Chap. 139.—An ACT to reduce the number of trustees of Margaret Academy, and
to provide how such trustees shall be appointed; and to confer certain powers
and impose certain duties upon such trustees with respect to trust funds held
by them. [S B 135}

Approved March 9, 1946

Be it enacted by the General Assembly of Virginia:

1. Section 1. The board of trustees of Margaret Academy, con-
stituted by an act of the General Assembly of seventeen hundred eighty-
six, is hereby continued; but the number of such trustees shall be five
instead of fourteen, three of whom shall be from the County of Acco-
mack, and two from the County of Northampton. Any trustee in office
on July one, nineteen hundred forty-six, shall hold office for a term of
four years from that date, and any vacancies existing at that time shall
be filled for terms of four years by the judge of the circuit court of the
County of Accomack by an appropriate order entered of record in the
clerk’s office of such court. After such vacancies have been filled, any
further vacancies, whether created by death, resignation or otherwise,
shall be filled for the unexpired terms by a majority of the remaining
trustees. All appointments shall be made in such manner that at all times
not more than three trustees shall be from the County of Accomack and
not more than two from the County of Northampton. Three trustees
shall constitute a quorum for the transaction of any business.

Section 2. All funds held by the trustees of Margaret Academy,
including the proceeds of the sale of the real estate of the academy and
all income received by the trustees from investments prior to the effec-
tive date of this act shall be kept invested by such trustees in safe, income
producing securities, and the income derived therefrom shall be used by
the trustees in the support, maintenance and operation of such schools,
libraries, hospitals and institutions operated for the benefit of the general
public of Accomack and Northampton counties, or any one or more of
them, as the trustees, with the approval of the judge of the circuit court
of the County of Accomack, shall deem for the best interest of the citizens
ol such counties.

Section 3. An accounting of all funds in the hands of the trustees
shall be made annually, or at such other time or times as the circuit
court of the County of Accomack may direct, with the commissioner of
accounts of the court, and shall be duly filed and recorded as in the case
of accounts of fiduciaries.