University of Virginia Library


Under an act of the Legislature, entitled "A bill to encourage donations
to the University of Virginia, and to constitute the State of Virginia
the trustee thereof," "any person may deposit in the treasury of
this State or bequeath money, stock, or public bonds of any kind, to be
so deposited, or grant, devise, or bequeath property, real or personal, 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 of the United States, or any other State thereof, for
the benefit of the University of Virginia; and in such case the interest
or dividend accruing on such stock, 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 particular
appropriation shall have been designated by the donor or testator as
hereinafter provided_____________The State of Virginia is hereby constituted
the trustee for the safekeeping and due application of all funds
which may be deposited in the treasury in pursuance of this act."

The legal title of the University is—

"The Rector and Visitors of the University of Virginia."