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CHAPTER 430 AN ACT DESIGNATING SUCCESSOR TRUSTEES OF THE EDEN- TON ACADEMY CREATED BY CHAPTER 39, PUBLIC LAWS OF 1800, AND AMENDED BY CHAPTER 4, PUBLIC LAWS OF 1844, AND AUTHORIZING SUCH TRUSTEES TO EXECUTE A CON- VEYANCE OF CERTAIN SCHOOL PROPERTY BOUNDED BY QUEEN AND CHURCH STREETS IN THE TOWN OF EDENTON TO THE EDENTON CITY BOARD OF EDUCATION. The General Assembly of North Carolina do enact:
The Trustees of Edenton Academy named in Section 1 of this Act are hereby authorized and empowered to convey in fee simple to the Edenton City Board of Education any real estate now owned by the said Board of Trustees of Edenton Academy and particularly that piece or parcel of land in the Town of Edenton conveyed by David Young and wife, Elizabeth Mary Young, Samuel Russell Clarkson and Dorothy Skinner to Samuel Johnston, et al, as Trustees of said Edenton Academy, and their successors forever, said deed being dated May 14, 1800, and being duly recorded in the office of the Register of Deeds for Chowan County in Deed Book BNo. 2 on pages 176 et seq; and being the same property leased by the Board of Trustees of Edenton Academy to the Trustees of Edenton Graded Schools by lease dated September 15, 1903, renewed for a period of 50 years after its expiration on September 15, 1923, said renewal lease being duly recorded in the office of said Register of Deeds in Deed Book M at page 575 et seq. The Trustees of Edenton Academy named in Section 1 of this Act are likewise authorized and empowered to quitclaim and release to the Edenton City Board of Education any reversionary interest which they now have or may have at any time in the future in and to the property leased by the Trustees of the Edenton Academy to the Board of Trustees of the Edenton Graded Schools by the lease and renewal thereof referred to in this Section, and they are likewise fully authorized and empowered to withdraw and cancel any and all conditions contained in said lease as to the use of said property for school purposes for the white race or for the purpose of education of the white race, so that the said City Board of Education may sell and convey an indefeasible and unconditional title in fee simple to said property in the event the same is abandoned for use as school property: Provided, however, that in the event of a sale of such property by the Edenton City Board of Education, the proceeds from the sale thereof shall be used for the purpose of purchasing another school site or for such other educational purposes as may be determined by said City Board of Education, and said proceeds shall be used for no other purpose.