2006 Code of Virginia § 55-268.4 - Investment authority

55-268.4. Investment authority.

In addition to an investment otherwise authorized by law or by the applicablegift instrument, and without restriction to investments a fiduciary isauthorized to make, the governing board (subject to any specific limitationsset forth in the applicable gift instrument or in applicable law other thanlaw relating to investments a fiduciary is authorized to make) may:

(1) Invest and reinvest an institutional fund in any real or personalproperty deemed advisable by the governing board, whether or not it producesa current return, including mortgages, stocks and bonds, debentures, andother securities of profit or nonprofit corporations, shares in orobligations of associations, partnerships, or individuals, and obligations ofany government or subdivision or instrumentality thereof;

(2) Retain property contributed by a donor to an institutional fund for aslong as the governing board deems advisable;

(3) Include all or any part of an institutional fund in any pooled or commonfund maintained by the institution; and

(4) Invest all or any part of an institutional fund in any other pooled orcommon fund available for investment, including shares or interests inregulated investment companies, mutual funds, common trust funds, investmentpartnerships, real estate investment trusts, or similar organizations inwhich funds are commingled and investment determinations are made by personsother than the governing board.

(1973, c. 167.)