§ 5706. Restrictions on alienation of property. That portion of said\nuniversity grounds, which was the original gift of about two hundred\nacres of land made by Ezra Cornell and at that time located in the town\nof Ithaca in the county of Tompkins, shall not be encumbered, aliened or\notherwise disposed of by the said trustees, or by any other person,\nexcept on terms such as the legislature of the state of New York shall\nhave approved, and any act of the said trustees, or that of any other\nperson which shall have that effect, shall be void; except, that Cornell\nUniversity is hereby authorized to mortgage, or convey such part of the\naforesaid lands of said university as it may deem necessary to enable it\nto obtain needed loans, advances, or financing for the construction of a\nhousing unit including all necessary and usual attendant and related\nfacilities and equipment erected for the use of students, an academic\nbuilding, library, laboratory, classroom or other building or structure\nessential, necessary or useful for instruction in the academic program\nupon the following terms:\n (1) Such loans, advances or financing shall be obtained from or\nthrough the dormitory authority of the state of New York, or from or\nthrough the housing and home finance agency or from such other New York\nstate or federal agency or agencies as are now, or as may be, engaged in\nconstructing or financing the construction, acquisition, alteration, or\nimprovement of such educational or attendant facilities above described.\nSuch construction may be conducted by the said university or by the\ngovernmental agency involved in such financing as may be agreed upon.\n (2) Any conveyance of the title of any part of the aforesaid lands\nshall provide that the title to said lands shall revert to Cornell\nUniversity upon payment of the principal and interest of such loan,\nadvance, or financing secured by said conveyance and the satisfaction of\nall its obligations thereunder, and upon such payment and satisfaction\nthe said lands, so conveyed shall revert to and again become the\nproperty of the university with such title as it had before such\nconveyance.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.