2006 Code of Virginia § 55-268.7 - Release of restrictions on use or investments

55-268.7. Release of restrictions on use or investments.

(a) A restriction on the use or investment of an institutional fund imposedby the applicable gift instrument may be released, entirely or in part, bythe governing board with the written consent of the donor.

(b) If consent of the donor cannot be obtained by reason of the death,disability or unavailability, or impossibility of identification of thedonor, upon application of the governing board, a restriction on the use orinvestment of an institutional fund imposed by the applicable gift instrumentmay be released, entirely or in part, by order of the court of record havingequity jurisdiction of the county or city in which the institution or any ofits offices are located, after reasonable notice to the Attorney General ofthe Commonwealth and an opportunity for him to be heard, and upon a findingthat the restriction on the use or investment of the fund is obsolete,inappropriate or impracticable. A release under this subsection may notchange an endowment fund to a fund which is not an endowment fund.

(c) A release under this section may not allow a fund to be used for purposesother than the educational, religious, charitable, or other eleemosynarypurposes of the institution affected.

(d) The provisions of this section do not limit the application of thedoctrine of cy pres.

(1973, c. 167.)