Sec. 2. In consideration of the:
(1) donation by John Purdue, amounting to one hundred and fifty thousand dollars ($150,000); and
(2) the further donation of one hundred (100) acres of land appurtenant to the state educational institution; and
on condition that the donation be made effectual, the state educational institution after the date of its location as determined under section 1 of this chapter shall have the name and style of "Purdue University". The faith of the state is pledged that the name and style shall be the permanent designation of the state educational institution, without addition or modification.