23-83 - Donations irrevocable; disposition thereof, if refused, etc. - Virginia Statutes

§ 23-83. Donations irrevocable; disposition thereof, if refused, etc.

Such donations shall be irrevocable by the donor or his representatives; butif the authorities of the University, within one year after being notifiedthereof (which it shall be the duty of the State Treasurer to do immediatelyupon the making of such deposit with him), shall give notice, in writing, tothe State Treasurer, that they decline to receive the benefit of suchdeposit, the same, with whatever interest and profits may have accruedthereon, shall thereupon be held subject to the order of such donor or hislegal representatives; and if at any time the object for such donation ordeposit is intended, by the legal destruction of the University, or by anyother means, shall fail, so that the purpose of the gift, bequest or deviseshall be permanently frustrated, the whole fund, principal and interest, thenunexpended as it shall then be, shall revert to and be vested in the donor orhis legal representatives.

(Code 1919, § 824.)