Section 2171 - Corporation established; purposes; powers(a) There is created as a part of the educational system of the State of Vermont a public corporation to be known as "Vermont State Colleges" or any other name that the Board of Trustees, established under section 2172 of this chapter, selects at a meeting duly warned for that purpose, provided that the word "Vermont" shall appear in the selected name. The Corporation shall plan, supervise, administer, and operate facilities for education at the postsecondary level supported in whole or in substantial part with State funds; however, while the Corporation shall maintain cooperative relations with the University of Vermont and State Agricultural College, nothing in this chapter shall give the Corporation any responsibility for the planning, supervision, administration, or operation of the University.(b) The Corporation shall own the real and personal property of the Castleton State College, Johnson State College, Lyndon State College, Vermont Technical College, and Community College of Vermont, and of other State-operated institutions of higher education that may be established. It shall protect, preserve, and improve the properties and promote their use as institutions of higher education.(c) The Corporation may acquire, hold, and dispose of property in fee or in trust, or any other estate, except as provided in subsection (d) of this section, shall have a common seal, and shall be an instrumentality of the State for the purposes set forth in this section. The State of Vermont shall support and maintain the Corporation.(d) The Corporation shall not abandon, lease, sell, or dispose of any of the institutions under its control unless that action is specifically authorized by the General Assembly. The terms of any such sale, lease, or other disposal shall be prescribed by the Agency of Administration, with the approval of the Governor, within the terms of the authorization of the General Assembly.(e) The Corporation may make expenditures for capital improvements. The Corporation is authorized to borrow money for building purposes, to give security that may be required, and to execute necessary related instruments, and is also authorized to accept, use, and administer any funds made available to it for any of its corporate purposes by the United States or any of its agencies, and to agree to any terms and conditions that may be required that are not inconsistent with its corporate purposes.Added 1961, No. 247, § 1, eff. 7/28/1961; amended 1963, No. 104, eff. 5/22/1963; 1973, No. 240 (Adj. Sess.), § 1, eff. 4/8/1974; 2007, No. 52, § 41, eff. 5/28/2007; 2013, No. 92 (Adj. Sess.), § 178 (Adj. Sess.) , eff. 2/14/2014; 2015 , No. 19, § 1, eff. 7/15/2015.