Virginia Code 23.1-1013: Covered institutions; operational authority; financial operations; investment of operating funds.
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Each covered institution may invest its operating funds in any obligations or securities that are considered legal investments for public funds in accordance with Chapter 45 of Title 2.2. Such institution’s governing board shall adopt written investment guidelines that provide that such investments shall be made solely in the interest of the covered institution and shall be undertaken with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.
Terms Used In Virginia Code 23.1-1013
- Covered institution: means a public institution of higher education that has entered into a management agreement with the Commonwealth to be governed by the provisions of Article 4 (§ Virginia Code 23.1-1000
- Governing board: includes the State Board and the board of visitors of each baccalaureate public institution of higher education. See Virginia Code 23.1-100
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230