Section 22261 Of Chapter 4. Fiduciary Duties From California Education Code >> Division 1. >> Title 1. >> Part 13. >> Chapter 4.

. Notwithstanding any other provision of law, the board may make investments related to the planning, development, or acquisition of surplus real property owned by an employer, if the investment satisfies the requirements of Section 22250 and does not constitute a prohibited transaction for purposes of Section 503 of the Internal Revenue Code.