CHAP. 163.—An ACT to authorize the State board of education to redeen
“registered certificate’ number fifteen, issued under the provision:
of an act approved February twenty-third, eighteen hundred anc
ninety-two, and to hold the same as a part of the permanent literary
fund.

Approved March 12, 1912.

Whereas, under the provisions of an act approved March
second, nineteen hundred and ten, the board of managers of the
New London academy is authorized to make and change invest-
ment of the funds of the said academy, and to apply the revenue
derived therefrom to the support and maintenance of the school.
or to apply the principal of the funds coming into their hands to
the permanent improvement of the real estate of the said aca-
demy, or to the purchase of additional real estate, as their judg-
ment may dictate; and
Whereas, the principal of the said funds consists of regis-
tered certificate number fifteen, for the sum of six thousand
five hundred dollars, issued to the ‘‘trustees of New London
academy,” under the provisions of an act of assembly, approved
February twenty-third, eighteen hundred and ninety two, en-
titled an act for the retirement of bonds held by schools and col-
lazes, and the issuing of registered certificates therefor, and
providing for the payment of interest thereon; and

Whereas, the “trustees of New London academy” have here-
tofore duly transferred and assigned said certificate number fif-
teen to the board of managers of said New London academy, as
prescribed by law; and

Whereas, the said board of managers, acting under author-
ity vested in them by the said act of assembly approved March
second, nineteen hundred and ten, desire to apply the principal
sum, represented by said registered certificate number fifteen,
to the permanent improvement of the real estate of the said
academy; and

Whereas, under the provisions of the said act approved Feb-
ruary twenty third, eighteen hundred and ninety two, the said
registered certificate number fifteen, for the sum of six thous-
and. five hundred dollars is ‘‘non-transferable and redeemable at
the pleasure of the State’; therefore,

1. Be it enacted by the general assembly of Virginia, That
the State board of education, upon the production of such cer-
tificate number fifteen, duly assigned to such board of education
by said board of managers, said assignment to be in form to be
approved by the attorney general, then the State board of edu-
cation shall be, and is hereby, authorized to redeem at par, with
accrued interest to date of redemption, out of the literary fund,
registered certificate number fifteen, issued under the provi-
sions of an act of February twenty third, eighteen hundred and
ninety-two, as aforesaid, and to pay over to the board of mana-
gers of the New London academy the proceeds of said certifi-
cate, to be used by said board of managers in accordance with
the provisions of an act approved March second, nineteen hun-
dred and ten; and the State board of education is authorized and
empowered to hold said registered certificate number fifteen as
a part of the permanent literary fund of Virginia, upon the
terms under which said certificate is now held by the said board
of managers of New London academy, and to receive payment
thereof, and of interest accruing thereon, in all respects as the
criginal holder thereof could have done, prior to said assignment.

2. The said board of managers of New London academy be-
ing in immediate need of the funds represented by said certifi-
cate for building purposes, this act is declared to be an emergen-
cv act, and shall be in full force from its passage.