Chap. 60.—An ACT to authorize the trustees of the Shenandoah Valley Academy,
of Winchester, Virginia, to contract a debt and to secure the payment of the
same by deed of trust on real estate held by said trustees. [S. B. 25]

Approved September 13, 1933

1. Be it enacted by the General Assembly of Virginia, That an act
of the General Assembly of Virginia, approved January the thirtieth,
nineteen hundred and eight, be amended and re-enacted to read as
follows:

H. Douglas Fuller, John M. Steck, Hunter H. McGuire, R. Gray
Williams, and William E. Cooper, trustees of the Shenandoah Valley
Academy, of Winchester, Virginia, and their successors, or a majority
of them, be and they are hereby authorized to borrow a sum of money
not exceeding fifteen thousand dollars at a rate of interest not exceed-
1933] ACTS OF ASSEMBLY 115

ing six per centum per annum, payable semi-annually, and for such
length of time as said trustees, or their successors, may deem best and
to secure the payment of the same, principal and interest, by deed. of
trust on the real estate held by the said trustees for the Shenandoah
Valley Academy and by policies of fire insurance on the buildings.

The said trustees, or their successors, or a majority of them, are
hereby authorized to execute a note or bond, or notes or bonds, for
the money herein authorized to be borrowed, with or without interest
coupons attached. The notes, bonds and coupons, if any, shall be
signed by the said trustees, or a majority of them, or by such officer,
or officers, of the said board of trustees as the said 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 pay-
ment of said notes, bonds or coupons, or for any action taken in good
faith under the authority hereof.

The proceeds of said loan shall be used to pay existing indebted-
ness of said trustees and for such improvements to the real estate of
the Shenandoah Valley Academy as the said trustees may deem ad-
visable. All liens on the said real estate heretofore authorized shall be
released and cancelled.

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

2. An emergency existing, this act shall be in force from its passage.