Chap. 292.—An Act to amend and re-enact an act entitled “an act concerning
trustees, their qualification, sales made by trustees under order or decree of
court, their compensation in such cases,’ approved March 19, 1920, and to
enlarge said act so as to validate sales, and deeds made in pursuance thereof,
by trustees who were stockholders, officers or directors of corporations, under
deeds of trust given to secure debts due to such corporations. [S B 284] .

Approved March 24, 1932

1. Be it enacted by the general assembly of Virginia, That an act
entitled “an act concerning trustees, their qualification, sales made by
trustees under order or decree of court, their compensation in such
cases,” approved March nineteenth, nineteen hundred and twenty, be
amended and re-enacted, and that the same be enlarged so as to vali-
date sales, and deeds made in pursuance thereof, by trustees who were
stockholders, officers or directors of corporations, under deed of trust
given to secure debts due such corporations, all of which shall read as
follows:

First. The mere fact that a trustee in a deed of trust to secure a
debt due to a corporation is a stockholder, officer, or director, in such
corporation, does not disqualify such trustee from exercising the
powers conferred on him by such trust deed.
Second. All sales heretofore made by such trustees by virtue of
such deeds of trust, and all deeds made by such trustees in pursuance
of such sales, shall be held, and the same are hereby declared to be,
valid and effective in all respects, if otherwise valid according to laws
then in force, the same as if such trustees had not been stockholders,
officers or directors of the corporations thereby secured.