23-32 - Investment of funds donated for scholarships. - Virginia Statutes

§ 23-32. Investment of funds donated for scholarships.

Whenever any person shall deposit in the state treasury, or bequeath money tobe so deposited, or devise or bequeath property to be sold and the proceedsto be so deposited, for the benefit of any of the educational institutions inthe Commonwealth, to such an amount that the interest thereof will besufficient to educate and maintain thereat one or more cadets or students,the fund shall be invested in securities that are legal investments under thelaws of the Commonwealth for public funds in the name and for the benefit ofthe institution.

(Code 1919, § 994; 1936, p. 536; 1956, c. 184.)