51.5-63 - Board to administer institutional fund. - Virginia Statutes

§ 51.5-63. Board to administer institutional fund.

The Board is authorized to create and hold an institutional fund for itsexclusive use and purposes into which it may deposit the proceeds of anygift, grant, bequest, allotment, or devise of any nature received fromprivate sources. Such fund shall be subject to the Uniform Prudent Managementof Institutional Funds Act (§ 55-268.11 et seq.). The fund and the incomefrom such fund shall not be subject to the provisions of § 2.2-1802. Theavailability of such fund shall not be taken into consideration in, nor usedto reduce, state appropriations or payments, but such funds shall be used inaccordance with the wishes of the donors thereof to strengthen the servicesrendered to the blind and vision impaired of this Commonwealth.

(Code 1950, § 63-167.1; 1966, c. 259; 1968, c. 578, § 63.1-74; 1980, c. 4;1989, c. 267; 1992, c. 755; 2002, c. 747; 2008, c. 184.)