Virginia Code Title 23.1. Institutions of Higher Education;  Other Educational and Cultural Institutions § 23.1-3205. Powers of the Board of Regents

A. The Board of Regents may undertake to determine the significance or suitability of the furnishings, household items, and other objects acquired by purchase, gift, or donation for Gunston Hall, for the purpose of accurately presenting Gunston Hall according to the means and taste of George Mason.  Those furnishings, household items, and other objects determined by the Board of Regents to be of little or no significance or unsuitable for achieving this purpose may be exchanged or sold by the Board of Regents if not inconsistent with the terms of the acquisition of the items.  Such sales may be conducted by auction houses recognized for their expertise in the sale of such items.

B. Any such furnishings, household goods, and other objects acquired by donation or purchase and the net proceeds of any sale of these items as provided in subsection A shall constitute a discrete fund of Gunston Hall, restricted to future acquisitions of period furnishings, household goods, and other objects consistent with the purposes set forth in subsection A and the conservation of all such holdings of Gunston Hall.

C. Donations to Gunston Hall of any funds, securities, and any other property, real or personal, for use in accordance with the mission of Gunston Hall shall constitute endowments or unrestricted gifts for the purposes of § 23.1-101.  The Board of Regents may (i) change the form of investment of any such funds, securities, or other property, real or personal, provided that the form is not inconsistent with the terms of the instrument under which the property was acquired, and (ii) sell, grant, or convey any such property, except that any transfers of real property shall be made only with the consent of the Governor.