CHAPTER 635

An Act to amend the Code of Virginia by adding a section numbered
22-101.1:1, and to appropriate the sum of ntne hundred thousand
dollars from the “Sinking Fund” to the Literary Fund, and to amend
and reenact § 22-101.2 of the Code, relating to annual transfers from
the Literary Fund to the Virginia Supplemental Retirement ey eeot

Approved March 31, 1956

Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia be amended by adding a section numbered
22-101.1:1, so as to appropriate additional monies from the “Sinking
Fund” to the Literary Fund, and to amend and reenact § 22-101.2 of the
Code, relating to annual transfers from the Literary Fund to the Virginia
supplemental Retirement System, the new and amended sections being as
ollows:

§ 22-101.1:1. Appropriation to Literary Fund from Sinking Fund.
—There is hereby appropriated to the Literary Fund from the Sinking
Fund provided for by Chapter 1 of the Acts of the General Assembly,
Extra Session, Nineteen Hundred and Forty-two, approved October one,
Nineteen Hundred and Forty-two, the sum of Nine Hundred Thousand
Dollars. The State Comptroller, the State Treasurer and the Treasury
Board shall take such action as may be appropriate or necessary to
transfer said sum from the Sinking Fund to the Literary Fund as and
when the State Board of Education may call upon them so to do. The
State Board of Education shall not call for the transfer of funds under
this section until they are needed to meet applications from the school
boards of the counties, cities and towns for loans from the Literary Fund.

§ 22-101.2. Annual transfers from Literary Fund to Virginia Sup-
plemental Retirement System.—On the first day of July, nineteen hundred
and fifty-one, and on the first day of July of each year thereafter up to
and including the year nineteen hundred and sixty-one the sum of eight
hundred and sixty-five thousand dollars shall be transferred from the
principal of the Literary Fund in excess of ten million dollars to the
Virginia Supplemental Retirement System for actuarial requirements of
the State reserve fund and the State annuity accumulation fund as pro-
vided in the Act establishing the Virginia Supplemental Retirement Sys-
tem for public school teachers, and on the first day of July of the year
nineteen hundred and sixty-two and on the first day of July of each year
thereafter up to and including the year nineteen hundred and sixty-six
there shall be transferred from the principal of the Literary Fund in
excess of ten million dollars to the Virginia Supplemental Retirement
System for the same purpose the sum of * four hundred and seventy-seven
thousand dollars. The sums hereby directed to be transferred from the
Literary Fund to the Virginia Supplemental Retirement System shall be
in addition to any other sum directed by law to be so transferred. The
State Comptroller, the State Treasurer and the State Board of Education
shall take such action as may be appropriate or necessary to transfer the
sums mentioned in this section from the Literary Fund to the Virginia
Supplemental Retirement System on the dates specified herein.

2. An emergency exists and this act shall be in force from its passage.