{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-604.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-604.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-604.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-604.html"}],"law_id":66583,"edition_id":1,"section_id":66583,"structure_id":14594,"section_number":"23.1-604","catch_line":"Investment of funds donated for scholarships","history":"Code 1919, \u00a7\u00a7 994, 995, 996; 1936, p. 536, \u00a7\u00a7 23-32, 23-33, 23-34; 1956, c. 184; 2016, c. 588.","full_text":"A\n\nWhen any person deposits moneys in, bequeaths moneys to be deposited in, or devises or bequeaths property to be sold and the proceeds to be deposited in the state treasury for the benefit of any institution of higher education in such an amount that the interest on such moneys is sufficient to cover the costs of tuition, mandatory fees, and other necessary expenses for a cadet or student enrolled in such institution, the moneys shall be invested in securities that are legal investments under the laws of the Commonwealth for public funds in the name and for the benefit of such institution.B\n\nSuch donation is irrevocable, but the donor, his heirs, or the guardian of any heir who is under 21 years old may nominate and place in such institution any cadet or student.C\n\nIf such donor, heirs, or guardian fails to nominate a cadet or student within one year of such donation, the governing board of the institution may appropriate such moneys to cover tuition, mandatory fees, and other necessary expenses for indigent Virginia students or cadets.","order_by":null,"text":{"0":{"id":241583,"text":"When any person deposits moneys in, bequeaths moneys to be deposited in, or devises or bequeaths property to be sold and the proceeds to be deposited in the state treasury for the benefit of any institution of higher education in such an amount that the interest on such moneys is sufficient to cover the costs of tuition, mandatory fees, and other necessary expenses for a cadet or student enrolled in such institution, the moneys shall be invested in securities that are legal investments under the laws of the Commonwealth for public funds in the name and for the benefit of such institution.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":241584,"text":"Such donation is irrevocable, but the donor, his heirs, or the guardian of any heir who is under 21 years old may nominate and place in such institution any cadet or student.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":241585,"text":"If such donor, heirs, or guardian fails to nominate a cadet or student within one year of such donation, the governing board of the institution may appropriate such moneys to cover tuition, mandatory fees, and other necessary expenses for indigent Virginia students or cadets.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14594,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13397,"metadata":{},"date_created":"2026-06-26 03:48:48","date_modified":"2026-06-26 03:48:48","permalink":{"id":184999,"object_type":"structure","relational_id":14594,"identifier":"1","token":"23.1\/II\/6\/1","url":"\/23.1\/II\/6\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13397,"edition_id":1,"name":"Financial Assistance","identifier":"6","label":"chapter","depth":3,"order_by":1,"parent_id":13112,"metadata":{},"date_created":"2026-06-26 03:44:48","date_modified":"2026-06-26 03:44:48","permalink":{"id":184997,"object_type":"structure","relational_id":13397,"identifier":"6","token":"23.1\/II\/6","url":"\/23.1\/II\/6\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13112,"edition_id":1,"name":"Students and Campus","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184847,"object_type":"structure","relational_id":13112,"identifier":"II","token":"23.1\/II","url":"\/23.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; 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Mary Baldwin College and Virginia Polytechnic Institute and State University; financial assistance awards","url":"\/23.1-603\/","token":"23.1\/II\/6\/1\/23.1-603","metadata":false},{"id":66583,"structure_id":14594,"section_number":"23.1-604","catch_line":"Investment of funds donated for scholarships","url":"\/23.1-604\/","token":"23.1\/II\/6\/1\/23.1-604","metadata":false},{"id":61488,"structure_id":14594,"section_number":"23.1-605","catch_line":"Commissioned officers; waiver of tuition and mandatory fees","url":"\/23.1-605\/","token":"23.1\/II\/6\/1\/23.1-605","metadata":false},{"id":75294,"structure_id":14594,"section_number":"23.1-606","catch_line":"Service in Armed Forces of the United States; discharge of scholarship service obligations","url":"\/23.1-606\/","token":"23.1\/II\/6\/1\/23.1-606","metadata":false},{"id":85029,"structure_id":14594,"section_number":"23.1-607","catch_line":"Compensation of cooperating teachers","url":"\/23.1-607\/","token":"23.1\/II\/6\/1\/23.1-607","metadata":false},{"id":72542,"structure_id":14594,"section_number":"23.1-607.1","catch_line":"Veterans; withdrawal; tuition refund","url":"\/23.1-607.1\/","token":"23.1\/II\/6\/1\/23.1-607.1","metadata":false},{"id":67057,"structure_id":14594,"section_number":"23.1-608","catch_line":"Virginia