Chap. 119.—An ACT for the retirement of bonds held by St. Paul’s Endowment
Fund, Incorporated, and providing for the issuance of registered certificate
therefor and the payment of interest thereon.

Approved February 29, 1908.

Whereas, “Saint Paul’s endowment fund, incorporated,” hath been
chartered by the State of Virginia for the purpose of acquiring and hold-
ing in perpetuity a fund, by donation or otherwise, the income from
which shall be solely devoted to the preservation and improvement of
Saint Paul’s church and rectory, its monuments and mural tablets, to
aid in the education and support of the children of Saint Paul’s church
home and of such other religious, educational and benevolent enter-
prises as may seem expedient; and,

Whereas, there hath been donated to said corporation ten bonds of
the State of Virginia called consol bonds, bearing six per centum per
annum interest, of one hundred dollars, which said corporation desires
to surrender in exchange for a registered certificate of the State of Vir-
ginia, as has been heretofore authorized by acts of assembly of February
twenty-third, eighteen hundred and ninety-two, and January fifteenth,
eighteen hundred and ninety-four, in pursuance of the settled policy of
the State to encourage such donations by paying full interest thereon
so long as they are held as endowments for educational and other. like
purposes; therefore,

1. Be it enacted by the general assembly of Virginia, That Saint
Paul’s endowment fund, incorporated, shall, on or before the first day
of July, nineteen hundred and eight, surrender to the second auditor
ten bonds of one hundred dollars each of the consol bonds of the State
of Virginia, which it holds as an endowment fund, as aforesaid.

2. That said auditor shall treat said bonds in all respects, and issue
a registered certificate of debt therefor, as provided by the act approved
February twenty-three, eighteen hundred and ninety-two, entitled “an
act for the retirement of bonds held by schools and colleges, and the
issuing of registered certificates therefor, and providing for the pay-
ment of interest thereon,” and by the act approved January fifteenth,
eighteen hundred and ninety-four, entitled an act providing for the
retirement of bonds held by the trustees of Saint Joseph academy and
orphan asylum of Richmond, and the issuing of registered certificates
therefor, and the second auditor, upon the first day of January and
July of each year, draw his warrant upon the auditor of public accounts
in favor of the treasurer of Saint Paul’s endowment fund, incorpo-
rated, for the interest upon such certificate at the rate of six per centum
per annum, so long as the said certificates remain the property of Saint
Paul’s endowment fund. Right is reserved to the State to call in and
redeem said certificate at any time.