53H-3-802. Formation of non-profit corporations or foundations.
(1) An institution of higher education described in Sectionmay form a non-profit corporation or foundation to aid or assist the institution of higher education, within the institution of higher education's mission and role described in Section, in meeting the institution of higher education's charitable, scientific, literary, research, educational, or other objectives. 53H-1-102 53H-3-602
(2) The board and the president of the institution of higher education control a nonprofit corporation or foundation described in Subsection. (1)
(3) A nonprofit corporation or foundation described in Subsectionmay receive and administer: (1) legislative appropriations; government grants; private contracts; or private gifts.