(1) The Condon Collection at the University of Oregon Museum of Natural and Cultural History is designated and established as the official depository for any material of a paleontological nature that may come into the possession of the State of Oregon through paleontological or archaeological operations or as a consequence of transfers, loans or gifts from the federal government, the Smithsonian Institution or from any other public or private agency. The University of Oregon, through the Museum of Natural and Cultural History, shall assume full responsibility for the custody and safekeeping of such materials in the Condon Collection. If responsibility for the collection is reassigned, the Museum of Natural and Cultural History shall serve as the ultimate depository in the event the assigned curator is unable or fails to continue that responsibility.
(2) This section may not interfere with any collections in the possession of any post-secondary institution of education in this state on or before January 1, 2018, or prevent any individual or private entity from making a gift of a paleontological collection owned by the individual or private entity directly to any institution.