23-82 - When donations for special objects, how applied, etc.
§ 23-82. When donations for special objects, how applied, etc.
If any particular purpose or object connected with the University bespecified by the donor at the time of such deposit, by writing filed in theState Treasurer's office (which may also be recorded in the clerk's office ofthe Circuit Court of Albemarle County, as a deed for land is recorded), or inthe will of such testator, the interest, income and profits of such fundshall be appropriated to such purpose and object, and none other; or, if thedonor or testator shall so direct in such writing or will the interestaccruing on such fund shall be reinvested by the State Treasurer every sixmonths, in the manner prescribed in § 23-81, and the interest thereon shallbe, from time to time, reinvested in like manner for such period as suchwriting or will shall prescribe, not exceeding thirty years; and at theexpiration of the time so prescribed or thirty years, whichever shall happenfirst, the fund, with its accumulations, shall be paid over to the rector andvisitors of the University, or the interest, income and profits thereafteraccruing upon the aggregate fund shall be paid to them as the same shallaccrue, according as the one or the other disposition shall be directed bysuch writing or will, and in either case the same shall be appropriated andemployed according to the provisions of such writing or will, and nototherwise; and the rector and visitors of the University shall render to theGeneral Assembly, at each regular session, an account of the disbursement ofany funds so derived.
(Code 1919, § 823.)