The state board of higher education is hereby authorized to plat and replat, and after such platting, to sell and convey tracts of land lying within the east thirty-one acres [12.55 hectares] of the north half of the southwest quarter of section five in township one hundred fifty-one north, range fifty west of the fifth meridian, in Grand Forks County, North Dakota, of such size as may in the judgment of said board be for the best interests of the university, at such prices as may be determined by said board to be adequate and proper in the light of the cost thereof and of the improvements provided, to fraternities, sororities, and institutional dormitory corporations for use solely and only as sites for fraternity houses, sorority houses, dormitories, and like buildings, for the housing of students and faculty of the university of North Dakota.

All such deeds of conveyance must contain a provision for the reversion of the title thereto to the state of North Dakota should said premises ever be used for purposes other than those above provided.

Conveyances of said property must be executed in the name of the state of North Dakota by the governor and attested by the secretary of state, under the great seal of the state of North Dakota, upon resolution duly adopted by the state board of higher education and filed with the secretary of state.