Page:United States Statutes at Large Volume 32 Part 1.djvu/834

 F IFTY-SEVENTH CONGRESS. Sess. II. Ch. 91. 1903. 769 grant, convey, hire, or lease the same for the purposes of its incorporation; to accept and administer any trust of money or of real or personal estate for any educational purpose within the object of the ` corporation as aforesaid; to prescribe by by-laws or otherwise the terms and conditions upon which mone, real estate, or ersonal estate shall be acquired or received by the said, corporation, and) for the grant, transfer, assignment, or donation of any or all property of the said corporation, real or personal, to any society or corporation for any of the said purposes for which the said corporation is hereby incorporated, and otherwise generally for the management of the property and the transaction of the business of the corporation. ’ Sec. 5. That the members of the corporation shall be not less than M°"“’°"“m*’· nine in number and not more than seventeen, as may be prescribed by _ the by-laws of the corporation: Hwided, hcweoer, That if and when mm ,,,em,,,,,_ the number of members shall be less than nine the members remaining Shivshall have power to add and shall add to their number until the number shall be not less than nine: Andprmxided, That no act of the corpora- T"‘“°°°’· tion shall be void because at the time such act shall be done the number of the members of the corporation shall be less thannine; that all d§§§””‘“’m” ’°’ the members of the co ration shall be its trustees; that no member of the said association shiili: by reason of such membership or his trusteeship, be personally liable for any of its debts or obli tions; that each T°"““ °'“"’i°°· member of the corporation shall hold his membersli; for a term of three years and until his successor shall be chosen: Provided, however, That the members shall be at all times divided into three classes D“"¤i°¤ °f ¤°¤’i¢*=· numerically, as nearly as may be, and that the ori °nal members shall, at their `first meetin, or as soon thereafter as shadl be convenient, be divided into three classes, the members of the first class to hold their membership and office until the expiration of one year from the first day of January next after the enactment of this law, the members of · the second class until the expiration of two years thereafter, and the members of the third class until the expiration of three years thereafter, and that in every case the member shall hold office after the ex i- ration of his term until his successor shall be chosen: And provitgd S 1 furtlwr, That in case any member shall, by death, resignation, inca— dmltimr °°”° °I pacity to act, or otherwise, cease to be amember during his term, his successor shall be chosen to serve for the remainder of such term and d until his successor shall be chosen; and that the principal office of the p.,i’%°§c§" °f ’°"“°f said corporation shall be in the city of Washington, District of Colum- M u bia: Provided, That meetings may be held elsewhere within the United °° m` Stapes as may be determined by the members or provided for by the b · laws. ySr;c. 6. That all real ro rty of the corporation within the Dis- fmpfxl “°‘“‘” trict of Columbia which) sliiill be used by the corporation for the educational or other purposes of the corporation as aforesaid, other than the purpose of pr·oducing income, and all personal property and funds of the corporation held, used, or invested for educational purposes as aforesaid, or to produce income to be used for such purposes, shall be exempt from taxation: Hwided, /zowe/ver, That this @"i*§{;0,,_ exemption shall not apply to any property of the corporation which shall not be used for, or the income of w ich shall not be afplied to, the educational purposes of the coréporation: And provzde further, That the co ration shall annually e with the Secretary of the Inte- R°’°"" rior of therllhited States a report in writing, stating in detail the property, real and personal, held by the corporation, and the expendrture or other use or disposition of the same or the income thereof during the receding year,. Sec. 7. 'lphat this charter shall be subject to alteration, amendment, *’“°“‘*"‘°“*~ or repeal at the pleasure of the Congress of the United States. Approved, January 12, 1903. vor, xxxrr, rr 1——49