Virginia Code 23.1-2305: Powers and duties
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A. The board shall appoint all teachers, staff members, and agents, fix their salaries, and prescribe their duties.
Terms Used In Virginia Code 23.1-2305
- Bequest: Property gifted by will.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
B. The board shall generally direct the affairs and business of the University.
C. The board may confer degrees, including honorary degrees.
D. The board may take, hold, receive, and enjoy any gift, grant, devise, or bequest to the University or its predecessors for the uses and purposes designated by the donor, or if not so designated, for the general purposes of the corporation, whether given directly or indirectly, and accept, execute, and administer any trust in which it may have an interest under the terms of the instrument creating the trust.
1968, c. 93, §§ 23-50.8, 23-50.10; 23-50.12; 2016, c. 588.