Section 15-17-02 - Powers of institutional holding associationAn institutional holding association has the power:
1. To erect, equip, operate, manage, lease, or sell, as provided in this chapter, dormitories and their necessary equipment and appurtenances to be located upon the campus of the university, of the state university, or of any of the normal schools, or other state educational institutions, or upon sites in the vicinity of any such campus, purchased or otherwise acquired by the association, either as a new dormitory or as an addition to an existing dormitory at any such educational institution. Such dormitory at all times must be used and operated solely for educational purposes in connection with such educational institution.2. To borrow money or contract debts for any or all of the purposes mentioned in subsection 1 and to issue bonds or other evidences of indebtedness therefor.3. To secure the payment of evidences of indebtedness issued by it by mortgaging or pledging any or all of its property and the income therefrom.4. To perform all acts necessary or convenient to exercise the powers granted in this section and to accomplish the purposes of this chapter and to obtain loans from federal lending corporations or other federal agencies upon such terms and conditions consistent with the law of this state as such lending corporations or agencies may impose.5. To accept grants of money, materials, or property of any kind from the United States of America, or any agency thereof, upon such terms and conditions consistent with the law of this state as the United States or any such agency may impose, and the value of such grants must be omitted from consideration in determining the cost of site, building, and equipment.