Private Law 22–LXXXVI

That there shall be, and hereby are, granted to

Lots to be selected, &c.

the President and Directors of Georgetown College in the District of Columbia, lots in the city of Washington, to the amount, in value, of twenty-five thousand dollars, which said lots shall be selected and valued by the commissioner of the public buildings, when requested by the said president and directors; and when the said lots shall be

To be sold, &c.

so selected and valued, the same shall be vested in the said corporation, in fee simple, to be by them held and disposed of in the following manner; that is to say: The said corporation, by proper and lawful act or acts, under their corporate seal, shall sell and dispose of the said lots, as soon as reasonably practicable, for the best price or prices they can obtain, and shall vest the proceeds of the same in some public stock, or in stock of some incorporated bank.

Sec. 2.

And be it further enacted, That, when the lots aforesaid

Returns to be made by commissioner.

shall be selected and valued as aforesaid, the said commissioner shall make return of the numbers and description thereof to the clerk of the circuit court of the county of Washington; to be by him recorded among the records of the land titles in the said county.

Sec. 3.

And be it further enacted, That the proceeds of the sales

Use of proceeds, &c.

aforesaid, so to be vested, shall not be otherwise used by the said president and directors than as a capital, to be by them forever hereafter kept vested as aforesaid; and the dividends, or interest, thereupon accruing, shall, by them, be used and applied in the aid of the revenues of the said college, to the establishment and endowment of such professorships therein as now are, or hereafter shall be, established by said president and directors; and to and for no other purpose whatever.