A. The board may take, hold, receive, and enjoy any gift, grant, devise, or bequest to the board or to or for the benefit of the University. Any such gift, grant, devise, or bequest shall be used for the purposes designated by the donor, or if no purposes are so designated, for the general purposes of the board.

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Virginia Code 23.1-2705

  • Bequest: Property gifted by will.
  • 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 University shall receive the governmental aid designated in §§ 23.1-2638 and 23.1-2639.

Code 1919, § 957, § 23-170; 1930, p. 769; 1964, c. 70; 1979, c. 147; 2016, c. 588.

  Previous section
Next section  
 Chapter 27 Contents