Virginia Code 23.1-2003: Powers and duties
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A. The board shall (i) appoint all teachers, staff members, and agents and fix their salaries and (ii) generally direct the affairs of the University.
Terms Used In Virginia Code 23.1-2003
- Bequest: Property gifted by will.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
B. The board may confer degrees.
C. The board may take, hold, and enjoy any gift, grant, devise, or bequest made to the University for any use or purpose designated by the donor or for the general purposes of the board when no use or purpose is designated, whether such gift, grant, devise, or bequest is made directly to the corporation or to trustees for its benefit.
1962, c. 69, §§ 23-49.13, 23-49.17, 23-49.19; 1966, c. 18; 1974, c. 317; 1980, c. 100; 2002, c. 368; 2016, c. 588.