Chap. 36.—An ACT to amend and re-enact section 2 of an act entitled an act to
authorize and empower the State Board of Education to waive or modify
certain statutory limitations and restrictions on making loans from the literary
fund to county and city school boards, and to confer on the State Board of
Education discretionary powers in lending money from the literary fund to
school boards, for the purpose of enabling school boards to meet, to comply
with and take advantage of the provisions of an act of the Congress of the
United States, known as the National Industrial Recovery Act, approved
June 16, 1933, approved September 13, 1933. [S B 111]

Approved February 20, 1934

1. Be it enacted by the General Assembly of Virginia, That section
two of an act entitled an act to authorize and empower the State Board
of Education to waive or modify certain statutory limitations and re-
strictions on making loans from the literary fund to county and city
school boards, and to confer on the State Board of Education discre-
tionary powers in lending money from the literary fund to school
boards, for the purpose of enabling school boards to meet, to comply
with and to take advantage of the provisions of an act of the Congress
of the United States, known as the National Industrial Recovery Act,
approved June sixteenth, nineteen hundred and thirty-three, approved
September thirteenth, nineteen hundred and thirty-three, be amended
and re-enacted so as to read as follows:

Section 2. The State Board of Education, may in its discretion,
waive or modify the provisions of section six hundred and forty-two
of the Code of Virginia as follows: it may increase the ratio of loan
to total cost from two-thirds cost of the schoolhouse and addition
thereto, to such an amount as the State Board of Education in its dis-
cretion may deem wise; it may increase the amount of loan from twenty-
five thousand dollars on any one project to fifty thousand dollars; pro-
vided, however, that on and after July first, nineteen hundred and
thirty-four, no such loan shall exceed the sum of twenty-five thou-
sand dollars, unless it be a loan applied for, and approved by the State
Board of Education, prior to that date.