Montana Code 20-25-308. Prohibition on transfer to foundation
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:
Terms Used In Montana Code 20-25-308
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: means real and personal property. See Montana Code 1-1-205
- System: means the Montana university system. See Montana Code 20-1-101
- University: means the university of Montana-Missoula. See Montana Code 20-1-101
(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).