Donations made pursuant to § 23.1-2214 are irrevocable by the donor or his representatives, but if the board gives notice in writing to the State Treasurer within one year of being notified of the donation by the Treasurer that it declines to receive the benefit of such deposit, the deposit and any interest and profits that may have accrued shall be held subject to the order of such donor or his legal representatives. If at any time the object of such donation or deposit fails by the legal destruction of the University or by any other means so that the purpose of the gift, bequest, or devise is permanently frustrated, the whole fund, including unexpended principal and interest, shall revert to and be vested in the donor or his legal representatives.
Code 1919, § 824, § 23-83; 2016, c. 588.
Structure Code of Virginia
Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 22 - University of Virginia
§ 23.1-2200. Corporate name; name of the University
§ 23.1-2202. Meetings; officers; committees
§ 23.1-2203. Courses of study to be taught
§ 23.1-2204. Salary of president and professors; fees
§ 23.1-2205. Secured obligations
§ 23.1-2206. Payment of bonds of the University
§ 23.1-2207. Payment of interest on debt of University; sinking fund
§ 23.1-2208. Provision for interest on certain bonds
§ 23.1-2209. Powers and duties
§ 23.1-2210. Investment of endowment funds, endowment income, etc.
§ 23.1-2211. The University of Virginia's College at Wise
§ 23.1-2212. Operations of Medical Center
§ 23.1-2213. Medical center management; capital projects; leases of property; procurement
§ 23.1-2214. Gifts, bequests, and devises
§ 23.1-2215. Donations for special purposes or objects
§ 23.1-2216. Disposition of donations
§ 23.1-2217. Reservation of nomination by donor
§ 23.1-2218. Commonwealth to be trustee of donations; liability of State Treasurer