A. W. BRADFORD, ESQUIRE, GOVERNOR.

holding scholarships in said Seminary, to transfer
the same, for a period not exceeding ten years
from the time that this act is to take effect, to any
number of persons not exceeding twelve, that
shall undertake to pay off or assume the payment
of the debts of said Seminary, contracted for build-
ing and other purposes, and now represented
mainly by notes of said Seminary, secured by
several of its trustees ; the said transfers, their
executors, administrators and assigns, to have and
enjoy the benefits and advantages of said scholar-
ships, in proportion to the amount of debts they
shall respectively pay off or assume to pay during
said period, or any less or greater period agreea-
bly to the provisions hereinafter contained, the
said avails of said scholarships, to be annually
applied to the payment of the interest and princi-
pal of. said debt.

307

Sec. 2. And be it enacted, That each and every
person so undertaking to pay off said debt, or as-
suming the payment thereof, shall have a credit
if he enters a boarding pupil in said Seminary,
on the account for buarding, tuition, &c., at the
rate of one hundred dollars per year, on a debt of
one thousand dollars so paid off or assumed by
him, to be applied as a credit on interest and prin-
cipal of said debt so paid or assumed by him, and
in case he enters a day pupil therein, he shall
have the right to apply the whole bill of tuition,
&c., annually to said debt.

Payment of
debt; pupils,
tuition, &c.

Sec. 3. And be it enacted, That in case the debts
so paid off or assumed to be paid, shall not be re-
imbursed, principal and interest, to the persons
so paying or assuming to pay the same from the
avails of the scholarships and credits as aforesaid,
or from any other means which the said Seminary
may command and apply in the said period of ten
years, the time for such reimbursements may, with
the consent of a majority of said scholarship hold-
ers, be extended on such terms and to such a pe-
riod as may then be determined by them as suffi-
cient for that purpose.

Extension of
scholarships.

Sec. 4. And be. it enacted, That as soon as the
said debt so paid off or assumed, shall have been
reimbursed in the manner aforesaid, principal and
interest, to the persons so paying or assuming to

When debt is
reimbursed or
issumed, the
scholarships to
be delivered to
owners.