The state board of regents is hereby authorized and empowered to exchange and convey to the Kansas state university endowment association the following tracts of land described as follows:

(a) The west half of the northwest quarter of section 16 and the east half of the northeast quarter of section 17, all in township 8 south, range 2 east of the sixth principal meridian in Clay county, Kansas, containing one hundred sixty (160) acres more or less;

(b) Part of the southeast quarter of section 12, township 10 south, range 7 east of the sixth principal meridian, more particularly described as follows: Beginning at the northwest corner of the southeast quarter of said section 12, thence south along west line of said southeast quarter section 390 feet; thence east 660.5 feet parallel to the north line of said southeast quarter section; thence north 390 feet to the north line of said southeast quarter section; thence west 660.5 feet along the north line of said southeast quarter section to the point of beginning, containing five and nine-tenths (5.9) acres more or less, all in Riley county, Kansas.