1. The Board of Regents may sell or lease any property granted, donated, devised or bequeathed to the System if:
(a) The sale or lease is not prohibited by or inconsistent with the provisions or conditions prescribed by the grant, gift, devise or bequest; and
(b) The sale or lease is approved by the Governor.
2. The proceeds and rents from the sale or lease must be held, managed, invested, used, bestowed and applied by the Board of Regents for the purposes, provisions and conditions prescribed by the original grant, gift, devise or bequest of the property so sold or leased.