Chap. 7.—An ACT to authorize the board of Handley trustees to invest the money
received by them in the purchase of debts which may be secured by lien on
property in which the Handley fund may be in whole or in part invested, or to
purchase the property itself, which it may be desirable that the Handley trus-
tees should own for the purposes of their trust; to receive from the Handley
executors the corpus of the residuum of said estate; to pay all expenses neces-
sarily incident to the duties imposed upon said board by the act approved Feb-
ruary 7, 1896, entitled “an act teu enable the city of Winchester to accept the
bequest of John Handley, deceased, to validate the same and to provide for the
administration thereof.” to construe said act as to the corporate powers given,
and validate all acts of said board not done in accordance with the construction
of said act herein given and give said board a corporate name.

Approved February 6, 1904.

Whereas, it has been deemed expedient to invest the money derived
from the estate of John Handley, by virtue of his will and under the act
approved February seventh, eighteen hundred and ninety-six, entitled
“an act to enable the city of Winchester to accept the bequest of John
Handley, deceased, to validate the same, and provide for the administra-
tion thereof,” in the purchase of property or of debts which may be se-
cured by lien on property in which the Handley fund may be in whole
or in part invested, or it may be desirable that the Handley trustees
should own for the purposes of their trusts, and whereas by those con-
cerned in the collection, payment, investment, and disbursement of the
funds applicable to said bequest legislative sanction has been deemed ad-
visable ;

Be it enacted by the general assembly of Virginia, as follows, to-wit:

First. It is declared that the true purpose of the act aforesaid, ap-
proved February seventh, eighteen hundred and ninety-six, was to make
and constitute the said board of Handley trustees a body politic and cor-
porate, and it is enacted that Holmes Conrad, A. M. Baker, C. M. Gib-
bens, John W. Rice, T. J. Cooper, George W. Kurtz, S. H. Hansbrough,
W. S. Love, and M. M. Lynch, who have been duly elected and qualified
as members of said board, be, and they are hereby, duly incorporated, and
their successors in office as a body corporate and politic, to be known as
the board of Handley trustees, to exercise all the powers conferred by the
act aforesaid as a corporate body; but all acts heretofore done by said
trustees are hereby declared to be valid as if done in a corporate capacity,
and shall stand for use and benefit of said board as if said board, by its
corporate name and its corporate capacity, had done the same, and in all
contracts made, executory or executed, and in all suits or proceedings
pending, the board, in its corporate capacity, shall be substituted by its
corporate name instead of the aforesaid trustees. The name and style of
the corporated trustees shall be the Handley board of trustees; they shall
have a corporate seal, with power to sue and be sued; to make contracts ;
to acquire and hold real estate in the city of Winchester and in the
county of Frederick, or elsewhere; and to acquire and hold personal es-
tate for the purposes of their trusts; to sell, lease, and dispose of the same,
as the objects of their trusts may make proper and necessary, and to do
and perform all other acts needful and proper for the effective adminis-
tration of their trusts.

Second. The duties of said Handley board of trustees shall be to re-
ceive the amounts of the several bequests made to the city of Winchester,
as trustees, by the will of John Handley, deceased, as the same may be
paid over to them by the executors of the will, and to receive from said
executors the corpus of the residuum of said estate, whenever the same
may be offered to them by the executors. They shall invest the funds so
received by them, in accordance with the requirements of the will of
John Handley, or as they have been, or may hereafter be authorized and
required by decrees of the circuit court of Frederick county, Virginia.
They shall apply the fund, or so much thereof as, by the terms of the will
or by the decrees of said court they may be authorized to employ, in car-
rying out the objects of the will, as they may appear from the terms of
said will, or from the decrees of the said court. They are authorized and
empowered to apply so much of the fund for the public library as may
be received by them hereafter from the said executors, or the fund for
the public schools for the education of the poor, as they may see proper
in the purchase of debts which may be secured by lien on property, or in
the purchase of property, in which the Handley fund may be in whole
or part invested, or which it may be desirable that the Handley trustees
should own for the purposes of their trusts.

Third. The said board is authorized to pay all necessary and proper
expenses Incident to the proper execution of the trust incurred by the
said Handley board of trustees or for the protection of the trust fund, or
for the collection of the trust fund, or of the moneys held by it under the
will of said Handley and the act aforesaid.

Fourth. Nothing in this act shall be construed to in any way effect
the method of electing members of said board, and the election of said
members shall continue to be by the common council upon the terms and
conditions and at the times appointed by the said act of February seventh,
eighteen hundred and ninety-six, creating the said Handley board of trus-
tees, nor shall this act in any way affect the present terms of office of the
members aforesaid of the said board. It shall be the duty of the said
board to make report to said common council of Winchester as is required
by said act, approved February seventh, eighteen hundred and ninety-
six, and to submit all plans for the ultimate application of the fund to
the common council of the city of Winchester in the manner defined by
said act. The papers and books of said board shall be at all times open
to the inspection of a duly appointed committee of the common council
or to such persons as the common council may empower and direct to
make such inspection.

Fifth. In all other respects the said act, approved February seventh,
eighteen hundred and ninety-six, except as herein expressly otherwise
provided, shall be, and the same is, herein reaffirmed.

Sixth. Nothing herein contained shall impair any right of action here-
tofore accrued.

Seventh. Whereas, it is essential for the purpose of purchasing certain
property or certain fiebis in which the Handley fund is in whole or part
invested as authorized by this act that the act shall be in force from its
passage, therefore, be it further enacted, that this act shall take effect
from its passage.