Fremont weekly freeman. [volume] (Fremont, Sandusky County, Ohio) 1850-1853, 1852-05-01

stock, and not derived by donation, gift, devise,
or gratuitous subscription, may increase its
capital stock, or change it into scholarships;
when it becomes necessary for the purpose Of
carrying out the object for which such compa-
nv or corporation is formed, in the following
manner The directors for the time being
shall make out and sign certificate, in which
shall be set forth the amount to which such
capital stock is to be increased, and the object:
which certificate, shall be deposited in the
office of the recorder of the proper county
and be by him recorded, in the same manner
as the articles Of association and coTpor-
ate name are BY this act required to be recor-
ded
Sec, TO- Before the capital stock of any
such company shall be increased. it shall be
the duty of the directors to publish notice.
signed BY at least majority of them, in a
newspaper of general circulation in the county
in which said institution is located, at least
four consecutive weeks, appointing time and
place for holding meeting Of the stockhol
ders of said company. specifying the object
of such meeting. and the amount to which it
is proposed to increase the capital stock there
of; and vote of at least two-thirds of the
shares Of the stock represented at such NEE
ting, shall be necessary to an increase Of its
capital stock, and to authorize the directors to
make and sign the certificate mentioned in
the proceeding section.
Sec. IL. Any university, college or acade-
my that may become body corporate. under
the provisions Of this act, the property of which
is not derived by donation, gift, devise or SUBJ
scriptiou, but is owned by individuals in the
shape of stock subscribed or taken, the owner
of said stock shall be individually liable for
the debts of said corporation, to the amount of
their said stock respectively; and also in a
sum equal thereto, over and above the
amount of their said stock; Provided, that
the trustees or directors Of any corporation
organized under the provisions of this act,
the property of which is not owned by indi-
viduals in the shape of stock subscribed or
taken, but is held upon trust, or derived by
devise, donation gift, or subscription, shall not
contract any Indebtedness beyond the actual
means or assets of said corporation; and il
said trustees or directors contract debts or
incur liabilities beyond the means or assets OF
said corporation, the trustees or directors so
contracting, shall be held liable in their indi-
vidual capacity for the payment of the same.
but the property of said corporation shall first
be exhausted. aka a s= /.
Sec IL. Any college, university. or other
institutions of learning now existing by virtue
Of any other act of incorporation, or that may
hereafter become incorporated for any of the
purposes specified in this act, may if three
fourths of the trustress or directors thereof
deem the same proper, and if said institution
is owned in shares. or by stock subscribed or
taken, then by vote of three-fourths of the
stock or shareholders. change the location and
name of such institution, convey its real estate
aud transfer the effects thereof and invest the
same at the place to which such institution
shall be moved; Provided, that no such re-
moval shall be orderded, and no vote taken
4hereon. until after publication in the same
manner as herein required for the increase
of capitol stock: in which notice shall be fully
set forth the name and location of the institu-
tion proposed TO be removed, and the place to
which it is proposed to remove such instition
and provided also, that in case of removal, q
copy of the articles of association, with the
corporate name of such institution, shall be
recorded in the recorders Office of the county
to which such institution may be removed.
JAMES C. JOHNSON.
i Speaker House Representatives.
i WILLIAM MEDILL,
President of the Senate.
April 9, 1852.