Chap. 152.—An ACT to amend and re-enact Section 643, as amended, of the Code
of Virginia, relating to loans to county, city or town school boards from the
literary fund, to reduce the interest rate on such loans. [H 236]

Approved March 7, 1944

Be it enacted by the General Assembly of Virginia:

1. That section six hundred forty-three, as amended, of the Code
of Virginia be amended and re-enacted, as follows:

Section 643. Rate of interest on loans; payment in installments,
evidence of debt.—All loans whether made before, on, or after July first,
nineteen hundred forty-four shall bear interest at the rate of two per
centum a year, payable annually. The principal shall be payable in an-
nual installments from five to thirty years; provided that the time of
payment may be extended in the discretion of the State Board of Educa-
tion, and shall be evidenced by bonds or notes payable to the Common-
wealth of Virginia, for the benefit of the literary fund, executed or signed
by the chairman of the county, city or town school board and attested
by the clerk thereof. Payments of interest and principal shall be made
to the State Treasurer, and evidence of debt taken for such loans shall
be deposited with the State Treasurer and kept by him.