(1) In accordance with the provisions of the Morrill Act of July 2, 1862, the regents shall make available for the purchase of sites or experimental farms from any funds deposited in the Montana permanent fund credited to the state university through provisions of the Morrill Land Act of 1862, known as the agricultural college Morrill permanent fund, a sum not to exceed 10% of the amount of the fund.
(2) The total amount that may be used for purchase of lands for sites or experimental farms may not exceed 10% of the total amount accrued to the credit of the agricultural college Morrill permanent fund.
(3) Money apportioned from the endowment funds for the purchase of sites or experimental farms may not be applied directly or indirectly to the purchase, erection, preservation, or repair of any building.
(4) The regents shall approve purchases of sites or experimental farms, which must be essential for the research programs of the state university.