SEC. 37-115-35. Fielding L. Wright Memorial Health Fund established.
The board of trustees of state institutions of higher learning is hereby authorized and empowered to establish a fund to be known as "The Fielding L. Wright Memorial Health Fund," which fund shall be administered by said board.
The corpus of "The Fielding L. Wright Memorial Health Fund" shall consist of any moneys appropriated to it by the state legislature and any funds received by donation, gift, legacy, or otherwise, the said board of trustees being hereby specifically authorized and empowered to accept such funds. All funds received by said board of trustees shall be invested in the following classes of securities, preference being in the order listed:
(a) Bonds, notes, certificates, and other valid obligations of the State of Mississippi, or any county or city of the State of Mississippi, or of any school district bonds of the State of Mississippi;
(b) Bonds, notes, certificates, and other valid obligations of the United States;
(c) Bonds, notes, debentures and other securities issued by any federal instrumentality and fully guaranteed by the United States; or
(d) Interest-bearing bonds or notes which are general obligations of any other state in the United States or of any city or county therein, provided that any such city or county had a population as shown by the federal census next preceding such investment of not less than twenty-five thousand inhabitants, and provided that any such state, city or county has not defaulted for a period longer than thirty days in the payment of principal or interest on any of its general obligation indebtedness during a period of ten calendar years immediately preceding such investment.
All interest derived from investments and any gains from the sale or exchange of investments shall be expended by the staff of the University Medical Center, under the supervision of the director of the University Medical Center, for medical research in behalf of The Fielding L. Wright Memorial Health Fund.
SOURCES: Codes, 1942, Sec. 6725-21; Laws, 1958, ch. 465, Secs. 1-4.