US Laws, Codes, Statutes & Cases

 
  § 1407. Alumni corporations.
    (a)  Alumni may be incorporated.
    The alumni of any college or university, or of one or more colleges or
  schools of any university, may be incorporated by executing and filing a
  certificate pursuant to article 4 of this chapter.
    (b)  Type of corporation.
    An alumni corporation is a Type A corporation.
    (c)  Powers.
    An  alumni  corporation  may  create, manage and control a fund, to be
  known as the alumni fund, and for that purpose acquire and hold real and
  personal property.  The principal of such fund, or  the  income  derived
  therefrom,  may  be  transferred to the college or university with which
  such corporation is identified, or used for and applied to  such  object
  or  objects  connected  with  such  college or university as such alumni
  corporation shall direct.
    (d)  Alumni fund.
    The directors of an alumni corporation  shall  have  the  custody  and
  management  of the alumni fund but shall not dispose of the whole or any
  part of the principal of any invested fund except  as  authorized  by  a
  two-thirds vote of the members of such corporation, present at an annual
  meeting thereof.