53H-3-802. Formation of non-profit corporations or foundations.
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Effective 10/14/2025
53H-3-802. Formation of non-profit corporations or foundations.
(1)An institution of higher education described in Section 53H-1-102 may form a non-profit corporation or foundation to aid or assist the institution of higher education, within the institution of higher education's mission and role described in Section 53H-3-602 , in meeting the institution of higher education's charitable, scientific, literary, research, educational, or other objectives.
(2)The board and the president of the institution of higher education control a nonprofit corporation or foundation described in Subsection
(1).
(3)A nonprofit corporation or foundation described in Subsection
(1)may receive and administer:
(a)legislative appropriations;
(b)government grants;
(c)private contracts; or
(d)private gifts.
Renumbered and Amended by Chapter 8 , 2025 Special Session 1