CHAPTER 496

AN ACT to amend the Code of 1950 by adding a section numbered
22-107.1, permitting Literary Loans to be made in certain
cases; and to validate certain loans heretofore made.

[S 356]

Approved April 7, 1950

Be it enacted by the General Assembly of Virginia:

1. That the Code of 1950 be amended by adding a section num-
bered 22-107.1 as follows:

§ 22-107.1. Notwithstanding any other provision of this chap-
ter, any school board is authorized to borrow, and the State Board
of Education is authorized to lend, moneys belonging to the Liter-
ary Fund, for the construction of school buildings on leased prop-
erty; provided that any such loan has been made on the same tract
involved heretofore, and provided further that such lease is for a
term of not less than ninety-nine years. No such loan shall be
made in any such case unless the lease contains the privilege of
renewing the same for an additional period of ninety-nine years
and unless the property is held in fee simple by trustees for educa-
tional purposes.

All of the provisions of this chapter shall apply mutatis
mutandis to loans made under the provisions of this section.
2. All loans heretofore made for the construction of school build-
ings on leased property conforming to the provisions of this act
are hereby validated.

3. An emergency exists and this act is in force from its passage.

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