Higher educational institutions, public; duties of governing boards, acceptance & use of donations.

Public institutions of higher education; dutiesof governing boards; acceptance and use of donations. Providesthat the governing board of each public institution of higher educationmay receive, take, hold, and enjoy any donation or gift made to suchinstitution or governing board and may use and administer any suchdonation or gift for the uses and purposes designated by the donoror, if no such specific designation is made, for the general purposesof the institution. The bill provides that in the event that a donorspecifically designates any particular use or purpose for a donationor gift, each governing board is required to appropriate such donationor gift and any resulting interest, income, and profits only to suchspecifically designated use or purpose, provided, however, that ifsuch specifically designated use or purpose fails by any means suchthat the specifically designated use or purpose is permanently frustrated,the whole donation or gift, including unexpended principal and interest,will revert to and be vested in the donor or his legal representatives.