20 U.S.C. § 4302 : US Code - Section 4302: Property rights

Search 20 U.S.C. § 4302 : US Code - Section 4302: Property rights

(a) Property rights described
Gallaudet University is vested with all the property and the
rights of property, and shall have and be entitled to use all
authority, privileges, and possessions and all legal rights which
it has, or which it had or exercised under any former name,
including the right to sue and be sued and to own, acquire, sell,
mortgage, or otherwise dispose of property it may own now or
hereafter acquire. Gallaudet University shall also be subject to
all liabilities and obligations now outstanding against the
corporation under any former name.
(b) Disposal of real property
(1) With the approval of the Secretary, the Board of Trustees of
Gallaudet University may convey fee simple title by deed, convey by
quitclaim deed, mortgage, or otherwise dispose of any or all real
property title to which is vested in Gallaudet University,
Gallaudet College, the Columbia Institution for the Deaf, or any
predecessor corporation.
(2) The proceeds of any such disposition shall be considered a
part of the capital structure of the corporation, and may be used
solely for the acquisition of real estate for the use of the
corporation, for the construction, equipment, or improvement of
buildings for such use, or for investment purposes, but, if
invested, only the income from the investment may be used for
current expenses of the corporation.