Page:United States Statutes at Large Volume 16.djvu/132

 98 FORTY-FIRST CONGRESS. Sess. II. Ch. 76, 80. 1870. said money be returned to the treasury from the proceeds of the sale of any part of said military reservation. Approved, Many 4, 1870. May 5, 1870. CHAP. LXXX.-An Act to (provide_;?»· the Creation of Corporations in the District qj `clumbicz by General Law. INSTITUTIONS or LEARNING. Be it enacted by die Senate and House of Representatives of the United sjtufigns of States of America m Cbngress assembled, That any five or more per- 1¢M¤i¤g,h¤w sons, being desirous of associating themselves for the purpose of estabf°""°d' lishing an institution of learning, may make, sign, and acknowledge, be. fore any officer authorized to take the acknowledgment of deeds in this Ccrtincate to District, and file in the office of register of deeds of said District, a certifib° ‘”°°°"d"di cate or declaration, in writing, to be recorded in a. book kept for that to state what. purpose, and open to public inspection, in which shall be stated the name or title by which said institution shall be known to law, the number of trustees, directors, or managers, and their names, the particular branch of literature and science, or either of them, proposed to be taug it, and if said institution is to be of the rank of a college or university, the number and designation of the professorships to be established. Upon ming Upon filing the certificate as aforesaid, the persons who shall have °mmF*“$’·P‘"" sinned and acknowledved the same, and their successors and associates, S0l'1SSlg\'llI\g,&C. D ·. n _. . to bgubody m, shall, by the provisions of this act, be a body politic and corporate, by P<>¤‘¤t¢· the name and style stated in the certificate, and by that name and style Powers. shall have perpetual succession, with power to sue and be sued, plead and Property. be impleaded, to acquire, hold, and convoy property in all lawful ways, to seen. have and use n common seal and the same to alter and change at pleasure, By-laws. to make and alter, at times or from time to time, such by·laws, not inconsistent with the Constitution of the United States or the laws in force in said District as they may deem necessary for the government of said institution, and to confer upon such persons as may be considered worthy such academ- Degress. ical or honorary degrees as are usually conferred by similar institutions. Any corporation so formed as aforesaid shall have power to fill such Vacancies. vacancies in their own body as may happen by death, resignation, or Tcnum of otherwise, and shall hold the property of said institution solely for the P¤‘°P¤¤‘W- purposes of education, and not for the individual benefit of themselves, or of any contributor to the endowment of the same. Corporation Any corporation formed in accordance with the provisions of this act Wig ggggiivoy shall be competent in law and equity to take to themselves, in their c0r· pmpg,.ty_ porate name, real, personal, or mixed property, by gift, grant, bargain and sale, conveyance, will, devise, or bequests of any persons whomsoever, and the same estate to grant, bargain, sell, convey, devise, let, place out at interest, or otherwise dispose of the same for the use of said institution in such manner as shall seem most beneficial thereto. Funds howto The trustees, directors, or managers of any corporation formed under b° “PPh°d· this act shall faithfully apply all the funds collected or the proceeds of the property belonging to said institution, according to their best judg- Buildtngaom- ment, in erecting or completing suitable buildings, supporting necessary °°"> b°°k“¤ &°· officers, instructors, and servants, and procuring books, maps, charts, globes, and philosophical, chemical, and other apparatus necessary to the success o said institnftion. .foP;g3?;‘5•a§‘°" In case any donation, devise, or bequest shalllbe made for particular purposes maybg purposes, accordant with the designs of the mstntution so established as gccmyl Md aforesaid, and the corporation shall accept the same, such donation, ppdevise, or bequest shall be applied in conformity with the express condition 0the donor or devisor. Limits to No corporation established as aforesaid shall be allowed to hold more m°“*“’ °* '°”·l land at any one time than shall be necessary for the purposes of educa-