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2001 SESSION

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SB 872 Gunston Hall; certain powers of board.

Introduced by: Linda T. (Toddy) Puller | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Gunston Hall; certain powers of board. Authorizes the Board of Regents of Gunston Hall to determine the significance or suitability of the furnishings, household items, and other objects acquired by or for Gunston Hall and to sell or exchange those items deemed of little or no significance or unsuitable, consistent with the terms of their acquisition. These furnishings and items and any net proceeds of their sale will comprise a discrete fund of Gunston Hall, restricted to future acquisitions of such period items as well as the conservation of all such holdings of Gunston Hall.

The measure deems donations of any funds, securities, and any other property, real or personal, as endowments or unrestricted gifts, within the meaning of § 23-9.2; therefore, these donations would not affect any state appropriations to Gunston Hall.

Finally, the measure also allows the Board to change the form of investment of any funds, securities, or other property, real or personal, consistent with the terms of the instrument under which the property was acquired, and to sell or convey any such property, except that any transfers of real property must be made with the consent of the Governor. This language mirrors those powers already granted to the Virginia Museum of Fine Arts in § 23-253.4 and the Jamestown-Yorktown Foundation in § 23-288.


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