22.1-142 - How Fund constituted; management. - Virginia Statutes

§ 22.1-142. How Fund constituted; management.

There shall be set apart as a permanent and perpetual fund, to be known asthe "Literary Fund," the present Literary Fund of the Commonwealth,donations to the Literary Fund, sums appropriated to the Literary Fund, allfunds received by the State Treasurer and required to be deposited in theLiterary Fund pursuant to Chapter 11.1 (§ 55-210.1 et seq.) of Title 55 andthe proceeds of (i) all public lands donated by Congress for public schoolpurposes, (ii) all escheated property, (iii) all waste and unappropriatedlands, (iv) all property accruing to the Commonwealth by forfeiture, (v) allfines collected for offenses committed against the Commonwealth, and (vi) theannual interest on the Literary Fund. The Literary Fund shall be invested andmanaged by the Board of Education as prescribed by § 22.1-145.

(Code 1950, § 22-101; 1971, Ex. Sess., c. 128; 1980, c. 559.)