Code of Virginia Code - Article 6. Governmental Aid and Individual Donations

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Code of Virginia
Title 23.1. Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 26. Virginia Polytechnic Institute and State University

11/15/2024

Article 6. Governmental Aid and Individual Donations.

§ 23.1-2638. Institutions receiving interest accruing on proceeds of land scrip.

The annual accruing interest from the education fund resulting from the donation of lands by act of Congress on July 2, 1862, and the sale of such lands and the investment of the proceeds from such sale in state bonds by the Board of Education on February 7 and March 19, 1872, shall be paid one-third to Virginia State University and two-thirds to the University.

Code 1919, § 853, § 23-136; 1920, p. 492; 1979, c. 147; 2016, c. 588.

§ 23.1-2639. Institutions receiving money allotted to Commonwealth under act of Congress.

The Comptroller shall receive from the U.S. Secretary of the Interior such sums of money as are allotted to the Commonwealth under and in accordance with the act of Congress approved August 30, 1890, and shall pay one-third to the treasurer of Virginia State University and two-thirds to the treasurer of the University, who shall receive and disburse the sums as required by section two of such act of Congress.

Code 1919, § 853, § 23-137; 1920, p. 493; 1979, c. 147; 2016, c. 588.

§ 23.1-2640. Experimental farms.

A. A portion of the fund, not exceeding 10 percent of each sum assigned to Virginia State University and the University, may be expended, in the discretion of the board of visitors of each institution, in the purchase of lands for experimental farms.

B. The respective boards of visitors may use a portion of the accruing interest from such fund to purchase suitable and appropriate laboratories.

Code 1919, § 868, §§ 23-138, 23-139; 1979, c. 147; 2016, c. 588.

§ 23.1-2641. Reversion of property on withdrawal of annuity.

If at any time such annuity should be withdrawn from the University, the property, real and personal, conveyed and appropriated to its use and benefit by the trustees of the Preston and Olin Institute and the County of Montgomery under the provisions of Chapter 234 of the Acts of Assembly of 1871-1872 shall revert to the trustees and the county, respectively, from which it was conveyed and appropriated.

Code 1919, § 855, § 23-140; 2016, c. 588.

§ 23.1-2642. County subscriptions and individual donations.

The board may accept (i) the subscription of any county made under the act to authorize subscriptions in aid of the University approved March 21, 1872 and (ii) individual donations in aid of the purposes and objects of the University. Such donations and subscriptions shall be held by the board in trust for the benefit of the University and shall revert to the donors and subscribers if the Commonwealth withdraws from the use of the University the interest accruing on the proceeds of the land scrip as provided in § 23.1-2638.

Code 1919, § 867, § 23-141; 2016, c. 588.