They're not a fraternity, sir. They've just been approved for temporary status by the student council.
6 seconds sound clip from the Old School movie soundboard.
You can hear this line at 00:39:05 in the Blu-ray version of the movie.
Quote context
[...]
- Faster!
- Jesus. Who are these people?
- They've already been called, sir.
- It's been two weeks. How are these guys still a fraternity?
- Half these guys don't even go to the school. You see the one guy, he's like 90.
- Technically, that doesn't matter. They found a loophole.
- I'm sorry, is that funny? Are you a standup comic? Is that what you do now?
- This is me leaving. This is me leaving.
[...]