Code of Virginia

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Code of Virginia
Title 23.1. Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 6. Financial Assistance
4/14/2024

§ 23.1-604. Investment of funds donated for scholarships.

A. When any person deposits moneys in, bequeaths moneys to be deposited in, or devises or bequeaths property to be sold and the proceeds to be deposited in the state treasury for the benefit of any institution of higher education in such an amount that the interest on such moneys is sufficient to cover the costs of tuition, mandatory fees, and other necessary expenses for a cadet or student enrolled in such institution, the moneys 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 such institution.

B. Such donation is irrevocable, but the donor, his heirs, or the guardian of any heir who is under 21 years old may nominate and place in such institution any cadet or student.

C. If such donor, heirs, or guardian fails to nominate a cadet or student within one year of such donation, the governing board of the institution may appropriate such moneys to cover tuition, mandatory fees, and other necessary expenses for indigent Virginia students or cadets.

Code 1919, §§ 994, 995, 996; 1936, p. 536, §§ 23-32, 23-33, 23-34; 1956, c. 184; 2016, c. 588.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.