Section 16-54-17 Disposition of proceeds and income from sale or lease of nonfederally granted lands. - Alabama Statutes

Section 16-54-17

Disposition of proceeds and income from sale or lease of nonfederally granted lands.

The proceeds of all nonfederally granted lands sold or leased by the University of Montevallo, or income therefrom, shall be paid into the University of Montevallo Endowment Fund. The university, out of the money appropriated by the state Legislature for its maintenance, shall pay all the expenses of caring for, protecting and selling the lands.

(School Code 1927, §517; Code 1940, T. 52, §472; Acts 1979, No. 79-225, p. 342, §1; Acts 1980, No. 80-570, p. 882, §1.)