(a) may acquire (whether by purchase, gift, grant, bequest,
devise or otherwise) any property for the purposes of this Act and may agree
to carry out the conditions of any such acquisition, and
(b) has the control
and management of all property at any time vested in or acquired by the
University and may, subject to this section, dispose of property in the name
and on behalf of the University.
(2) The Council may, subject to this
section, alienate, mortgage, charge or demise any lands of the University and
may dispose of or otherwise deal with any other property of the University.
(2A) The Council must not alienate, mortgage, charge or demise any lands
acquired by the University from the State at nominal or less than market value
except with the approval of the Minister.
(3) Despite subsection (2A), the
Council may, without the approval of the Minister, lease any such lands if--
(a) the term of the lease does not exceed 21 years, and
(b) the Council is
satisfied that it is to the benefit of the University, whether from a
financial or educational standpoint or otherwise, that the lease be entered
into.
(4) In the case of a lease of any lands of the University, or any
renewal of the lease, to a residential college affiliated with the University,
the lease--
(a) is to be for a term not exceeding 99 years, and
(b) is to be
at a nominal rent, and
(c) is to contain a condition that the lease is not to
be assigned and such other conditions as the Council thinks fit.
(a) except as provided by
paragraph (b)--without the approval of the Minister, or
(b) in the case of an
agreement requiring any lands acquired by the University from the State at
nominal or less than market value to be dedicated free of cost--only with the
approval of the Minister.
(5) The rule of law against remoteness of vesting
does not apply to or in respect of any condition of a gift, grant, bequest or
devise to which the University has agreed.