Page:A History of Horncastle from the Earliest Period to the Present Time.djvu/159

140 The late Mr. Henry Nicholson acted as secretary, and for several years took a great interest in all that concerned the Institute, until his prolonged serious illness, which ended fatally in June, 1900. Mr. C. Hensman was treasurer while the library was at the Corn Exchange, resigning when it was removed to Banks Street. During the same period the late Mr. Berridge, Master of the Union, acted as Secretary, and was succeeded by Mr. W. Betts, of the Dispensary, who only held that post two years, before the Institute was closed.

There were in the library, besides the books, a quantity of weapons of war from the South Sea Islands, some cases of objects of natural history; valuable sepia paintings by the late Rev. C. P. Terrot, of Wispington, an almost unrivalled artist in his own line; and several fine Roman vases exhumed in the town; all these were disposed of by Mr. Joseph Willson, only surviving trustee, now deceased.

The Corn Exchange is a spacious and lofty building of brick, with stone facings, capable of holding 500 persons, situated on the south side of the High Street, and standing on what was formerly the eastern wall of the old Roman castle; a well of pure water, still in use, under the adjoining house, having been just within the wall of that fortress. It was opened on July 5th, 1856. From the terms of the original deed of settlement of the company we may give the following items.

The Indenture, dated July 18th, 1855, was registered the 31st of the same month; the agreement being, on the first part, between Thomas Armstrong, Merchant; Henry Turner, Land Agent; George Wright, Merchant; Henry Nicholson, Draper; William Preston Carlton, Chemist; and others, all of Horncastle; with certain residents in the neighbourhood on the second part; and Frederick W. Tweed, of Horncastle, Gentleman, as trustee to give effect to the covenant, on the third part. The said parties agree to form themselves a Joint Stock Company, within the meaning of the Act 7 and 8 Victoria, c. 110, to provide a building for the purposes, according to these presents, viz., a Corn Exchange, which can also be used for concerts, exhibitions, and other public objects, on such terms as the committee may think fit.

The capital of the company to be £3,000, in 600 shares of £5 each; annual meetings of shareholders to be held on May 2nd; any five, or more, owning 25 shares, may require the directors to convene an extraordinary meeting. The capital may be increased by additional shares of £5, not exceeding 300; money may be borrowed on mortgage, not exceeding at any one time £1,500. One-third of the original directors to retire in May, 1856, being eligible for re-election. In May, 1857, one-half of the remaining original directors to retire; and similarly in succeeding years one-third to retire in rotation, according to seniority. Any director to forfeit office on ceasing to hold five shares; anyone intending to apply for directorate, to give at least 10 days' notice. Directors to meet at least once every three months; any two directors may require the secretary to convene a meeting, at any time, for any desirable special object.

The Court of Directors to apply to the Privy Council (Board of Trade)