§ 23.1-1013 — Covered institutions; operational authority; financial operations; investment of operating funds

Virginia § 23.1-1013

• Jurisdiction: Virginia
• Title 23.1: INSTITUTIONS OF HIGHER EDUCATION; OTHER EDUCATIONAL AND CULTURAL INSTITUTIONS
• Subtitle III: MANAGEMENT AND FINANCING
• Ch. 10: RESTRUCTURED HIGHER EDUCATION FINANCIAL AND ADMINISTRATIVE OPERATIONS ACT
• Art. 4: RESTRUCTURED FINANCIAL AND ADMINISTRATIVE AUTHORITY; COVERED INSTITUTIONS; MANAGEMENT AGREEMENTS

Text

Each covered institution may invest its operating funds in any obligations or securities that are considered legal investments for public funds in accordance with Chapter 45 (§ 2.2-4500 et seq.) of Title 2.2. Such institution's governing board shall adopt written investment guidelines that provide that such investments shall be made solely in the interest of the covered institution and shall be undertaken with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.

Legislative History

2005, cc. 933, 945, § 23-38.105; 2016, c. 588.