Any trust fund or property, real, personal, or mixed, that may have been created prior to January 1, 1932, by will or otherwise as a fund or gift or donation or devise to any board of trustees of any of the institutions in the university system, or to any executor or trustee to and for the use, benefit, or behoof of any such institution shall not lapse by virtue of any of the provisions of this article, but such trust shall remain valid and of full force and effect; and the beneficial interest under any such deed of gift or will or other conveyance shall vest in the board of regents as trustee to and for the use, benefit, and behoof of the institution intended to be benefited by such gift, devise, or other conveyance in its favor. In any case where provisions of any deed of gift, or will, or other conveyance referred to in this Code section require a trustee and no trustee shall in any contingency exist, the board shall be and become a substituted trustee to carry out the beneficial purposes of such gift, devise, or conveyance.
History. Ga. L. 1931, p. 7, § 49; Code 1933, § 32-118.
Cross references.
Charitable trusts, T. 53, C. 12, A. 6.
Structure Georgia Code
Chapter 3 - Postsecondary Education
Article 2 - Board of Regents and University System
§ 20-3-50. Institutions in System
§ 20-3-51. Regents to Govern System
§ 20-3-52. Continuation of Acts as to University of Georgia
§ 20-3-53. Authority to Allocate Appropriations Among Institutions
§ 20-3-54. Use of Funds Donated for Particular Institution
§ 20-3-55. Payment of Appropriations; Bond of Official Receiving Funds; Use of Fees by Institutions
§ 20-3-56. Trust Funds or Property Vested in Regents on Behalf of Particular Institution
§ 20-3-57. Property of Institutions Vested in Regents Separately
§ 20-3-58. Condemnation of Private or Public Property for System
§ 20-3-59. Power of Local School Boards to Add Facilities to University System; Bond Issues
§ 20-3-61. How Conveyances Executed
§ 20-3-62. Use of Proceeds From Conveyances
§ 20-3-63. Refunding State Obligations Held by Regents — Authority to Issue Bonds
§ 20-3-65. No Exclusion From University of Georgia for Religious Beliefs
§ 20-3-66. Determination of In-State Resident Status of Students for Tuition or Fees
§ 20-3-68. Instruction in Essentials of United States and Georgia History and Constitutions
§ 20-3-69. Chancellor of System May Appear Before General Assembly
§ 20-3-71. Nuclear Facility Liability Insurance for Schools Under Regents
§ 20-3-72. Arrest Powers of Campus Policemen and Security Personnel
§ 20-3-73. Director of Agricultural Matters
§ 20-3-73.1. Georgia Agrirama Designated as State Museum of Agriculture
§ 20-3-73.2. Continuation of Authority; Governance of Museum; Transfer of Assets
§ 20-3-73.3. Georgia Southern University Herty Advanced Materials Development Center
§ 20-3-74. Advisory Board of College of Veterinary Medicine — Creation; Officers; Meetings
§ 20-3-76. Advisory Board of the College of Veterinary Medicine — Reports to General Assembly
§ 20-3-77. Coordination of Education Encouraging Development of Small Business
§ 20-3-78. Athletic Associations — Corporate Nature
§ 20-3-80. Athletic Associations — Agreements as to Use of State Property
§ 20-3-82. Georgia Eminent Scholars Endowment Trust Fund
§ 20-3-83. Deductions for Contributions or Dues to Interdisciplinary Charitable Associations
§ 20-3-85. Study Examining Postsecondary Text Availability in Alternative Formats
§ 20-3-87. Requirement to Join Professional Association as a Condition of Enrollment Prohibited