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in their books of all money, notes, bonds, and other property in
value, paid into the hands of their treasurer for the use of the said
school, and copies of all certificates and transfers of stock, which
transfers shall be made in the presence of the trustees, or their
president, and that all claims and disputes respecting interest on
the right of voting, shall be settled by a reference and appeal to
the said books.
6. And be it enacted, That the trustees, and their successors,
or a majority of them, shall cause buildings to be erected, and im-
provements and conveniences to be made, for the said school, and
if at any time they shall not have received the sum of two thou-
sand dollars aforesaid, and shall ho. in want of funds, they shall
notify the inhabitants of Liberty Town and its vicinity thereof,
and keep open a subscription book for three or more days, but if the
money required cannot be. so raised, the trustees may obtain it by
loan subject to the name conditions and privileges as all other stock.
7. And be it enacted, That when there shall be balances in the
Lancaster department of the school, the trustees shall admit free
scholars, giving orphans the preference, and if the. number of ap-
plicants shall exceed the vacancies they shall be selected by lot.
8. And be it enacted, That no subscriber or stockholder shall be
answerable in his person or property for any contract or engage-
ment of. this corporation, or for any losses, deficiencies or failures,
but the whole of the said stock, together with all property, rights
and credits, belonging to the said corporation, and nothing more,
shall be at all times amenable, for demands against it.
9. And be it enacted, That Nicholas Snethen, Robert Cumming,
Sabrith Sollers, Abraham Jones, Henry Baker, Zachariah Danner,
and Thomas Sappington, be and they are hereby appointed com-
missioners to take subscriptions, receive money, hold an election
for trustees, and do all other things necessary to carry this act in-
to effect, and the said commissioners, immediately after the date of
this act, shall give public notice, thereof to the inhabitants of Liber-
ty-town, and its vicinity, and cause subscription books to be kept
open for five successive days, and the next day thereafter shall
hold an election to elect seven trustees; and that every subscriber
who shall have paid two dollars on each share subscribed for by
him, shall be. eligible to vote or become a trustee, at the said elec-
tion; and that when the said commissioners shall have declared se-
ven trustees to be duly elected, they shall deliver over to them all the
books, papers, money and effects, belonging to the said corporation,
and their commission shall cease.
10. And be it enacted, That the votes for trustees shall be regu-
lated and given as follows: For one share one vote; two shares two
votes; for live shares three votes; for ten shares five votes, and for
every five shares above, ten one vote; provided that no stockholder
shall be entitled to more than ten votes.
11. And be it enacted, That the trustees elected as aforesaid shall
hold their office until the. fust Monday in January eighteen hundred
nineteen, and that on the. same day in every succeeding year, there,
shall be an election holden in Liberty-town, under the direction of
the trustees, to elect, or re-elect seven trustees so as to keep
up the number of seven trustees for ever, and that every stock-
holder who shall hold stock to the amount of not less than
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Dec. Ses. 1817
-----to cause
buildings to be
erected.
—to admit free
scholars.
Subscribers
not answerable
individually
Subscriptions
to be taken.
Votes.
Election of
trustees.
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