With two members dissenting, the University of Virginia Board of Visitors voted yesterday to sell $14.7 million worth of stocks in companies doing business in South Africa.

The board voted 13 to 2 to follow a finance committee's recommendation to sell the stock in companies with substantial interest in the racially segregated country.

U-Va. is the second state school to divest South African-linked holdings after Gov. L. Douglas Wilder told state agencies and institutions to adopt such a policy.

The Virginia Military Institute Board of Visitors voted a week ago to sell all stocks tied to South Africa.

U-Va. board members said their vote had no relationship to Wilder's order.

The two dissenters were Leigh B. Middleditch Jr. and Jesse B. Wilson III.

Wilson said he favors the previous school policy of selective divestment of South African-linked stocks. Middleditch said divestment is "essentially a political issue" that should not be decided by the board.

The board's decision affects about 3 percent of the school's $457 million endowment.

The Charlottesville school has been the site of protests in recent years by students opposed to the South African-linked holdings.

Thirty-one students were arrested last month for trespassing during a sit-in at the Rotunda after a meeting with a university finance committee.