Statutes > Virginia Statutes > Title 2.2 - ADMINISTRATION OF GOVERNMENT. > Chapter 27 - Foundations and Other Collegial Bodies Collegial Bodies (2.2-2700 thru 2.2-2733) > 2.2-2719 - Gifts and bequests; exemption from taxation.

2.2-2719 - Gifts and bequests; exemption from taxation.

§ 2.2-2719. Gifts and bequests; exemption from taxation.

Gifts and bequests of money, securities, or other property to the Fund, andthe interest or income therefrom, shall be deemed gifts to the Commonwealth,and the Fund shall be exempt from all state and local taxes. Unless otherwiserestricted by the terms of the gift or bequest, the Foundation may sell,exchange, or otherwise dispose of such gifts and bequests. The proceeds fromsuch transactions shall be deposited to the credit of the Fund. TheFoundation may actively solicit private donations for the Fund.

(2003, cc. 657, 670.)