Page:United States Statutes at Large Volume 31.djvu/1333

 FIFTY-SIXTH CONGRESS. Sess. II. Ch. 854. 1901. 1281 Fourth. If the institution is to be of the rank of a college or university, the number and designation of the professorships to be established. Sec. 575. SIGNEas 1NcoRroRATED.—Upon tiling such certificate, the mfggnms i¤°°fP<> persons signing and acknowledging the same and their successors and i associates shall be a body politic and corporate, by the name and style stated in the certificate, and by that name and style shall have perpetual succession, with ower to sue and be sued, ple—··d and he impleaded; to acquire, hold, ancliconvey property in all lawful ways; to have and use a common seal, and to alter and change the same at pleasure; to make and alter, from time to time, such by-laws not inconsistent with the Constitution of the United States or the laws in force in the District as they may deem necessary for the government of the institution, and to confer upon such persons as may be considered worthy such academical or honorary degrees as are usually conferred by simi— lar institutions. Sec. 57 6. CORPORATE rowERs.——Such corporation shall be competent <‘<>rr><>ra¤<> xiowers. in law and equity to take to themselves, in their corporate name, real, personal, or mixed property by gift, grant, bargain and sale, convey- ance, will, devise, or bequest of any person whomsoever, and to grant, bargain, sell, convey, demise, let, place out at interest, or otherwise dispose of the same for the use of the institution, in such manner as shall seem most beneficial thereto. Sec. 577. PROPERTY HELD, ron WHAT 1·UarosEs.——Such corporation W,§’,{Qi;Q‘gmQ$1d» im shall hold the property of the institution solely for the purposes of if education, and not for the individual benefit of themselves or of any contributor to the endowment thereof. Sec. 578. FUNDS, HOW APPLIED.-The trustees, directors, or man- F“¤d*-h¤“‘¤i·r·li¤d agers of any such corporation shall faithfully apply all the funds collected or the proceeds of the property belonging to the institution, according to their best judgment, in erecting or completing suitable buildings, supporting necessary officers, instructors, and servants, and procuring books, maps, charts, globes, and philosophical, chemical, and other apparatus necessary to the success of said institution. Sec. 579. In case any donation, devise, or bequest shall be made for Specific donations. particular purposes, in accordance with the designs of the institution, and the corporation shall accept the same, such donation, devise, or bequest shall be applied in conformity with the express condition of the donor or devisor. Sec. 580. QUANTITY or LAND.-—.NO such corporation shall hold more \ &i;%ii¤itr_ bef, grid land at any one time than necessary for the purposes of education, as Vmai ° K f set forth in its articles of association, unless it shall have received the same by gift, grant, or devise, and in such case the corporation shall be required to sell or dispose of the same within fifteen years from the time the title thereto is acquired. Sec. 581. On failure to so dispose of the land, so much of the same ,§gV¢¤i<>¤ Of S¤r· over and above the amount necessary to be used as provided in the P " precedin section shall revert to the original donor, grantor, devisor, or their heirs. ` Sec. 582. OEE1cERs.——Such corporation shall have the power to <>¤i¢¢¤S- appoint a president or principal for the institution and such professors or servants as may be necessary, and to displace any of them, as the interests of the institution require; to fill vacancies which may happen by death, resignation, or otherwise among such officers or servants, and to prescribe and direct the course of studies to be pursued in the institution. . Sec. 583. TREASURER. —Such corporation may require the treasurer T'°‘*S‘"°’· of the institution and all other agents thereof, before entering upon _ the duties of their appointment, to give bond for the security of the voL xxxr--81