|
|
SEC, 5. And be it enacted, That said corporation shall
not issue any capital stock; its property and funds must be
derived exclusively from gifts, voluntary contributions, and
the fees paid by students receiving instructions therein.
|
No capital
stock.
|
|
|
|
SEC. 6. And be it enacted, That the said corporation shall
have its members, in addition to the persons named as incor-
porators in the first section of this act, all such persons as may
be, at any legal meeting of the corporation, nominated and
elected members, in pursuance of its by-laws; and also all
such persons as shall have contributed to said corporation the
sum of one hundred dollars or upwards at any one time.
|
Membership.
|
|
|
|
SEC. 7. And be it enacted, That until the annual meeting
hereinafter provided for, the concerns of said corporation shall
be managed by the incorporators herein named; and for the
purposes of succession and the continuance of the existence of
said corporation, there shall be held, annually, a meeting of
the members of said corporation on the third Wednesday in
May, in each and every year, for the purpose of electing a
board of directors, of which meeting due notice shall be given
to all persons interested in said corporation either as directors,
members or contributors thereto or therein. At the first
annual meeting held there shall be elected twelve directors to
manage the concerns of said corporation, who shall be divided
into three elapses, that is to say : One class of four directors to
serve for one year, another class of four directors to serve
for two years, and a third class of four directors to serve for
three years, or until their successors are elected and qualified
respectively; and thereafter at each succeeding annual election
there shall be elected four directors to serve for three years, or
until their successors are elected and qualified, so that the said
board when organized, annually, shall always consist in part of
eight directors of the old and preceding board. At such
elections all such persons as have been elected members
of said corporation, shall be entitled to one vote each for such
directors, and also all persons who shall have contributed the
sum of twenty-five dollars to the funds of said corporation at
least three months before said election, shall be entitled to one
vote fur such directors for each twenty-five dollars which he
shall have so contributed; and the incorporators herein named
or a majority of them, shall be the judges of the first election
The twelve persons receiving the highest number of votes at
said election shall be declared the directors for the terms
herein provided for, and the respective term for which each
|
Board of
directors.
|
|
