Sec. 7. All gifts of money, and all money realized from real and personal property made under this chapter to permanently endow: (1) a state educational institution; or (2) a chair of learning or department in a state educational institution; shall be taken in charge by the state of Indiana, as a trust, and managed in all respects the same as the common school fund of the state is managed, and the proceeds arising therefrom shall be paid to the state educational institution being endowed for the purposes provided by the terms of the gift. [Pre-2007 Higher Education Recodification Citation: 4-24-2-7 part.] IC 21-30-3 Chapter 3. Gifts, Bequests, and Devises; Annuity Gifts; State Educational Institutions Other Than Ivy Tech Community College and Vincennes University 21-30-3-1 Applicability of chapter 21-30-3-2 Board; acceptance of gifts, devises, and bequests 21-30-3-3 Board; use of transferred property 21-30-3-4 Annuity gifts; conditions 21-30-3-5 Security of payment of annuities
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