Pennsylvania Act 1881-138 — SUPPLEMENTARY ACT, PRIVATE SCHOOLS

Act text

SUPPLEMENTARY ACT, PRIVATE SCHOOLS
                 Act of Jun. 10, 1881, P.L. 119, No. 138              Cl. 24
                               A SUPPLEMENT

     To an act of assembly, approved the eleventh day of April, Anno
        Domini one thousand eight hundred and sixty-two, entitled "A
        further supplement to an act, entitled 'An act for the
        regulation and continuance of a system of education by common
        schools,' approved the eighth day of May, Anno Domini one
        thousand eight hundred and fifty-four," authorizing the
        appointment of trustees for the better preservation of the
        funds and estate transferred to any school district by the
        trustees of any academy or seminary.

        Section 1.  Trustee of property conveyed to school district
     by academy or seminary; appointment; duties and compensation
        In all cases where the trustees of any academy or seminary of
     this Commonwealth, which received money or land therefrom for
     educational purposes, have conveyed the real estate, buildings
     and property and funds of, or belonging thereto, to the board of
     directors, and their successors in office, of the common schools
     of the district in which the main building thereof was situated,
     in pursuance of the authority contained in section sixteen of
     the act of April 11, 1862, and when the amount or value of such
     estate, real and personal, still remaining unused and unexpended
     by the said school district, exceeds ten thousand dollars
     ($10,000), it shall be the duty of the court of common pleas of
     the proper county, upon the petition of the majority of the
     board of school directors of said school district presented for
     that purpose, to appoint a suitable person as trustee of said
     estate thus transferred and still remaining unexpended, who
     shall receive the same, collect the money due upon the
     securities and convert the stock into money, if deemed for the
     best interest of the district, and invest and keep invested,
     from time to time, all moneys received or collected at interest
     in bonds or mortgages upon real estate or in the interest-
     bearing debt of the State or of the United States, as may be
     approved by said court, and pay over the interest or income
     thereof regularly to the treasurer of said school district for
     the purposes aforesaid, first deducting therefrom all reasonable
     expenses attending the execution of the trust, including a
     compensation to said trustee, not exceeding four per cent upon
     the income received.  1881, June 10, P.L. 119, Sec. 1.
        Section 2.  Bond of trustee; accounting by trustee; removal
     of trustee; appointment of successor on vacancy in office
        Before the said trustee or his successors in the trust shall
     receive any part of said money, securities or stocks, he shall
     give bond to said district in such sums and with such sureties
     as shall be approved by said court, conditioned for the faithful
     performance of all duties pertaining to said trust and paying
     and delivering over to his successor therein or other party
     legally entitled to receive the same all moneys and securities
     received and held by him as trustee; and he shall, on the first
     day of the first term of each year, exhibit to said court a
     full, true and correct account in writing, under oath, of his
     management of said trust fund, how and in what securities the
     same is invested, and the rates of interest received thereon,
     which account, when examined and approved by the said court,
     shall be filed with the records thereof. Said court shall also
     have the power, at any time upon sufficient cause shown, to
     remove said trustee or require of him additional sureties for
     the performance of his trust, and shall, whenever and as often
     as a vacancy occurs by reason of such removal, or the death or
     resignation of said trustee, appoint a suitable person as his
     successor; and said trustee shall in all respects be subject to
     the control and jurisdiction of said court, in like manner as
     other trustees under existing laws. 1881, June 10, P.L. 119,
     Sec. 2.