Military Survivors and Dependents Education Program; tuition and fee waivers","url":"\/23.1-608\/","token":"23.1\/II\/6\/1\/23.1-608","metadata":false},{"id":84803,"structure_id":14594,"section_number":"23.1-608.1","catch_line":"Virginia Military Survivors and Dependents Education Fund; stipends","url":"\/23.1-608.1\/","token":"23.1\/II\/6\/1\/23.1-608.1","metadata":false},{"id":87358,"structure_id":14594,"section_number":"23.1-609","catch_line":"Surviving spouses and children of certain individuals; tuition and fee waivers","url":"\/23.1-609\/","token":"23.1\/II\/6\/1\/23.1-609","metadata":false},{"id":56098,"structure_id":14594,"section_number":"23.1-610","catch_line":"Virginia National Guard State Tuition Assistance Program; grants","url":"\/23.1-610\/","token":"23.1\/II\/6\/1\/23.1-610","metadata":false},{"id":76741,"structure_id":14594,"section_number":"23.1-610.1","catch_line":"Veteran Student Transition Grant Fund and Program","url":"\/23.1-610.1\/","token":"23.1\/II\/6\/1\/23.1-610.1","metadata":false},{"id":86445,"structure_id":14594,"section_number":"23.1-611","catch_line":"Students from foreign countries; student exchange programs; tuition and fee waivers","url":"\/23.1-611\/","token":"23.1\/II\/6\/1\/23.1-611","metadata":false},{"id":74608,"structure_id":14594,"section_number":"23.1-611.1","catch_line":"Financial aid award notification","url":"\/23.1-611.1\/","token":"23.1\/II\/6\/1\/23.1-611.1","metadata":false}],"previous_section":{"id":74634,"structure_id":14594,"section_number":"23.1-603","catch_line":"State cadets; Mary Baldwin College and Virginia Polytechnic Institute and State University; financial assistance awards","url":"\/23.1-603\/","token":"23.1\/II\/6\/1\/23.1-603","metadata":false},"next_section":{"id":61488,"structure_id":14594,"section_number":"23.1-605","catch_line":"Commissioned officers; waiver of tuition and mandatory fees","url":"\/23.1-605\/","token":"23.1\/II\/6\/1\/23.1-605","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-604\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1956, chapter 184; in 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":185017,"object_type":"law","relational_id":66583,"identifier":"23.1-604","token":"23.1\/II\/6\/1\/23.1-604","url":"\/23.1-604\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-604\/","token":"23.1\/II\/6\/1\/23.1-604","dublin_core":{"Title":"Investment of funds donated for scholarships","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-604","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> When any person deposits moneys in, bequeaths moneys to be deposited in, or devises or bequeaths property to be sold and the proceeds to be deposited in the state treasury for the benefit of any institution of higher education in such an amount that the interest on such moneys is sufficient to cover the costs of tuition, mandatory fees, and other necessary expenses for a cadet or student enrolled in such institution, the moneys shall be invested in securities that are legal investments under the laws<\/span> of the Commonwealth for public funds in the name and for the benefit of such institution. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Such donation is irrevocable, but the donor, his heirs, or the guardian of any heir who is under 21 years old may nominate and place in such institution any cadet or student. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If such donor, heirs, or guardian fails to nominate a cadet or student within one year of such donation, the governing board<\/span> of the institution may appropriate such moneys to cover tuition, mandatory fees, and other necessary expenses for indigent<\/span> Virginia students<\/span> or cadets. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT OF FUNDS DONATED FOR SCHOLARSHIPS (\u00a7 23.1-604)\n\nA. When any person deposits moneys in, bequeaths moneys to be deposited in, or\ndevises or bequeaths property to be sold and the proceeds to be deposited in the\nstate treasury for the benefit of any institution of higher education in such an\namount that the interest on such moneys is sufficient to cover the costs of\ntuition, mandatory fees, and other necessary expenses for a cadet or student\nenrolled in such institution, the moneys shall be invested in securities that\nare legal investments under the laws of the Commonwealth for public funds in the\nname and for the benefit of such institution.\n\nB. Such donation is irrevocable, but the donor, his heirs, or the guardian of\nany heir who is under 21 years old may nominate and place in such institution\nany cadet or student.\n\nC. If such donor, heirs, or guardian fails to nominate a cadet or student within\none year of such donation, the governing board of the institution may\nappropriate such moneys to cover tuition, mandatory fees, and other necessary\nexpenses for indigent Virginia students or cadets.\n\nHISTORY: Code 1919, \u00a7\u00a7 994, 995, 996; 1936, p. 536, \u00a7\u00a7 23-32, 23-33, 23-34;\n1956, c. 184; 2016, c. 588.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}