(1) The State of South Carolina is authorized to acquire all that property known as Lander College, real, personal, and mixed, from the Lander Foundation, a political subdivision created by Act 110 of 1951, and to operate the college as a state-supported institution of higher learning.
(2) The Lander Foundation is authorized to transfer Lander College and all of its properties, real, personal, and mixed, to the State of South Carolina under terms mutually agreed upon and is further authorized to transfer endowment or trust properties and funds which are not to be transferred to the State to an appropriate foundation or eleemosynary corporation upon terms the trustees determine.