WILLIAM GRASON, ESQUIRE, GOVERNOR.

1840.

tion of the State of Maryland or of the United States, and
they shall have power to take, hold and possess any estate,
real, personal or mixed, by subscription, gift, grant, pur-
chase, devise or otherwise, and the same to improve, lease,
exchange, or sell and convey at pleasure; provided, that the
value of real estate held at any time by the said corpora-
tion shall not exceed one thousand dollars over anil above
the amount necessary for the requisite buildings, chemical,
philosophical and pharmacutical apparatus, library and
other appurtenances to the objects specifically contempla-
ted by this act.

CHAP. 32.

May hold pro-
perty.

Limit.

SEC. 2. And be it further enacted, That the officers of said
college shall be a president, two vice presidents, secretary,
treasurer, and a board of three examiners, which said offi-
cers collectively shall constitute a board of trustees, of
whom five shall form a quorum for the transaction of busi-
ness for the time being, who shall have the control and di-
rection of the funds of the corporation, the appointment of
professors or lecturers, and all the subordinate officers of
the college, and shall issue certificates of membership,
adopt rules and regulations for the examination of candi-
dates and grant diplomas.

Officers.

Their duties.

SEC. 3. And be it further enacted, That an election shall
be held semi-annually by the members present at general
meetings to be held in July and January of each and every
year, (after July eighteen hundred and forty-one) for the
election of officers by ballot, viz. for president, secretary,
treasurer, and of the board of examiners in July, and for
two vice presidents and the other two examiners in Janua-
ry, which said officers shall hold their respective, offices for

the term of one year, or until others shall be elected to suc-
ceed them; in case of death or resignation, the board of
trustees shall have power, to till the vacancy or vacancies
by the election of any member of the college to fill the va-
cancy for the unexpired term of said officer, no individual
shall be elected as a trustee of said college unless he is a
member of the same.

Semi-annual e-
lection of offi-
cers.

Term of office.

Fill vacancies.

SEC. 4. And be it further enacted, That the treasurer
shall give bond for the faithful performance of the duties
of his office, and shall render accounts of his transactions
therein as often as he may be requested by the board of
trustees, in such sum, and with such sureties as may be ac-
ceptable to the said board.

Treasurer to
bond, &c.

SEC. 5. And be it enacted, That nothing herein contained
shall be so construed so as to authorise the said corpo-
*3

Banking forbid.