20-25-308. Prohibition on transfer to foundation.
113 words·~1 min read·
/mt/title-20/chapter-25/part-3/20-25-308·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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).