Section 16-54-17

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

Unless otherwise restricted, the proceeds of all nonfederally granted lands sold or leased by the University of Montevallo, or income therefrom, shall be paid to the University of Montevallo and budgeted and expended by the board of trustees for the benefit of the university. 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; Act 2012-511, p. 1527, §1.)