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’s office, which may also be recorded in the clerk’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.