§18-9-5 School fund; board of the school fund; investment of school fund; acquisition, etc., of real estate. - West Virginia Statutes

§18-9-5. School fund; board of the school fund; investment of school fund; acquisition, etc., of real estate.
All such sums as have accrued to this state from the several sources enumerated in section 4, article XII of the constitution, not in excess of one million dollars, shall be set apart as a separate fund to be called "the school fund," and the governor, state superintendent of free schools, auditor and treasurer shall be a corporation under the name of "the board of the school fund," and shall have the management, control and investment of said fund, as provided by section 4, article XII of the constitution. Such fund shall be invested in the interest- bearing securities of the United States, or securities, the payment of which as to both principal and interest, has been guaranteed by the United States, or of this state, or of any county, city, town or village, or school district of this state, or if such interest-bearing securities cannot be obtained, then such fund shall be invested in such other solvent interest- bearing securities as shall be approved by such board. The governor shall be president of the board, and in his absence the board shall choose one of the number to preside temporarily in his place. The auditor shall be secretary of the board. The state treasurer shall be custodian of all investments made by such board. A record shall be kept of all the proceedings and be signed by the president and secretary, and a copy thereof, certified by the secretary of the board, shall be evidence in all cases in which the original would be. A majority of the board shall constitute a quorum for the transaction of business.

The board may acquire, own, hold, use, receive rents and issues from, dispose of and convey, real estate, subject to the following limitations, and for the following purposes:

(a) Such as shall have been mortgaged to it, or conveyed to trustees, as security for debts in its favor;

(b) Such as shall be conveyed to it in satisfaction of debts, or in partial payment of debts, previously contracted;

(c) Such as it has heretofore purchased, or shall hereafter purchase, at sales under judgments, decrees, trust deeds or mortgages in its favor, or shall purchase at private sale, to secure and effectuate the payment of debts due to it.

Any real estate acquired by the board under clauses (b) and (c) shall be disposed of by the board at the earliest practicable date, but the board shall have a reasonable discretion in the matter of the time to dispose of such property in order to prevent unnecessary losses; and such property, in the discretion of the board, may be sold either at public sale or at private sale and for cash or on such terms as the board may deem expedient.

(d) The board shall have full power and authority to extend the time for the payment of the principal or interest, or both principal and interest or any part thereof, of any interest- bearing securities in which the fund may have been invested prior to March fourth, one thousand nine hundred thirty-three, as in the discretion of the board it may deem proper and expedient.

(e) The board shall have full power and authority to make such adjustments, deductions, settlements and compromises as in its judgment may be deemed reasonably equitable and expedient under all circumstances with respect to any loans or investments made by it prior to the fourth day of March, one thousand nine hundred thirty-three. In the exercise of this power and authority, the board shall give preference to such loans and investments as are not represented by the securities of the United States, this state or any political subdivision of this state.