Chap. 37. An ACT to amend and re-enact an act entitled “An act to authorize
the trustees of the Shenandoah Valley Academy, of Winchester, Virginia,
to contract a debt and to secure the payment of the same by deed of trust
on real estate held by said trustees,’ approved September 13, 1933, so as
to authorize the trustees of the Shenandoah Valley Academy, of Winchester,
Virginia, to contract debts and to secure the payment of the same. [S B 23]

Approved January 15, 1937

1. Be it enacted by the General Assembly of Virginia, That an
act entitled “An act to authorize the trustees of the Shenandoah Valley
Academy, of Winchester, Virginia, to contract a debt and to secure
the payment of the same by deed of trust on real estate held by said
trustees,’ approved September thirteenth, nineteen hundred and thirty-
three, be amended and re-enacted so as to read as follows:

Section 1. The trustees of the Shenandoah Valley Academy, of
Winchester, Virginia, and their successors, or a majority of them be,
and they are hereby, authorized to borrow a sum of money not exceed-
ing twenty-five thousand dollars, at a rate of interest not exceeding
six per centum per annum, and for such length of time and upon
such terms as said trustees, or their successors, may deem best, and
to secure the payment of the same by a deed of trust or deeds of
trust on the real estate held by the said trustees for the said Shenandoah
Valley Academy, and by policies of fire insurance on the buildings
thereon.

The said trustees, or their successors, or a majority of them, are
hereby authorized to execute a note or notes, bond or bonds, for the
money herein authorized to be borrowed, with or without interest
coupons attached. The said evidences of debt shall be signed by the
said trustees, or a majority of them, or by such officer or officers,
of the said board of trustees as said board may direct; but the deed
or deeds of trust shall be executed by at least a majority of the
trustees, or their successors. There shall be no personal liability
upon the said trustees or their successors, or any of them for the
payment of the debt evidenced by said note or notes, bond or bonds,
or interest coupons thereon, or any action taken in good faith under
authority hereof. |

The proceeds of said loan or loans shall be used for the payment
of existing debts, or for such improvements to the real estate of the
Shenandoah Valley Academy as the said trustees may deem advisable.
The said note or notes, bond or bonds, may be secured by a deed of
trust or deeds of trust creating a first lien on the said real estate,
or in part by a first lien and in part by a second lien, as the said trustees
may deem best.

If the said trustees, or their successors, of the Shenandoah Valley
Academy, shall be hereafter incorporated, the said corporation shall
have all the rights, powers and authority granted by this act.

2. An emergency existing, this act shall be in force from its
passage.