1852.

LAWS OF MARYLAND.

CHAP. 175.

be deemed expedient, and to fix their several salaries or
compensation; to determine the age and qualification

of pupils for admission into the seminary, and the re-
gular or ordinary course of studies to be pursued in the
institution, and also the extra branches, with the fees
for instillation in the latter; to adopt all rules for the
government of said institution, and the supervision and
management of the property and funds of the same ;
to appoint an agent or agents for completing, subscrip-
tions for scholarship and donations, and for collecting
the same, and to fix the compensation for his or their
services; to make all purchases of furniture, books,

and scientific implements, and so forth, for the use of
said seminary; to fix the number and value of the
scholarships; and to do and perform all other acts
necessary and expedient for the conduct and manage-
ment of said institution, and the promotion of its ob-
ject.

Scholarships
deemed pro-
perty in the
nature of
stock.

SEC. 9. Awl be it enacted, That all scholarships
shall be deemed the property of the subscribers thereto,
in the nature of stock, for which certificates may be
issued when fully paid, by the trustees, in such form as
they may prescribe, and the same shall be transferrable
on the books of the institution, in person or by attor-
ney, or shall pass to the personal representatives of a de-
ceased subscriber, or to his legatee.

Instalments.

Proviso.

SEC. 10. And be it enacted, That the scholarships
may be paid in such instalments, as shall be prescribed
by the trustees; Provided, that interest be charged and
be made payable on the deferred instalments, semi-an-
nually, from such time as the board may determine ;
and it shall be competent for the trustees to allow sub-
scribers for scholarship to retain the value thereof in
their own hands, upon such terms and conditions, and
fur such time as the trustees shall prescribe; the said
subscribers regularly paying the interest thereon to the
treasurer, and securing the principal.

Privilege of
sending pu-
pils.

SEC. 11. And be it enacted, That persons not hold-
ing scholarships, shall have the privilege of sending
pupils to said institution, by complying with the terms,
and paying the fees to be prescribed by the trustees in
such cases.

Right reserv-
ed.

SEC. 12. And be it enacted, That the General As-
sembly may at any time hereafter, alter, amend, or re-
peal this act.

In force.

SEC. 13. And be it enacted, That this act of incor-
poration shall be in force, and go into operation from
and after the day of its passage.