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Frederick Lawrence, Secretary/CEO of The Phi Beta Kappa Society, accepted the Council of Colleges of Arts and Sciences (CCAS) 2018 Arts & Sciences Advocacy Award and gave they keynote address "The Nature of the University" on November 15, 2018. Throughout the history of American higher education, the law has played a crucial role in defining the scope, mission and very nature of colleges and universities. Nearly 200 years ago, in Dartmouth College v Woodward (1819), Chief Justice John Marshall laid the legal foundation of institutions of higher learning in the new republic, addressing the question of “who is the college?” Is it the current Board of Trustees? Is it the founding Board? To this question, Marshall famously answered that the charter of Dartmouth College had created an “artificial immortal being.” The university as an institution with a board and stakeholders bears some similarities with another abstract entity created by the law, the corporation. The differences, however, are significant and fundamental. Whereas the corporation ultimately is owned by and owes its duties to its shareholders, the university’s duties are to all its constituencies – students, faculty, alumni, staff, and even beyond to the community, nation, and world – and its “ownership” transcends any specific group of individuals. The law of higher education has played a crucial role in defining Chief Justice Marshall’s “artificial immortal being,” and has evolved along with it to define the 21st century university.