Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1852-06-04

isi by virtue Of any special act Of Incorporation
the properly of which is held as stock aud not
derived by donation, gift. deyist, or graIuiIous
subscription, may increase It's capital stock. or
change il into scholarships when il becomes ne.
cessary for the purpose Of carry ing out the OBJ.
lecI for which such company or corporation is
formed, in the following manner. The direct.
ors for the time being shall make out aud 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 depos.
lied 10 the office of The recorder OF the proper
county and be by him recorded in The same
manner as the articles Of association and cor.
poraIe name are BY this act required 10 be re.
corded.
Sec. 10. Before the capital stock Of any
such company shall be increased, il shall be the
duty Of the directors 10 publish notice, signed
by at less. a majority Of them, in a newspaper
Of general circulation in the county in which
said institution is located, at least four consecu.
live weeks, appointing time and place for hold.
ing meeting Of the stockholders of said com.
pany, specifying the object Of such meeting and
the amount 10 which ii is proposed TO increase
The capital stock thereof; aud vote Of al least
Iwo.ihrds Of the shares of the stock represent.
ed al such meeting, shall be necessary TO an in
crease Of It's capital stock, and to authorize the
directors to make aud sign The certificate men.
TONED in the proceeding section.
Sec. II. Any university, college or acade.
my that may become body corporate, under
the provisions of this act, the properly Of which
is not derived by donation, gift. devise or sub.
scriplion but is owned by individuals in the
shape of stock subscribed or taken, the owner of
said stock shall be individually liable for The
debs Of said corporation, 10 the amount Of their
said stock respectively; and also in the sum
equal thereto, over and above The amount Of
their said stock; Provided that The trustees or d.
recIors Of any corporation organized under the
provisions Of This net the properly Of which is
not owned by individuals in the shape Of stock
subscribed or taken, but is held upon trust or de.
rived by devise, donation, gih or subscription,
shall not contract any Indebtedness beyond the
actual means or assets Of said corporation; and
if said trustees or directors contract debts or in.
cur liabilities beyond The means or assets Of said
corporation, the trustees or directors so contract.
ing shall bs held liable IN their individual capa.
city for the payment of the same. but The prop.
ery Of The said corporation shall first be ex.
hausted.
Sec. l2. Any college, university or other
institutions Of learning now existing by virtue
Of any act Of incorporation, or that may here.
after become incorporated for any Of the pur-
poses specified in this act. may if three lourhs of
the trustees or directors Iherof may deem the
the same proper aud if said institution is owned
in shares, or by stocks subscribed or taken, then
by vote OF ree.(ourlhs Of the stock or share.
holders, change ihe location and name Of such
insuIulion, convey its real estate and transfer
The effects thereof aud invest the same at the
place 10 which such institution shall be moved;
provided that no such removal shall be ordered,
and no vote taken thereon, unul after pubica.
ton in the same manner as herein required for
the increase of capital stock in which notice
shall be fully SET forth for the name and location
of the institution proposed 10 be removed, and
the place IL which is proposed to remove such
institution; and provided also, that in case of re-
moval. a copy Of the articles of association,
wtlh the corporate name Of such institutions,
shall be recorded in the recorders office Of the
county to which such institu ion is removed.
JAMES G.. JOHNSON,
Speaker Of the House Of Representatives.
WILLIAM MEDILL,
President Of the Senate.
April 9, 1859.