« ПретходнаНастави »
Any number of persons not legs
der this act.
Privileges and powers.
Value of corpo
property to organization.
Appraisers, ball be sworn.
the purpose of promoting education, religion, morality, agriculincorpora com umbo ture, manufacturing or the fine arts, may, by complying with tho
provisions of this act, become a body corporate and politic, with perpetual succession, and may assume a corporate name, by which they may sue and be sued, plead and be impleaded, in all courts of law and equity, may have a corporate seal, and the same alter or break at pleasure; may hold all kinds of estate, real, personal or mixed, which they may acquire, by purchase, donation, devise or otherwise, necessary to accomplish the objects of the corporation, and the same to dispose of and convey at pleasure.
SEC. 2. To ascertain the property and value thereof of any be appraised a pon institution desirous of becoming a body corporate under the provi
sions of this act, it shall be the duty of the probate judge of any Druty of probato: county of this Territory, on application in writing of any num
ber of persons, of whom not less than five shall be resident freeholders of the county where such application is made, and where
such institution is or is intended to be located, setting forth the Frocholders.be objects for which they desire to become incorporated, to select
three judicious, disinterested freeholders of the county, and voters therein, as appraisers, who shall first take an oath for the faithful discharge of their duties, before some competent officer; and such appraisers shall then proceed to make a schedule, and, upon actual view, to appraise the true value in money of all such goods, chattels, lands and tenements, choses in action, rights, credits and subscriptions as such applicants shall exhibit to such appraisers, and shall return such schedule with their appraisement, and a certificate of some ollicer authorized to administer oaths, that such appraisers were first duly sworn by him to discharge their duties as such appraisers, to the probate judge of the proper county, and if the amount so found shall be equal to the
sum required for the commencemøpt of any such institution as Certificato e poi said applicants desire, such probate judge shall-ġive such appli
.cants a certificate of the fact, and they shall enter it in a book of records by them provided for that purpose, which, together
with their corporate name, and the articles of association, they To be recorded in shall also cause to be recorded in the recorder's office of the
county where such institution is or is intended to be located, and they shall thenceforward be a body corporate and politic, according to the provisions of this act; and such probate judge, appraisers and recorder, shall be entitled to the same fees as for like services in other cases, and no more.
judge to be rocorded.
trustees or more.
must at all
power to appoint president, profes
Sec. 3. The corporators of any college or university, which may have five may be organized in accordance with the provisions of this act, my elect five or more trustees, of whom not less than five shall be resident freeholders of the county where such college or university is located, who shall constitute a board of directors for such institution, and they shall have power to fill vacancies that may Have power to 611 occur in their board, and shall hold their offices until their successors are elected and qualified according to the rules and bylaws that may be adopted by the board of trustees; but, at all Five of the hoard times, at least five of such board of trustees shall be resident holders of the freeholders of the county where such institution is located; and wlien any such board, in their corporate name, shall have acquired, for the benefit of such institution, five thousand dollars in real and personal property, to be ascertained as hereinbefore When to have provided, said trustecs shall have power to appoint president, bors, &c. professors, tutors and teachers, and any other necessary agents and officers, and fix the compensation of each, and may enact such by-laws, not inconsistent with the laws of this Territory or Nay enact byof the United States, for the government of the institution, and for conducting the affairs of the corporation, as they may deem necessary, and shall have power to confer, on the recommendation of the faculty, all such degrees and honors as are conferred Confer degrees. by colleges and universities of the United States, and such, having reference to the course of study and the accomplishment of the students, as they may deem proper.
Sec. 4. In case it should happen that an election for directors Failure to cleot should not be held on the day appointed by the by-laws of any dissolve oompsinstitution or company formed under the provisions of this act, such corporation shall not, for that reason, be deemed to be dissolved, but it shall be lawful, on any other day, to hold a meeting and elect its directors, in such manner as shall be prescribed by the by-laws thereof.
Seo. 5. The trustees of any university, college or academy, May hold propormay hold in trust any property devised, bequeathed or donated to such institution, upon any specific trust consistent with the objects of said corporation.
Sec. 6. The president and professors shall constitute the fac- President and ulty in any literary college or university, instituted under the stitute fucults. provisions of this act, and have power to enforce the rules and regulations enacted by the trustees for the government and discipline of the students, and to suspend and expel offenders, as may be deemed necessary.
profossors to con
Ilow and sinier may be incorporated.
Any university or academy now
sions of this act.
Ses. 7. When any vumber of persons, not less than five, shall have procured, by subscription, donation, devise, purchase or othwise, the sum of five thousand dollars, for the purpose of estab
lishing and sustaining any academy, such persuns may adopt a Most register in corporate name, and enter the same in the recorder's office of the
proper county, and proceed to the election of such officers and teachers as they may deem necessary, and in their corporate name may sue and be sued, plead and be impleaded, in any court of law or equity of competent jurisdiction, and may have a corporate seal, may purchase and hold personal or real estate and dispose of the same at pleasure, and do all other acts and things necessary for the promotion of education and the general interests of such academy.
SEC. 8. Any university, college or academy now institutet, under the provi** may come under the provisions of this act by complying with the
requisitions herein contained, and all such institutions now in
existence, or that may hereafter be established, may connect Their privileges. therewith, to be used as a part of their course of education, ine
chanical shops and machinery, or lands for agricultural purposes, not exceeding six hundred and forty acres, to which may be ittached all necessary buildings for carrying on the mechanical or agricultural operations of such institutio:s.
