23-49.32 - Sale, etc., of real estate. - Virginia Statutes

§ 23-49.32. Sale, etc., of real estate.

The rector and visitors of Christopher Newport University, with the approvalof the Governor first obtained, are hereby authorized to lease, sell andconvey any and all real estate to which it has acquired title by gift, deviseor purchase since the commencement of the University under any previousnames, or which may hereafter be conveyed or devised to it. The proceedsderived from any such lease, sale or conveyance shall be held by the rectorand the visitors of Christopher Newport University, upon identical trusts,and subject to the same uses, limitations and conditions, if any, that areexpressed in the original deed or will under which its title was derived; orif there be no such trusts, uses, limitations or conditions expressed in suchoriginal deed or will, then such funds shall be applied by the rector andvisitors of the University to such purposes as the board may deem best forthe University.

(1976, c. 21; 1992, c. 103.)