2015 Code of Virginia
Title 23 - Educational Institutions
§ 23-32. Investment of funds donated for scholarships
Whenever any person shall deposit in the state treasury, or bequeath money to be so deposited, or devise or bequeath property to be sold and the proceeds to be so deposited, for the benefit of any of the educational institutions in the Commonwealth, to such an amount that the interest thereof will be sufficient to educate and maintain thereat one or more cadets or students, the fund shall be invested in securities that are legal investments under the laws of the Commonwealth for public funds in the name and for the benefit of the institution.
Code 1919, ยง 994; 1936, p. 536; 1956, c. 184.
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