Sec. 4. The board of trustees of a state educational institution may determine that any real estate (including any real estate acquired by gift, bequest, or devise) for which the title of the real estate is in the name of the:
(1) state educational institution; or
(2) state of Indiana for the use and benefit of the state educational institution;
is not needed for any of the purposes of the state educational institution and that it would be advantageous for the state educational institution to give or sell the real estate.