Chap. 121.—An ACT to Encourage Donations to the University of Vir-
ginia and to Constitute the State of Virginia the Trustee thereof.

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Approved March %, 1873.

1. Be it enacted by the general assembly, That any per-
son may deposit in the treasury of this state, or bequeath |
money, stocks, or public bonds of any kind to be so de-:
posited, or grant, devise, or bequeath property, real or per-
sonal, to be sold, and the proceeds to be so deposited, in sums
not less than one hundred dollars, which shall be invested in'
certificates of debt of the state of Virginia, or the United!
States, or any other state thereof, for the benefit of the Un-
versity of Virginia; and in such case the interest or dividends
accruing on such stocks, certificates of debt or bonds, shall be
paid to the rector and visitors of the university, to be by them
appropriated to the general purposes thereof, unless some par-
ticular appropriation shall have been originated by the donor
or testator as hereinafter provided.

2. If any particular purpose or object connected with the
university be specified by the donor at the time of such de-
posit, by writing filed in the treasurer’s office (which may also
be recorded in the clerk’s office of the county court of Albe-
marle county as a deed for land is recorded), or in the will of
such testator, then the interest, income and profits of such
fund shall be appropriated to such purpose and object and
none other; or, if the donor or testator shall so direct in such
writing or will, the interest accruing on such fund shall be re-
invested by the treasurer of the commonwealth, every six
months, in the manner prescribed in the first section of this
act, and the interest thereon be, from time to time, reinvested
in like manner, for such period as such writing or will shall
prescribe, not exceeding thirty years; and at the expiration of
the time: so prescribed, or of thirty years, whichever shall
happen first, the fund, with its accumulations, shall be paid
over to the rector and visitors of the university, or the interest,
income and profits thereafter accruing upon theaggregate fund
shall be paid to them as the same shall accrue, according as the
one or the other disposition shall be directed by such writing
or will, and in either case the same shall be appropriated and
employed according to the provisions of such writing or will,
and not otherwise; and the rector and visitors of the univer-
sity shall annually render to the general assembly an account
of the disbursement of any funds so derived.

3. Such donations shall be irrevocable by the donor or his
representatives; butif the authorities of the university, within
one year after being notified thereof (which it shall be the
duty of the treasurer to do immediately upon the making of
such deposit with him), shall give notice, in writing, to the
treasurer that they decline to receive the benefit of such ac.
posit, the same, with whatever interest and profitsmay have de-
crued thereon, shall thereupon be held subject to the order of
such donor or his legal representatives; and if at any time the
object for which such donation or deposit is intended, by the
legal destruction of the university, or by any other means,
shall fail, so that the purpose of the gift, bequest or device
shall be permanently frustrated, the whole fund, »vrincipal and
interest, then unexpended, as it shall then be, shall revert to
and be vested in the said doror or his legal representatives.

4. If the donor shall in such writing filed as aforesaid re-
serve to himself or to any other person the power to nominate
to any professorship, scholarship or other place or appoint-
ment in the university, or to do any other act connected there-
with, and he or such other person shall fail at any time for six
months to make such nomination in writing, or to do such
other act, the board of visitors may proceed to make such ap-
pointment or to do such act at their discretion.

5. The state of Virginia is hereby constituted the trustee
for the safe keeping and due application of all funds which
may be deposited in the treasury in pursuance of this act.
The treasurer and the sureties in his official bond shall be lia-
ble for the money or other funds deposited as herein provided,
and separate accounts of each such deposit shall be kept by
the accounting officers of the state in the same manner as of
other public funds.

6. This act shall be in force from the date of its approval by
the governor.