Whenever the board of trustees of state institutions of higher learning of the state of Mississippi shall by a proper resolution declare the necessity of the formation of nonprofit corporations for the purpose of acquiring or constructing facilities for institutions of higher learning under the jurisdiction and control of said board, any number of natural persons, not less than three (3), who are residents of the State of Mississippi, may file with the Secretary of State of this state and application in writing for authority to incorporate a public nonprofit corporation, known as an “educational building corporation.” If it shall be made to appear that each of said persons is a duly qualified resident of this state, then the persons filing such application shall be authorized, subject to the prior approval by said board of the form of the articles of incorporation and bylaws thereof, to proceed to form such corporation as provided by the general law of this state with respect to corporations organized not for profit except as hereinafter provided. The secretary of state, upon receipt of such application, shall forthwith issue a certificate of incorporation.
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