thereby created shall continue so long only as the said property shall be used for educational purposes only and in conformity with the terms of this Act.

Approved, April 23,1904.
The Columbia Military Academy opened for classes on August 28,1905.

Columbia Military Academy was originally founded as a stock company and remained so until 1949. This corporate organization of stock holders remained through several operating bodies. When one group would experience financial difficulties another would form to continue the school. Because of the original restrictions placed by the federal government which kept the physical plant separate from the school operation and governed by a separate board the property was never in danger.

The depression years of 1929-1931 brought bankruptcy to the administration of Cunningham and A. B. Tarpley. The enrollment had dropped to less than two hundred and two months before the end of the school term the

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