(a) In this section, “nonprofit organization” means an organization exempt from federal income taxation under Section 501(a), Internal Revenue Code of 1986, as an organization described by Section 501(c)(3) of that code.
(b) The board of regents may transfer title to the real property and improvements of the San Angelo Museum of Fine Arts to a nonprofit organization if:
(1) before transferring title, the board of regents holds a public meeting at which the transfer is an agenda item and, in addition to any other notice required, gives notice of the meeting by publishing the subject matter, location, date, and time of the meeting in a newspaper having general circulation in the city of San Angelo;
(2) the board of regents determines that:
(A) the transfer will serve the interests of the university and the public; and
(B) at the time of the transfer, the university does not require the entirety of the real property or improvements for educational purposes; and
(3) the nonprofit organization to which the transfer is proposed to be made has demonstrated, to the satisfaction of the board of regents, that the organization intends to continue to:
(A) use the real property and improvements for public purposes, including educational purposes; and
(B) keep the museum open to the public on a frequent and regular basis.

(c) To make a transfer under this section, the chairman of the board of regents shall execute a deed transferring title to the real property and improvements of the San Angelo Museum of Fine Arts to the nonprofit organization. The deed must:
(1) cite the authorization by the board of regents to make the transfer; and
(2) provide that title to the real property and improvements reverts to the Texas Tech University System if the nonprofit organization:
(A) discontinues using the real property or improvements for public purposes as required by the deed; or
(B) executes a document that purports to convey title.