                                 CODE OF VIRGINIA

DONATIONS FOR SPECIAL PURPOSES OR OBJECTS (§ 23.1-2215)

If any particular purpose or object connected with the University is specified
by a donor pursuant to § 23.1-2214 at the time of such deposit (i) by writing
filed in the State Treasurer&#8217;s office, which may also be recorded in the
clerk&#8217;s office of the Circuit Court of Albemarle County as a deed for land
is recorded, or (ii) in the will of such testator, the interest, income, and
profits of such fund shall be appropriated to such purpose and object and none
other. If the donor or testator so directs in such writing or will, the interest
accruing on such fund shall be reinvested by the State Treasurer every six
months, in the manner prescribed in § 23.1-2214 and for such period as such
writing or will prescribes, not exceeding 30 years. At the expiration of the
time so prescribed or 30 years, whichever occurs first, the fund, with its
accumulations, and the interest, income, and profits accruing upon the aggregate
fund shall be paid to the board as they accrue and as directed by such writing
or will and shall be appropriated and employed according to the provisions of
such writing or will and not otherwise. The board shall render to the General
Assembly, at each regular session, an account of the disbursement of any funds
so derived.

HISTORY: Code 1919, § 823, § 23-82; 2016, c. 588.