Chap. 8.—An ACT to authorize the trustees of the Shenandoah Valley Acad-
emy to contract a debt and secure the same by deed of trust on real estate
held by them.

Approved January 30, 1908.

Whereas, by deed dated the first day of January, in the year one thou-
sand eight hundred and ninety-five, and duly admitted to record in the
clerk’s office of the county court of Frederick county, Virginia, Richard
A. Robinson, of Louisville, Kentucky, did convey unto Henry Stephen-
son, Albert Baker, William P. McGuire, E. Holmes Boyd and John J.
Williams, and their successors in office, a tract of land situated in the
said county and near the city of Winchester, in trust for certain pur-
poses therein set forth, which conveyance was, however, subject to a
contract between the said Richard A. Robinson and James B. Lovett,
dated October eighteen, eighteen hundred and ninety-four, and recorded
in the aforesaid clerk’s office and referred to in said deed of January
first, eighteen hundred and ninety-five; and,

Whereas, by said contract the said James B. Lovett was entitled to
occupy said premises so long as he conducted such a school there as was
contemplated by said contract, or until his death, said school being
known as the Shenandoah Valley Academy; and,

Whereas, the said Lovett did conduct said school on said premises
until his death, which occurred on the fourth day of December, nineteen
hundred and seven; and, whereas, by the terms of said deed the trustees
were authorized to fill such vacancies in their number as may be from
time to time occasioned by death or other cause; and, whereas, the said
Henry Stephenson, after the execution of said deed, resigned his said
office of trustee, and afterwards died, and H. D. Fuller was duly elected
trustee in his place; and, whereas, the said John J. Williams has also
died and R. Gray Williams has been duly elected trustee in his place;
and, whereas, as the said Albert Baker has been duly adjudged insane
with no hope of recovery, and A. M. Baker had been duly elected trustee
in his place; and,

Whereas, the said James B. Lovett undertook, at his own expense,
during the year nineteen hundred and seven, to add to the buildings on
said premises and make other improvements thereon, all of which addi-
tion and improvements have added to the value of said property, and
were necessary to meet the demands of the school and to carry into
effect the purposes and wishes of the said Richard A. Robinson, as ex-
pressed in said deed; and,

Whereas, the said James B. Lovett died before he could have the use
and benefit of said additions and improvements, and it is not deemed
equitable or right that the cost thereof should fall upon his estate; and,
whereas, it is right and proper that this estate should be reimbursed
for all money expended by him, or by his estate, in making said addi-
tions and improvements; and, whereas, some of said improvements have
not been completed, and there are other improvements and repairs that
should be made on said property in order to put it in a suitable condi-
tion; and,

Whereas, the trustees have no property except the said real estate,
and no income except the rent to be paid by the principal of the school,
which will, in a reasonable time, be sufficient to pay the sum of money,
principal and interest, which they propose to borrow, besides insurance
on the buildings and necessary repairs; and, whereas, the trust created
by said deed is a public educational trust, of which the general assembly
of Virginia is alone representative, and it is deemed advisable to obtain
the assent of the said general assembly of Virginia, to the matters herein
proposed, as representative of the beneficiaries; therefor,

1. Be it enacted by the general assembly of Virginia, That the afore-
said E. Holmes Boyd, W. P. McGuire, R. Gray Williams, H. D. Fuller
and A. M. Baker, trustees of the Shenandoah Valley Academy, and their
successors, be, and they are hereby, authorized to borrow a sum of
money not exceeding six thousand dollars ($6,000.00) and at a rate
of interest not exceeding six per cent. per annum, payable semi-annually,
and for such length of time as said trustees, or their successors, may
determine, and secure the payment of the same, both principal and in-
terest, by a deed of trust on the aforesaid real estate and policies of fire
insurance on the buildings.

2. The said trustees, or their successors, are hereby authorized to
execute a note or bond, or notes or bonds, for the money herein author-
ized to be borrowed, with or without coupons, for the interest. The
notes, bonds and coupons shall be signed by the said trustees or by such
officer or officers of the said board of trustees as the board may direct;
but the deed of trust shall be executed by at least a majority of the
trustees or their successors. There shall be no personal liability upon
said trustees or their successors or upon any of them for the payment
of the said notes, bonds or coupons, or of any of them.

3. The proceeds of said loan shall be used in the payment of expenses
already or hereafter incurred by the said trustees, including the printing
or lithographing of the said notes or bonds, in the preparation, execu-
tion and recording of said deed of trust, provided that said expenses
shall not exceed the sum of one hundred and fifty dollars ($150.00) ;
also in the payment of premiums on policies of fire insurance for a term
not exceeding five (5) years; in reimbursing the estate of James B.
Lovett for amount already. paid by him, or his estate, in making the
aforesaid additions and improvements, including heating apparatus and
electric wiring, and also the debts incurred by him in connection there-
with, which have not been paid; also in making such improvements and
repairs to said property as the said trustees, or their successors, may
deem necessary or proper, in order to put the property in good condition
and in every way suitable for a boarding and day school. The ex-
penditures hereby authorized shall also include the completion of the
buildings and improvements begun by the said James B. Lovett and
not yet finished. But the amount to be paid in reimbursing the estate
of James B. Lovett for money paid by him or his estate in making said
additions and improvements, including heating apparatus and electric
wiring and debts incurred by him in connection therewith that have not
been paid, shall not exceed thirty-five hundred dollars ($3,500.00).

4. If the said trustees, or their successors, or the said Shenandoah
Valley Academy, be hereafter incorporated, the corporation shall have
all the rights, powers and authority granted by this act.

5. An emergency exists because of the importance of making most
of the aforesaid expenditures at once, and, therefore, this act shall be
in force from its passage.