20 U.S.C. § 4302 — Property rights
submitted 40 years ago by Pub. L. 99-371 to r/title-20-EDUCATION · 222 words · no verdicts yet
This section gives Gallaudet University the property, powers, rights, liabilities, and obligations of its predecessor corporation. It sets limits on selling or mortgaging its real property and on using the proceeds.
(a) Property rights. Gallaudet University* owns all property and property rights of the corporation and may use all authority, privileges, possessions, and legal rights it has or had under a former name. This includes suing and being sued and owning, acquiring, selling, mortgaging, or otherwise disposing of property. The University remains subject to outstanding liabilities and obligations of the corporation under a former name.
(b) Disposal of real property. (1) With the Secretary’s approval, the Board may deed real property in fee simple, quitclaim it, mortgage it, or otherwise dispose of any real property whose title is held by Gallaudet University, Gallaudet College, the Columbia Institution for the Deaf, or a predecessor corporation. (2) Proceeds are part of the corporation’s capital. They may be used only to acquire real estate for the corporation, construct, equip, or improve its buildings, or invest the money. If invested, only investment income may be used for current expenses.
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.
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.
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.
Source credit: (Pub. L. 99–371, title I, § 102, Aug. 4, 1986, 100 Stat. 781; Pub. L. 103–73, title II, § 203(b), Aug. 11, 1993, 107 Stat. 733.)
- 1986Enacted · Pub. L. 99-371 · 100 Stat. 781
- 1993Amended · Pub. L. 103-73 · 107 Stat. 733
A history note hasn’t been published yet. The record shows enactment by Pub. L. 99-371 on 1986-08-04.
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