Donations made pursuant to § 23.1-2214 are irrevocable by the donor or his representatives, but if the board gives notice in writing to the State Treasurer within one year of being notified of the donation by the Treasurer that it declines to receive the benefit of such deposit, the deposit and any interest and profits that may have accrued shall be held subject to the order of such donor or his legal representatives. If at any time the object of such donation or deposit fails by the legal destruction of the University or by any other means so that the purpose of the gift, bequest, or devise is permanently frustrated, the whole fund, including unexpended principal and interest, shall revert to and be vested in the donor or his legal representatives.