CHAPTER 390

An Act to amend and reenact § 28-9.2 of the Code of Virginia, which
was enacted by Chapter 707 of the Acts of Assembly of 1952, relating
to the public policy of the State concerning endowment funds of
State-supported institutions of higher education. 3, UE

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Approved March 15, 1956

Be it enacted by the General Assembly of Virginia:

1. That § 23-9.2 of the Code of Virginia, which was enacted by Chapter
707 of the Acts of Assembly of 1952, be amended and reenacted as follows:

§ 23-9.2. Whereas, the State-supported system of higher education
can be greatly strengthened by increases in the endowment funds of the
several institutions of higher education derived from private sources; and

Whereas, prospective donors to the endowment funds of the several
institutions hesitate to contribute thereto on the ground that, to the
extent that the income of the respective institutions is increased from
private sources, the State will withdraw its support; and

Whereas, in § 10 of Chapter 33 of the Acts of Assembly of 1927 the
General Assembly, by setting endowment funds and income therefrom
apart from other revenues of and appropriations to the institutions of
higher education, indicated an intention that endowments are to be in
addition to such other revenues and appropriations; now, therefore,

(1) It is hereby declared to be the public policy of the State to en-
courage the State-supported institutions of higher education in Virginia
in their attempts to increase their endowment funds.

(2) It is further declared to be the public policy of the State that,
in measuring the extent to which the State shall finance higher education
in Virginia, the availability of the endowment funds of institutions of
higher education received by such institutions * shall not be taken into
consideration in, nor used to reduce, State appropriations or payments *;
but such funds shall be used in accordance with the wishes of the donors
thereof to strengthen the services rendered by these institutions to the
people of the Commonwealth.