With the exception of the forty-acre tract upon which the main portion of the buildings of the New Mexico military institute are now situated and excepting lands granted by acts of congress, the board of regents of the New Mexico military institute shall have authority and the power to sell, convey, lease or otherwise dispose of, for the benefit of the New Mexico military institute, any and all lands and property belonging to the New Mexico military institute or conveyed to the board of regents of the New Mexico military institute for the benefit of the New Mexico military institute, or conveyed to the state of New Mexico for the use and benefit of the New Mexico military institute. History: Laws 1893, ch. 41, § 6; C.L. 1897, § 3665; Code 1915, § 4992; C.S. 1929, § 120-2005; Laws 1941, ch. 51, § 1; 1941 Comp., § 66-1305; 1953 Comp., § 73-28-5. ANNOTATIONSConstitutionality of conveyance. — 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 itary 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. Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Colleges and Universities § 35. 14A C.J.S. Colleges and Universities § 14.
New Mexico Legal Code