Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1921-01-28
SUIT TO ESCHEAT
THE WALTERS FUND
County Board of Education Insti-
tutes Action to Secure Ben
eft for County High School

come up for hearing at the forthcom-
ing February term of circuit court
The suit largely affects educational
interests of Richmond and in the pc
tition which is filed by Attorneys II
G.. Oldham and John holland, on be-
half of the Madison County Board of
Education, much of the educational
history of the city in recent years is
recitcd. The petition alleges that un-
der laws, it cites, the Walters Fund
has been cscheated to the county.
The petition in full, reads as follows:
Madison Circuit Court.
Board Of Education of Madison
County, Ky, Plaintiff.
VS.. Petition in Equity.
The Walters Collegiate Institute,
Of Richmond, Ky, Plaintiff.
The plaintiff, the Board of Educa-
ton of Madison county, Ky, states
that the defendant, the Walters Col
lcgiate Institute of Richmond, KY,
is a corporation created and existing
by virtue of the laws of the state of
Kentucky, and is empowered by char
ter and by such laws to sue and be
sued, contract and be contracted with
and to conduct the business of operat-
ing and maintaining in Richmond and
in Madison county, Kentucky, col
legiate institute.
Plaintiff says that section 323 Of
the Kentucky Statutes, Carroll's cdi-
tion of 1915, provides as follows:
'If any society holding lands shall
dissolve, the title to such land and
appurtenances shall invest in the
trustees of the county seminary in
which the land may lie, for the use
OF such seminary; and if there be no
such seminary, then in the county
court, for benefit of the common
schools in the county. The provis-
ion of this chapter shall not apply to
the socalled Shakers who shall have
the same right to acquire and hold
real estate as they have had prior to
the passage of this law"
Plaintiff says that section 1872 of
the present Constitution of kentucky,
provides as follows:
"No corporation shall engage in
business other than that expressly
authorized by its charter, or the law
under which it may have been or may
hereafter be organized; nor shall it
hold any real estate except such as
may be proper and necessary for car
rying on its legitimate business for a
longer period than five years under
penalty of cscheat."
The plaintiff says that the defend
ant corporation was created in the
year 1901 as indicated by it's articles
of incorporation which are on record
in the Office of the clerk of the Mad
iSon county court, in Deed Book No. |
81, on page 4S, ana that certified copy |
of said Articles of Incorporation arc
filed herewith as part hereof mark |
ed Exhibit A; that first amended ar
ticlcS of incorporation of defendant !
corporation herein are also there re- /
corded in Articles of Incorporation /
book, Vol. /, on page 53, and that GER !
titled copy of said amended articles is |
filed herewith as part hereof and ,
marked Exhibit b; that second /
Amended Articles of Incorporation of !
said defendant corporation are also
there recorded in Articles of Incor-
poration book, Vol. 1, on page 81, and
that certified copy of said second
amended articles is filed herewith as
Il part hereof and marked Exhibit G..
Plaintiff says that in about the year
1874 that college was organized to
be conducted in Richmond, and that,
by special act of the Kentucky Legis-
lature, the said college was incoipor-
ated as The Central University of
Kentucky; that said college was or
ganized by and through the efforts of
the Southern Presbyterian Synod of
Kentucky; that said college did oper-
ate in Richmond, Ky., until near or
about the year 1901 at which time
said Central University was consoli-
dated with Centre College and the
school removed from Richmond, KY,
to Danville, Ky. At the time said
school was moved from Richmond,
KY, there was peaceable and salts
factory agreement as to the adjust
ment of the property rights of the
people in what was then and to this
day known as the college campus
property in Richmond, KY. A good
many private subscriptions had been
made by citizens resident of Rich
mond, KY, and Madison county, who
were interested in the cause of higher
Continued on 9th page) e