CHAPTER 515

An Act to authorize the Virginia Military Institute, subject to the approval
of the Governor, to sell or exchange certain property and to execute
deeds -therefor.

[H 354]

Approved April 2, 1952

Be it enacted by the General Assembly of Virginia:

1. § 1. The Virginia Military Institute is hereby authorized to sell or
exchange all or any portion of the hereinafter described real property
held by the Institute in, upon or adjacent to the grounds of the Institute:

Parcel] A—That lot, piece or parcel of land held by the Virginia
Military Institute under the will of General Nichols, a former Superin-
tendent of the Institute. |

Parcel B—That tract of land held by the Institute North of the Maury
River consisting of approximately three hundred acres, more or less.
Provided, however, that not exceeding fifty acres of this tract may be
sold under this act.

§ 2. Such sale or exchange may be to or with any person or organi-
zation acceptable to the Board of Visitors of the Institute and upon such
terms and conditions as may be approved by it. The Attorney General
shall approve all such deeds as to form and no sale or exchange shall be
had hereunder unless the Governor consents thereto in writing prior to
any such sale or exchange.

A. Parcel B above may be exchanged with the Alumni Association
for a certain lot held by such Association, the same being surrounded by
the grounds of the Institute.

B. The sales or exchanges of lots from Parcel B, subject to the limita-
tion therein contained, shall insofar as practicable be for the purpose of
acquiring parcels of land with improvements thereon owned by the
Alumni Association on the grounds of the Institute, or adjacent to property
owned by the Institute, or located in the area required for the construction
of additions to the Institute; in the exercise of such power, the Institute
may reconvey any property acquired hereunder where advantageous to
the Institute.

The Institute is authorized to execute such deeds as may be required
in connection with sales or exchanges herein authorized. No sale or
exchange shall be allowed where the Institute disposes of property at less
than cost to it.
Sales or exchanges of lots from the Maury River tract shall be limited
to sales to the V. M. I. Foundation, Inc., or the Alumni Association, or an
individual, for the purpose of constructing thereon residences for acting
or retired members of the staff or faculty.

§ 3. Any funds derived by the Institute from the proceeds of any
sale hereunder shall be paid into the State treasury.