Chap. 370.—An ACT to provide for the paymént to the counties of Albemarle
and Nelson their respective shares of the principal of a certain fund known
as the Dawson fund, and to prescribe how such funds and securities shall
be used. [H B 492]

Approved March 31, 1938

Whereas, certain funds were devised by Martin Dawson, to be used
by his executors in constituting a part of the literary fund of the State
of Virginia, with provisions that two-thirds of the interest accruing
on said fund should be appropriated to and used for school purposes
by the school authorities of Albemarle county, and one-third of such
interest should be appropriated and used for similar purposes by the
school authorities of Nelson county, in the same manner as other school
funds of such counties are used, and with the further provision that
from time to time as the Legislature may think advisable, the principal
may be used for like objects, for the benefit of said counties in the
same proportions as the interest is directed to be used; and,

Whereas, by an act of the General Assembly of Virginia, approved
March tenth, eighteen hundred and forty-one, the president and direc-
tors of the literary fund were authorized to receive the fund so devised,
and the interest on said fund has been paid to the counties of Albemarle
and Nelson in the proportions, and for the purposes set forth in said
devise; and

Whereas, said principal funds, consisting of cash and securities held
by the State Treasurer, and the counties of Albemarle and Nelson
now desire that each be paid its said proportional part of the principal of
said funds, as provided in said devise and in the aforesaid act of the
General Assembly and it is necessary for the General Assembly to
authorize such payment ; now, therefore

1. Be it enacted by the General Assembly of Virginia, That the
State Board of Education be, and it is hereby, authorized and directed
to direct the State Treasurer, and the State Treasurer is hereby author-
ized and directed in accordance therewith, to turn over and deliver
on or before the first day of July, nineteen hundred and thirty-nine,
to the treasurer of Albemarle county two-thirds of the principal and
to the treasurer of Nelson county one-third of the principal of the
aforesaid funds. After payment to each of said counties its share of
the cash of such principal funds, the State Treasurer shall in so far
as practicable, divide the securities of said principal fund between said
counties giving to each its proper proportion of securities of like char-
acter and value. Such part of such securities as cannot be so divided
equitably shall be sold by the State Treasurer, at such time as he may
deem advisable and for the best price then obtainable, and the proceeds
paid to said counties in the proportion hereinbefore set out.

All of the funds paid over and securities delivered to the respective
treasurers of Albemarle and Nelson counties, under authority of this
act, shall be used by each of said counties in accordance with the pro-
visions of the aforesaid devise and the acts of the General Assembly
passed in pursuance thereof.