1997 Minnesota Statutes

     137.01 Gifts, grants, bequests, and devises. 

    Subdivision 1.    Power to accept.  The University of 
 Minnesota may accept, in trust or otherwise, any gift, grant, 
 bequest, or devise for educational purposes and may hold, 
 manage, invest, and dispose of the same and the proceeds and 
 income thereof in accordance with the terms and conditions of 
 the gift, grant, bequest, or devise and of the acceptance 
 thereof; and any person contributing not less than $50,000 to 
 the university may endow a professorship therein, the name and 
 object of which shall be determined by the board of regents. 

    Subd. 2.    How used.  If the purposes of the gift, 
 grant, devise, or bequest are not otherwise limited by the 
 donor, the University of Minnesota may use the same, or the 
 proceeds thereof, for any of the purposes of the university and 
 may, among other things, construct buildings and acquire lands.  
 In case it is desired to use the same for the acquisition of 
 land, the power of eminent domain may be exercised in accordance 
 with chapter 117. 

    Subd. 3.    Funds, where deposited.  All such gifts, 
 grants, bequests, and devises and the proceeds and income 
 therefrom and securities pertaining thereto shall be deposited 
 in the state treasury for the use of the university and subject 
 to its order. 

    HIST: (3117, 3118) RL s 1477,1478; 1905 c 187 s 1,2; 1978 c 
 706 s 63