260C.32  Trusts.
  The board of a merged area may accept and administer trusts and may authorize nonprofit foundations acting solely for the support of the community college to accept and administer trusts deemed by the board to be beneficial to the operation of the community college. Notwithstanding section 633.63, the board and the nonprofit foundations may act as trustees in these instances. The board shall require that moneys belonging to a nonprofit foundation are audited annually.
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82 Acts, ch 1121, §1
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C83, §280A.32
90 Acts, ch 1253, §40
C93, §260C.32