16 V.S.A. App. ch. 17, § 17-7: Gifts, benefactions, legacies, and endowments

The School District is hereby empowered to receive any gift, benefaction, legacy, or endowment fund in fee or in trust, that may be donated, devised, given, or bestowed, for the support and use of the Graded School on such terms and conditions as may be prescribed and limited by any donor or legator not inconsistent with the laws of this State; and the Trustees of such Graded School shall be the custodians of such gifts, benefactions, legacies, or endowment funds and of the income of the same, subject to the order and direction of the District in relation to the same, unless otherwise provided by the terms of such gift, benefaction, legacy, or endowment fund.