CHAPTER 40

An Act to authorize the State Board of Education, subject to the approval
of the Governor, to sell and convey certain real estate owned by
Virginia State College, and to provide for the application of the pro-
ceeds of such sale.

[H 77]

Approved February 13, 1962

Be it enacted by the General Assembly of Virginia:
1. That the State Board of Education be, and is hereby, in its discre-
tion, subject to the approval of the Governor, authorized to sell at public
auction or from sealed bids or by private sale as the Board may determine,
and to convey by proper deed to the purchaser thereof, the property known
as 214 North Sycamore Street, Petersburg, Virginia, which property was
acquired by Virginia State College for Negroes (now Virginia State Col-
lege) by deed dated October 24, 1933, from T. Frank Smith and Lady Mae
Smith, recorded in the Hustings Court of the City of Petersburg, Virginia,
December 7, 1933, Deed Book 127, Page 80.

The sale price of such property shall be in such amount as may be
acceptable to the State Board of Education and the Governor; the terms
of such sale shall be cash in hand paid upon delivery of a deed of convey-
ance and the deed shall be approved as to form and substance by the
Attorney General.

The proceeds of the sale are hereby appropriated to Virginia State
College as a replacement of this real estate investment now included in the
endowment fund assets of the College, and for reinvestment by the State
Treasurer with the approval of the State Board of Education, as a part of
the said endowment fund.

2. An emergency exists and this act is in force from its passage.