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which said persons, so nominated trustees of laid academy, and their successors, appointed in the
manner herein after declared, shall and they are hereby declared to be, one community, corporation
and body politic, to have continuation for ever, by the name of The Trustees of the Hagar's-town
Academy, and by that name to sue and be sued, implead or be impleaded, ana to make and have a
common seal, and the same to break, alter or renew, when and so often as they shall think fit.
II. AND BE IT ENACTED, That the said trustees, and their successors, may hold and enjoy, and
that they may be apt and capable in law for taking, holding and enjoying, all manors, lands, tene-
ments, rents, services, portions, annuities, pensions, with all other inheritances, franchises and
possessions whatsoever, of the gift of any person whatsoever, that is willing to bestow them, for
the use of the academy aforesaid, or any other gifts, grants, assignments, legacies or donations, of
any and all kinds whatever, for the use and benefit of said academy.
III. AND BE IT ENACTED, That the said trustees, and their successors, or a majority of them,
shall have full power and authority to make fundamental ordinances for the government of the aca-
demy aforesaid, and the education of the youth, and to appoint such person or persons as they, or
a majority of them, may think proper, to be teacher or teachers of the said academy.
IV. AND BE IT ENACTED, That the said trustees, or a majority of them, shall have power and
authority to elect, by ballot, out of their own body, a president, which said president and trustees
shall continue to act as such until the fourth Tuesday in October, eighteen hundred and eleven,
and until a new election of trustees shall take place agreeable to the future provisions of this act.
V. AND BE IT ENACTED, That the capital stock of the said academy shall consist of six thou-
sand dollars, to be divided into twelve hundred shares of five dollars each, and that subscription
books be opened on the first Tuesday of March next, at the house of George Beltzhoover, un-
der the direction of Otho H. Williams, Frederick Dorsey and Christian Hager, to be continued by
adjournment until the balance of the capital stock is subscribed for, and that certificates of stock
be issued to. the subscribers for stock, signed by the president aforesaid, and that similar certificates
be furnished to persons who have already subscribed to the original papers, specifying the number
of shares the amount of their original subscription entitles them to.
VI. AND BE IT ENACTED, That each stockholder shall have a right to transfer his stock, either
in person or by attorney, in the presence of the president, whose duty it shall be to cause the same
to be entered on the books of the institution, provided no transfer of stock shall be made within
three months next preceding an election for trustees.
VII. AND BE IT ENACTED, That an election for twenty-one trustees be held on the last Tues-
day of October next, and on the last Tuesday of every succeeding October, at such place in Ha-
gar's town as the president shall appoint, of which time and place of election, the president shall
give notice in the news-papers of Hagar's-town, at least one month next preceding each election.
VIII. AND BE IT ENACTED, That every person holding any number of shares less than four,
shall be entitled to one vote for trustees; four and less than ten, two votes; ten and less than
twenty, three votes; twenty and less than forty, four votes; forty and less than sixty, five votes;
sixty and upwards, seven votes; and each stockholder may vote either in person or by proxy.
IX. AND BE IT ENACTED, That no person shall be eligible as a trustee unless he be a stockhold-
er; that the board of trustees shall, from time to time, increase the number of shares, whenever
in their opinion it shall be beneficial and necessary to the institution, and the said shares, and the
holders thereof, shall be placed in the same situation as the original.
X. AND BE IT ENACTED, That seven trustees and the president shall form a quorum for ordi-
nary business, and in case of the absence of a president the trustees present shall appoint a presi-
dent pro tempore.
CHAP. LVI.
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CHAP.
LV.
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