T. WATKINS LIGON, ESQUIRE, GOVERNOR

61

seven shall be sufficient to form a quorum for the trans-
action of business; whenever solicited, in writing, by
five of the trustees, it shall be the duty of the president
to call a meeting.

SEC. 8. And be it enacted, That the trustees shall
elect or appoint all the professors, teachers, or instruc-

tors in said seminary, fix their respective salaries or com-
pensation, and the time and mode of payment.

Appointment
of professors.

SEC. 9. And be it enacted, That the trustees shall
have the power of prescribing the course of instruction,
and of selecting or pointing out to the professors and
teachers the text books and works to be studied and
used by the pupils in the seminary.

Course of in-
struction.

SEC. 10. And be it enacted, That the trustees shall
have the charge and general superintending care of all

the property of the corporation, and of procuring suit-
able buildings, to be purchased, leased or erected, and
kept in repair, for the object and uses of the corporation ;
which property so held by said trustees, not exceeding
fifteen thousand dollars in value, shall be exempt from
taxation.

Superintend-
ence.

SECT. 11. And be it enacted, That it shall be the
duty of the trustees to submit to the stockholders, an-
finally, a statement or report of the condition of the cor-
potation, of its property and funds.

Duty of trus-
tees.

SEC. 12. And be it enacted, That the capital or pro-
perty of the corporation shall be represented by stock,
to be issued by the trustees, in shares of fifty dollars
each, to an amount not exceeding two thousand shares,
payable in instalments as the trustees may require, for
which certificates shall be given to the purchasers re-
pectively, transferable on the books of the corporation.

Capital to be
represented in
stock.

SEC. 13. And be it enacted, That each stockholder
shall be entitled to a deduction on bills of tuition at the
rate of six per cent, on the established price; the daugh-
ters of Evangelical ministers shall receive their tuition
at the rate of twenty-five per cent, below the establish-
ed prices; and the trustees may make a further deduc-
tion when they are known to be poor or orphans.

Deduction.

SEC. 14. And be it enacted, That each stockholder
shall be entitled to a pro rata dividend according to the
full amount of stock paid in, owned by him or her, on
all profits of the corporation not otherwise appropriated
for its benefit.

Dividend.