OAG 40-28.

• Case Date: August 08, 1940
• Court: Oregon

Oregon Attorney General Opinions 1940. OAG 40-28. 33OPINION NO. 40-28[20 Or. Op. Atty. Gen. 33]Money bequeathed to the University of Oregon should be credited to the University of Oregon donation fund.August 8, 1940.Hon. Walter E. Pearson,State Treasurer. Dear Sir: It appears from your letter of July 9, 1940, and correspondence thereto attached, that the sum of $250,000 was bequeathed to the University of Oregon and there is some difference of opinion on the part of the comptroller of the state board of higher education and the state treasurer as to where or how such bequest should be credited. Section 35-4515, Oregon Code 1930, relates to the directors of the state board of higher education. It provides:

"The directors shall encourage gifts to the institutions by faithfully devoting such funds to the institution for which they may be intended, and by other suitable means. All gifts raised by any institution or given to it shall be held for the exclusive use of such institution, subject to the terms of gift, if any."

Section 35-4703, Oregon Code 1930, relates to the state university. It provides as follows:

"The interest, income, dividends or profits hereafter received on any property or funds of the University of Oregon, or of any department or division thereof, derived from gifts, legacies, devises, bequests or endowments deposited with the state treasurer, are hereby set apart and appropriated to the use, maintenance and support of the University of Oregon, in like manner as the principal or corpus of each such gift or donation has been or may hereafter be set apart or appropriated. All such gifts or donations heretofore or hereafter received shall be placed by the state treasurer to the credit of a separate fund to be known as the 'University of Oregon Donation fund,' and the state treasurer shall credit monthly to such fund any interest or other income derived from the depositing or investing thereof."

It further appears that section 35-4515, Oregon Code 1930, was originally section 16 of chapter 251, General Laws of Oregon, 1929, which act contained an emergency clause, and was approved by the governor and filed in the office of the secretary of state on March 1, 1929; that sections 35-4703 and 35-4704, Oregon Code 1930, were originally chapter 203, General Laws of Oregon, 1929, which act was approved by the governor and...