(a) The state board of regents is hereby authorized and empowered, for and on behalf of Kansas state university, to sell and convey all of the rights, title and interest in the following described real estate located in Chase county, Kansas: A tract of land located in the West Half (W?1/2) of the East Half (E?1/2) of Section Twenty One (21), and all that part of the West Half (W?1/2) of the Southeast Quarter (SE?1/4) of Section Sixteen (16) which lies South of the right-of-way of the Atchison, Topeka and Santa Fe Railway Company, all in Township Nineteen (19) South, Range Nine (9) East of the Sixth Principal Meridian, in Chase County, Kansas.

(b) Conveyance of such rights, title and interest in such real estate shall be in accordance with the procedures prescribed therefor by the state board of regents and shall be executed in the name of the state board of regents by its chairperson and executive officer. All proceeds from the sale of such real estate shall be deposited in the state treasury to the credit of the gifts account of the restricted fees fund of Kansas state university-extension systems and agriculture research programs.

(c) No conveyance of real estate authorized by this section shall be made or accepted by the state board of regents until the deeds, titles and conveyances have been reviewed and approved by the attorney general.