CHAPTER 316

An Act to amend and reenact § 2 of Chapter 189 of the Acts of Assembly
of 1946, approved March 9, 1946, relating to investment and expendi-
ture of funds held by the trustees of Margaret Academy. ,

[S 225]

Approved March 15, 1960

Be it enacted by the General Assembly of Virginia:
1. That § 2 of Chapter 139 of the Acts of Assembly of 1946, approved
March 9, 1946, be amended and reenacted as follows:
§ 2. Except as otherwise provided by this section, 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 effective 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 Coun-
ties, 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 of such counties. The trustees may, with the
approval of the judge of the Circuit Court of the County of Accomack, ex-
pend the principal of such funds for such purposes when they deem it to be
for the best interests of the citizens of such counties.