§ 59-121-55 — Formation of nonprofit eleemosynary corporation; transfer of funds or property; application of Freedom of Information Act.

(A) The Board of Visitors, or individual members or employees of the board or college as designated by the board, are authorized to form or cause to be formed a nonprofit eleemosynary corporation pursuant to Chapter 31 of Title 33, the purpose of which is to provide scholarship and other financial assistance or support to the college. (B) The Board of Visitors is further authorized to transfer funds and property privately donated to the college, and income or proceeds derived from these privately donated funds and property, that the board holds in its name or in the college's name for scholarship and other college support purposes to the nonprofit corporation formed pursuant to subsection (A). These funds, property, and income and proceeds derived from them, must be used by the nonprofit corporation for its stated purposes, except that any restrictions or limitations applicable to a specified portion of these funds or property continue to be applicable after the transfer of the funds, property, and income and proceeds derived from them, to the nonprofit corporation. Any encumbrances or liability on the funds, property, and income and proceeds derived from them so transferred must be assumed by the nonprofit corporation. (C) The records and proceedings of the nonprofit corporation are subject to disclosure in the manner provided by the Freedom of Information Act.

Legislative History

HISTORY: 1990 Act No. 369, SECTION 1; 1991 Act No. 119, SECTION 1; 2013 Act No. 79, SECTION 1, eff June 13, 2013. Effect of Amendment The 2013 amendment rewrote subsection (B).