554 CORPORATIONS. [ART. 23

as other certificates of incorporation are in this article directed
to be acknowledged and recorded, and thereupon all the prop-
erty and assets belonging to said former separate corporation,
and all their powers and rights and all the debts and liabilities
of said former separate corporations shall be devolved upon
said new consolidated corporation; and every devise and
bequest in favor of either of the former separate corporations,
which it would have been capable of taking, shall devolve upon
said new consolidated corporation, which shall be regarded as
substituted by operation of law in the place and stead of said
former separate corporations.

1888, art. 23, sec. 40. 1886, ch. 37.

48. The president and directors, or trustees or managers;
for the time being, of any corporation of any of the descrip-
tions mentioned in class one, that has been or may be formed
under any general or special law of this State, for any educa-
tional, literary, sanitary, charitable, benevolent or other purpose
in said class one, shall, for the purpose of maintaining due
succession in such corporation, be accounted to be corporators
and members of such corporation.

Ibid. sec. 41. 1886, ch. 49.

49. When the value of the property owned by any charitable
or benevolent society or corporation, incorporated under any
general or special law of this State, or the income of such
charitable or benevolent society from such property was, when
the said property was acquired, within the limit or limits pre-
scribed by law for the tenure and enjoyment of such property
or income, but has thereafter increased in value, such benevo-
lent or charitable association or corporation may lawfully hold,
enjoy, use and deal with the increased value of said property
or property derived therefrom, or with the increased income
derived therefrom, for its said charitable and benevolent pur-
poses, in the same manner and to as full an extent as it might
have enjoyed, used or dealt with said property or income, if
the value of said property, or the amount of income derived
therefrom, had not so increased.

General Regulations.

Ibid. sec. 42. 1868, ch. 471, sec. 37. 1876, ch. 349. 1890, ch. 339.
1892, ch. 39. 1894, ch. 557.

50. Any five or more persons, citizens of the United States,
and a majority of them citizens of this State, who may desire