(a) The trustees may take and hold in trust for the use of the school any lands conveyed or devised, and any money or other personal property given or bequeathed, to be applied to the benefit of the school.
(b)
(1) All property that has been or may be acquired by appropriation from the state, or in any other manner, for the use and benefit of the school, shall be held and deemed to be the property of the state for such use and purposes.
(2) All real estate purchased shall be deeded to the State of Arkansas, and, after recording the deed conveying the real estate in the proper recorder's office, the deed shall be filed in the office of the Secretary of State.
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