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).
| EnactedEn. SectionSec. 1, ChapterCh. 371, Laws ofL. 1995 |
| AmendedAmd. SectionSec. 6, ChapterCh. 478, Laws ofL. 1995 |
| AmendedAmd. sectionsec. 36, ChapterCh. 308, Laws ofL. 1995 |
| AmendedAmd. SectionSec. 33, ChapterCh. 130, Laws ofL. 2005 (SB 24 - Cromley, Brent (D) SD 25) |
| AmendedAmd. SectionSec. 3, ChapterCh. 419, Laws ofL. 2007 (SB 412 - Brueggeman, John (R) SD 6) |