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.