Se. 9. Any company which may be formed in pursuance of this act, or which may now exist by virtue of any special act of incorporation, the property of which is held as stuck, and not derived by donation, gift, devise or gratuitous subscription, mily increase its capital stock or change it into scholarships, when it becomes necessary for the purpose of carrying out the object for which such company or corporation is formeid, in the following manner: The directors, for the time being, shall make out and sign a certificate, in which shall be set forth the amount to which such capital stock is to be increased, and the object, which eertificate shall be deposited in the ollive of the recorder of the proper county, and be by him recorded in the same manner as the articles of association and corporate name, and by this act required to be recorded.
Ses. 10. Before the captital stock of any such company shall be published, sigued increased, it shall be the duty of the directors to puitish a notice,
sigued by at least a majority of them, in a newsp.per of general circulation in the county in which suid institution is locatell, at least four consecutive weeks, appointing a time and place for holding a meeting of ihe stockholders of said company, specily
May increase capital stock or chance it into scholarships.
The directors to certify the am't and record it in the county records,
Before increase, notice must be
of the directors,
::res of stock
ing the object of such meeting, and the amount to which it is proposed to increase the capital stock thereof, and a vote of this of the at least two-thirds of the shares of the stock represented at such necessary to aumeeting, shall be necessary to an increase of its capital stock, and to authorize the directors to make and sign the certificate mentioned in the preceding section.
Sec. 11. Any university, college or academy that may become Stockholders in: a body corporate under the provisious of this act, the property of which is not derived by donation, gift, devise or subscription, but is owned by individuals in the shape of stock subscribed or taken, the owners of said stock shall be individually liable for the debts of said corporation, to the amount of their said stock respectively, and also in a sum equal thereto, over and above the amount of their stock. The trustees or directors of any corpo- Trustees shall ration organized under the provisions of this act, the property of both the story which is not owned by individuals in the shape of stock sub- poration. scriled or taken, but is held upon trust, or derired by devise, donation, gift or subscription, shall not contract any indebtedness beyond the actual means or assets of said corporation, and if said trustees or directors contract debts or incur liabilities beyond the means or assets of said corporation, tho trustees or directors so contracting shall be held liable in their individual Troyecto se capacity, for the payment of the same, but the property of said corporation shall first be exhausted.
SEC. 12. Any college, university or other institution of learn- Namo and locaing, now existing by virtue of an act of incorporation, or that changed by voto may hereafter become incorporated for any of the purposes specified in this act, may, if three-fourths of the trustees or directors thereof deem the same proper, and if said institution is owned in shares, or by stock subscribed or taken, then by a vote of threefourths of the stock or shareholders, change the location or damo of such institution, convey its real estate and transfer the effects thereof, and invest the same at the place to which such institution shall be removed: Provided, That no removal shall be No changa or roordered and no vote taken thereon, or name changel, until after spodaje polica publication in the same manner as herein required for the in- capital stucka crease of capital, in which notice shall be fully set forth the change of name or location of the institution proposed to be changed in nume or removal, and the place to which it is proposed to remove such institution, and, Provided, Also, that in case of removal, a copy of the articles of association, with the scoriatints worporate name of such institution, shall be recorded within the it is removid.
tion may bo
moral made, un
given required for increase of
Cory of articles
Manner of incorporating a collego
Three members must be residents of Territory.
A statement must be prepared showing amount of fund and its uses.
Statement must be subscribo by
presence of inagistrate
recorder's office of the county to which such institution may be removed.
Sec. 13. Whenever three or more persons desire to create a en daw ent trušt board of trustees to become incorporated, as the trustees of a col
lege endowment fund, they shall do so in the following manner, to wit: Whenever at any meeting, called for that purpose, the said persons, at least three of whom shall be residents of this Territory, not less than three in number as aforesaid, shall resolve to become a body politic and corporate, having a seal and a corporate name, whereby they may sue and be sued, in courte of justice in this Territory, they shall prepare a statement setting forth the name by which they shall be called, the amount of said fund, and the manner in which, and the distinct uses to which the said fund shall be applied, whether within or without this Territory, together with the names of the persons who shall
act as trustees, which said statement shall be subscribed by a!! pH the parents, in the persons composing said meeting, in the presence of some
magistrate or judicial officer having a seal, who shall attest the Must be recorded signing the same, and be recorded in the office of the recorder of order of doods. deeds in the county where said meeting was held; and thereupon
the persons named in said statement as trustees and their successors in office, shall become a body corporate and politic for the
purposes in said statement named and specified, and a certified Certified copy of copy of said record, under the hand and scal of the recorder of of corporate exis- said county, shall at all times be evidence of the existence of said
Sec. 14. That in any case, where, in the original statement in education, use the thirteenth section provided for, it is contemplated that the of probate court. fund may be applied to any object not inconsistent with the pur
poses of education, different from that particularly specified in said statement, the trustees above named, or their successors in office, may apply to the probate court in the county where the record hereinbefore provided for was made, for privilege to make, such change, designating particularly the purposes to which it is proposed to apply the same, and the said court, on being satisfied that such change is not inconsistent with the object of the original creation and institution of said fund, shall authorize and Banction said change.
Sec. 15. That the said board of trustees and their successora in office shall be a body corporate and politic, with perpetual
succession, and they shall hold their offices for such terms, and hold-' shall receive their appointments in such manner as shall be desig
When desired to change the fund
Shall be a bod, Corporate with perpetual aces uion.