Virginia Code Title 23.1. Institutions of Higher Education;  Other Educational and Cultural Institutions § 23.1-2305. Powers and duties

A. The board shall appoint all teachers, staff members, and agents, fix their salaries, and prescribe their duties.

B. The board shall generally direct the affairs and business of the University.

C. The board may confer degrees, including honorary degrees.

D. The board may take, hold, receive, and enjoy any gift, grant, devise, or bequest to the University or its predecessors for the uses and purposes designated by the donor, or if not so designated, for the general purposes of the corporation, whether given directly or indirectly, and accept, execute, and administer any trust in which it may have an interest under the terms of the instrument creating the trust.