1. The Board of Regents may accept and take in the name of the System, for the benefit of any branch or facility of the System, by grant, gift, devise or bequest, any property for any purpose appropriate to the System.
2. Property so acquired must be taken, received, held, managed, invested, and the proceeds thereof used, bestowed and applied by the Board of Regents for the purposes, provisions and conditions prescribed by the respective grant, gift, devise or bequest.
3. Nothing in this chapter prohibits the State of Nevada from accepting and taking by grant, gift, devise or bequest any property for the use and benefit of the System.