The alumni association of the university of North Dakota, a corporation, with the advice and consent of the state board of higher education, may select a space and plat of ground upon the campus of the university, not exceeding three hundred feet [91.44 meters] in length and one hundred fifty feet [45.72 meters] in width, for the purpose of erecting and maintaining thereon an alumni building by the alumni association, to cost not less than seventy-five thousand dollars.
N.D.C.C. § 15-11-22