All of the said institutions, including the New Mexico military institute, shall be entitled to receive all the benefits and donations made and given to similar institutions of learning and charity in other states and territories of the United States, by the legislation of the congress of the United States, or from private individuals or corporations, and for the benefit of said institutions they shall have power to buy and sell or lease or mortgage realty, and do all things that, in the opinion of the several boards, will be for the best interests of said institutions, and are in the line of its object.
History: Laws 1889, ch. 138, § 70; C.L. 1897, § 3647; Code 1915, § 5176; Laws 1921, ch. 177, § 1; C.S. 1929, § 130-1411; 1941 Comp., § 55-2821; 1953 Comp., § 73-30-15.
Compiler's notes. — Laws 1937, ch. 95, § 1, ratified and confirmed any and all "deeds, grants and conveyances heretofore made by any city, town or village in this state to the state of New Mexico conveying land or other property for the use of any institution of this state."
Cross references. — For restrictions on the sale or other disposition of property by state educational institutions and other state entities, see 13-6-1 et seq. NMSA 1978.
Property conveyance upheld. — Arms-length conveyance of property from the New Mexico Military Institute to the New Mexico Military Institute Foundation was proper, and did not violate N.M. Const., art. IX, § 14, prohibiting state aid to private enterprise, where the $250,000 contract price bore a sufficient relationship to the actual value of the property. 1988 Op. Att'y Gen. No. 88-79.
Power to sell real property in board of directors. — The board of directors of state insane asylum (now New Mexico behavioral institute of Las Vegas) has the power to sell real property. 1935 Op. Att'y Gen. No. 35-1171.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Colleges and Universities §§ 32, 33, 35, 37.
Implied power of corporation belonging to one of the three classes, religious, charitable, or educational, to promote, or to accept gifts for objects which more appropriately pertain to the purposes of those in one of the other classes, 121 A.L.R. 1526.
14A C.J.S. Colleges and Universities §§ 10 to 14, 17.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.