20-25-308. Prohibition on transfer to foundation. (1) Except as provided in subsection (2), 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:
     (a) money in the higher education funds provided for in 17-2-102;
     (b) excess proceeds of money borrowed pursuant to 20-25-402; and
     (c) real or personal property acquired with money listed in subsection (1)(a) or proceeds listed in subsection (1)(b).
     (2) Subsection (1) does not apply to the lease for the athletic complex at Montana state university-Bozeman provided for in section 5, Chapter 478, Laws of 1995. The land lease for the athletic complex must be of a term not to exceed 7 years from the date of approval of the lease.

     History: En. Sec. 1, Ch. 371, L. 1995; amd. Sec. 6, Ch. 478, L. 1995; amd. sec. 36, Ch. 308, L. 1995.