Code of Virginia § 22.1-142. How Fund constituted; management.

158 words·~1 min read·/va/title-22-1/chapter-10/22-1-142

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

There shall be set apart as a permanent and perpetual fund, to be known as the "Literary Fund," the present Literary Fund of the Commonwealth, donations to the Literary Fund, sums appropriated to the Literary Fund, all funds received by the State Treasurer and required to be deposited in the Literary Fund pursuant to Chapter 25 (§ 55.1-2500 et seq.) of Title 55.1 and the proceeds of

(i)all public lands donated by Congress for public school purposes,

(ii)all escheated property,

(iii)all waste and unappropriated lands,

(iv)all property accruing to the Commonwealth by forfeiture except those items specifically exempted,

(v)all fines collected for offenses committed against the Commonwealth, and

(vi)the annual interest on the Literary Fund. The Literary Fund shall be invested and managed by the Board of Education as prescribed by § 22.1-145 .

Code 1950, § 22-101; 1971, Ex. Sess., c. 128; 1980, c. 559; 2012, cc. 283 , 756 .