(1) All real and personal property transferred to the board of public education, Montana school for the deaf and blind, or school for the deaf and blind foundation by purchase, gift, devise, bequest or otherwise acquired and the proceeds, interest and income of such property for the use and benefit of the school and its students shall be vested in the school for the deaf and blind foundation.

(1) The board of public education shall contract with the school for the deaf and blind foundation for the management of such property and its proceeds, interest and income.

(1) The contract between the Board of Public Education and the foundation must require the foundation to have:

(a) articles of incorporation which without limitation stipulate that the superintendent of the school for the deaf and blind shall by virtue of the office be one of the directors of the foundation until a successor is duly appointed;

(b) bylaws which without limitation cover selection of officers, meetings, compensation for services, and amendment procedures; and

(c) policy which covers the acceptance, management, and expenditure of foundation property, proceeds, interest, and income.

(1) The presiding officer of the foundation or his designee shall report to the board of public education each quarter at one of its regular meetings:

(a) Principal and income statement identifying investment holdings;

(b) List of designated funds or restricted gifts;

(c) Receipts and expenditures;

(d) Meetings held and minutes.