor municipal university for such use by any person, persons or body corporatehaving them, or any annuity or endowment in the nature of income which maybe covenanted or pledged to said board of regents or to the municipal universitytoward such use by any person, persons or body corporate.

      Any person, persons or body corporate having or holding any such estate,property or funds in trust or applicable for the promotion of education orthe advancement of any of the arts or sciences may convey, assign anddeliver these to such board of regents as trustee in his, her, their or itsplace, or covenant or pledge its income or any part thereof to such board.Such estate, property, funds or income shall be held and applied by suchboard of regents in trust for the further endowment and maintenance and aidof such municipal university, in accordance with the terms and true intent of anytrust or condition upon which they were originally given or held or may beso given and accepted hereafter, and such board of regents and itssuccessors shall become and are perpetually obliged and held to observe andexecute such trust in all respects according to any and all terms lawfullyagreed upon at the time of such transfer and acceptance.

      History:   L. 1925, ch. 111, § 13; L. 1976, ch. 87, § 13; July 1.