Chap. 432.—An ACT to appropriate the proceeds of the Glebe lands and other
properties belonging to the parishes of Abingdon, Ware and Petsworth
districts in the county of Gloucester, and to create a corporation to hold
and invest said funds and all other funds now held by the Gloucester
charity school, and other donations; also to repeal all general and special
laws heretofore passed in any way affecting or pertaining to the Gloucester

charity school. [S B 397]
Approved March 24, 1922. |

Whereas, on account of the destruction of the records in the
clerk’s office of the county of Gloucester by fire in eighteen hundred
and twenty-six and on account of the destruction of the records in
the clerk’s office of said county again in eighteen hundred and sixty-
five by Federal troops, it cannot be now ascertained, what proportion
of the assets of the Gloucester charity school were derived from the
several sources, which contrlbuted said assets nor precisely how it
was intended by the several contributors, that the annual income
from said assets should be used for the people of said county, but;

Whereas, it does appear from the acts of the general assembly
from time to time in relation to said Gloucester charity school, that a
considerable portion of said assets were donated by one Peasley to
be used as a fund, the income from which should be used for the
education of poor children in Ware and Abingdon parishes in said
county ; now therefore,

1. Be it enacted by the general assembly of Virginia, That all
assets belonging to the Gloucester charity school, a corporation cre-
ated under the laws of the State of Virginia, shall be held and used
as hereinafter provided.

First: The division superintendent of schools of Gloucester
county, the clerk of the circuit court of Gloucester county and the
chairman of the board of supervisors of Gloucester county and their
successors in office shall constitute a corporation to be known as the
Peasley school board for the management of said funds, any two
of whom shall constitute a quorum for the transaction of any lawful
business and they shall each qualify and enter into bond in the sum
of two hundred and fifty dollars before the circuit court ot Gloucester
county in the manner and form that county and district officers are
required to do and upon like condition.

Second: The said board shall meet annually on some day to be
fixed by them between the first and tenth days of February and audit
the books of the preceding year ending on the thirty-hrst day of
December next preceding. The said board shall meet as soon as
practicable after this act takes effect and shall proceed to elect a
chairman and secretary from their number and to elect some attorney
to perform the duties hereinafter mentioned and to represent the
board generally. All of said persons so elected by the board shall
hold their respective offices so long as they remain members of the
board, except that the attorney shall be elected for four years, and the
said board shall likewise when said officers are elected designate either
the bank of Gloucester or the First National Bank of Gloucester de-
pository for the Peasley school board funds for the next four years.
As vacancies shall occur in the positions hereinbefore mentioned and
as the terms of four years hereinbefore expire they shall be filled by
said board.

Third: The said board shall also meet at such times as its
business may require or as to it may seem necessary. Any member
of said board being authorized to call a meeting by giving notice
verbally or. by registered mail to the other two members.

Fourth: The fund under the control of the said board as here-
inbefore provided shall be known as the Peasley school board fund
and may by said board be loaned in such sums as the said board may
see fit to individuals and secured by deeds of trust on real estate in
Gloucester county; each loan to be approved by said board; said
funds may be by the said board invested in United States government
bonds and said funds may be loaned to the several district school
boards of Gloucester county for the purpose of building, adding to
or repairing school houses, said loans to be approved by the said
board and secured by deeds of trust on the houses and property on
which the school houses are built, added to or repaired and the
several district school boards are hereby authorized to execute deeds
of trust for this purpose and the same shall be valid when duly signed
by the chairman and clerk of the several district school boards.

Fifth: All loans shall bear annual interest and be payable on the
first day of January next succeeding the date of the deed of trust,
but the said board may grant such extensions after said loans become
due as they may see fit, not to exceed one year at a time so that
each loan whether extended or not shall become due and payable
on the first day of January of each year and if the interest on any loan
be in arreas at any annual meeting of the board as provided in section
one of this act, the board at their annual meeting between the first
and tenth days of February shall notify the trustee in the deed of
trust securing the loan on which the interest is in arrears to forthwith
foreclose the same.

Sixth: All of said funds which are not loaned or invested shall
be kept on deposit in the bank designated by the said board under
section two of this act, subject to the check of said board drawn
by its secretary and countersigned by its chairman and when any
loan or any interest on any loan is paid in, it shall be by the person
paying it deposited in said bank designated to the credit of the
Peasley school board and a certificate of deposit shall be by the
bank filed with the secretary and no member of the said board is
authorized to receive any money whatsoever due to the Peasley
school board except by a check drawn on said bank as hereinbefore
provided.

Seventh: The net annual income from the Peasley school board
fund shall be by the said board distributed at their annual meeting
to the several school boards of Gloucester county, in proportion to
the school population of the several school districts, to be used by
said several school boards only for the purpose of paying teachers.

Eighth: The clerk of the circuit court of Gloucester cuunty shall
be custodian of all the records of said board and the same shall at
all times be kept in the clerk’s office and open to public inspection
and the bank heretofore mentioned shall at any time inform any
inquirer the amount on deposit to the credit of said board.

Ninth: The said board may sue and be sued and notice or process
may be served on or service thereof may be accepted by any member
of said board.

Tenth: The assets of said board shall not be liable for State or
local taxation.

Eleventh: The said board may receive donations of money, real,
personal or mixed property, but if property of any kind, the same
shall be converted into money and the said board is authorized to sell
and convey property of any kind, which has been donated and give
a perfect title to real property, executing deed therefor as deeds of
private corporation are executed. All moneys derived from such
donations as are mentioned in this section shall constitute a part of
the assets of said board and be held upon the same terms as the
initial assets, except that the donor may designate some special school
in which the annual income from his or her donation shall be used
to pay teachers.

Twelfth: The said members of said board shall receive a per diem
of five dollars per day for each meeting they attend and the attorney
hereinbefore mentioned shall receive a compensation to be approved
by said board for his services for examining titles and preparing
deeds of trust and other legal instruments to be paid by the parties
to whom loans are made as a part of the expense of securng said
loans. The clerk of the circuit court shall receive reasonable compen-
sation for the custody of records and the secretary of said board
shall receive reasonable compensation for keeping a record of the
affairs of the board. Such compensation to the clerk and secretary to
be fixed and paid by the board. All persons mentioned in this act,
who have to do with the control and disposition of the Peasley school
board funds shall be subject to the provisions of section _-___---___-
of the Code.

2. All acts general or special and all laws whatsoever in any way
affecting or pertaining to the Gloucester charity school are hereby
repealed.