                                 CODE OF VIRGINIA

POWERS OF THE BOARD OF REGENTS (§ 23.1-3205)

A. The Board of Regents may undertake to determine the significance or
suitability of the furnishings, household items, and other objects acquired by
purchase, gift, or donation for Gunston Hall, for the purpose of accurately
presenting Gunston Hall according to the means and taste of George Mason. Those
furnishings, household items, and other objects determined by the Board of
Regents to be of little or no significance or unsuitable for achieving this
purpose may be exchanged or sold by the Board of Regents if not inconsistent
with the terms of the acquisition of the items. Such sales may be conducted by
auction houses recognized for their expertise in the sale of such items.

B. Any such furnishings, household goods, and other objects acquired by donation
or purchase and the net proceeds of any sale of these items as provided in
subsection A shall constitute a discrete fund of Gunston Hall, restricted to
future acquisitions of period furnishings, household goods, and other objects
consistent with the purposes set forth in subsection A and the conservation of
all such holdings of Gunston Hall.

C. Donations to Gunston Hall of any funds, securities, and any other property,
real or personal, for use in accordance with the mission of Gunston Hall shall
constitute endowments or unrestricted gifts for the purposes of &#xA7; 23.1-101.
The Board of Regents may (i) change the form of investment of any such funds,
securities, or other property, real or personal, provided that the form is not
inconsistent with the terms of the instrument under which the property was
acquired, and (ii) sell, grant, or convey any such property, except that any
transfers of real property shall be made only with the consent of the Governor.

HISTORY: 2001, c. 125, § 23-295.1; 2016, c. 588.