JOHN WALTER SMITH, ESQ., GOVERNOR.

vacancy caused by the death, resignation or removal of a
member before the expiration of his term, in which case said
newly elected member shall hold membership only for the
balance of the full term for which he has been elected, and all
members shall be eligible for re-election at the expiration of
their respective terms.

43

SEC. 4. And be it enacted, That the said board of trustees
shall have the power to acquire by gift, devise or otherwise,
the shares or certificates of stock of the "Stockholders of the
Anne Arundel County Academy" heretofore issued; and
when all of said shares shall have been acquired as aforesaid,
they shall be cancelled, so that this corporation shall then
have no capital stock, but that all of its property shall be
held for educational purposes as herein provided; but until all
of said shares shall be held acquired as aforesaid by the said
board, any shares in any manner acquired by the said board
shall be held by the said board of trustees, or such person or
persons as it may designate, with all of the rights and powers
thereto belonging, including the right to vote.

Power to ac-
quire and can-
cel stock.

SEC. 5. And be it enacted, That no money or income
thereof, or property or proceeds of property hereafter received
by this corporation in any way, shall be used for dividend
purposes, nor be considered as assets upon which dividends
might be declared; but that such money or property so
received shall be used for educational purposes only as herein
provided; and all property of this corporation, however
acquired, shall be exempt and free from all State, county and
municipal taxes; provided, however, that nothing herein
contained shall be construed to prevent this corporation
from acquiring, improving, encumbering, disposing of or
otherwise dealing with any of its property, as it shall deem
necessary, for the purposes of this corporation as herein pro-
vided.

SEC. 6. And be it enacted, That Sections four, five, six,
seven, eight, nine, ten, eleven, twelve, thirteen, fourteen,
fifteen, sixteen, seventeen and eighteen of said Act of eighteen
hundred and fifty-six, Chapter two hundred and thirty-eight,
entitled an "Act to incorporate the 'Stockholders of the Anne
Arundel County Academy , ' " and all other parts thereof
inconsistent with this Act, be and the same are hereby repealed
as soon as the provisions of this Act are accepted and approved,
and the trustees of said corporation are elected , as provided in
Section three of this Act by the stockholders of said "Anne
Arundel Academy."

Dividends not
to be declared.