Chap. 167.—An ACT to authorize and direct the State board of education to re-
deem registered certificate number five, issued under the provisions of an act
approved pe vawaty 23, 1892, and to hold the same as a part of the ee
literary fund [fH B 76}

Approved March 14, 1924.

Whereas, in pursuance of an act of the general assembly, approved
February twenty-third, eighteen hundred and ninety-two, the Lees-
burg academy surrendered to the second auditor for cancellation
three certain bonds and certificates issued by the State of Virginia,
in the aggregate sum of twenty-five hundred dollars, and received in
lieu thereof a non-transferable certificate number five, issued for the
sum of twenty-five hundred dollars, bearing interest at six per centum
per annum, payable semi-annually at the office of the second auditor,
beginning July first, eighteen hundred and ninety-two; and,

Whereas, the Leesburg academy has heretofore duly transferred
and assigned said registered certificate number five as well as all its
other property to the school district of the town of Leesburg and is no
longer in existence; and,

Whereas, the said district has recently constructed a school building,
and has thus incurred an indebtedness in excess of the amount derived.
from a bond issue which was authorized for that purpose; and,

Whereas, under the provisions of the said act approved February
twenty-third, eighteen hundred and ninety-two, the said certificate
number five is non-transferable, and redeemable at the pleasure of the
State; now, therefore,

1. Be it enacted by the general assembly of Virginia, That the
proper authority of the county school board of Loudoun county shall
produce such registered certificate number five, if the same can be
found, duly assigned to the State board of education, said assignment
to be in form approved by the attorney general; but if such certificate
cannot be found, then the second auditor shall mark the same trans-
ferred to the board of education upon his record of registration of such
certificate. Then, in either event, the State board of education shall
be, and is hereby, authorized, empowered and directed to redeem at
par, with accrued interest at date of redemption, out of the literary
fund, said registered certificate number five, issued under the provi-
sions of the said act of February twenty-third, eighteen hundred and
ninety-two as aforesaid, and to pay over to the treasurer of the county
of Loudoun the proceeds of said certificate for use by the county school
board of Loudoun county to meet outstanding obligations of Leesburg
town school district, incurred for the construction of the above men-
tioned school building; and the State board of education is authorized
and empowered to hold said certificate number five as a part of the
permanent literary fund, upon the terms under which said certificate
is now held by the county school board of Loudoun county, and to
receive payment thereof, and of interest accruing thereon, in all re-
spects as the orginal holder could have done prior to such assignment.

2. An emergency existing, this act shall be in force from its pas-
sage.