/ SECTION 1. Section 59-121-55(B) of the 1976 Code is amended to read:
"(B) The Board of Visitors is further authorized to transfer
not exceeding twenty million dollars of nonstate appropriated funds and property it privately donated to the college, and income or proceeds derived from these privately donated funds and property, that the board holds in its name or in the college's name for scholarship and other college support purposes to the nonprofit corporation formed pursuant to subsection (A). These funds, and property, and income and proceeds derived from them, must be used by the nonprofit corporation for its stated purposes, except that any restrictions or limitations applicable to a specified portion of these funds or property continue to be applicable after the transfer of those the funds, or property, and income and proceeds derived from them, to the nonprofit corporation. Any encumbrances or liability on the funds, and property, and income and proceeds derived from them so transferred must be assumed by the nonprofit corporation."
SECTION 2. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.