The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1852-04-21

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and do all other acts and things necessary
for the promotion of education and the
general interests of such academy.
| SEC. 8. Any university, college or acad.
emy now instituted, may come under the
provisions of this act. by complying with
the requistions herein contained; and all
such institutions now in existence, or that
may hereafter be established, may connect
Herewith, to be used as part of their
course ofeducation, any mechanical shops
and machinery, or lands for agricultural
purposes, not exceeding three hundred
acres, to which may be attached all ne.
cessary buildings for carrying OH the me-
chanical or agricultural operations Of such
| institution.
SEC. 8. Any company which may be
formed in pursuance Of this act, or which
may now exist by virtue OF any special act
OF incorporation. the property OF which is
held as stock and not derived by donation,
gift, devise, or gratuitous subscription, may
increase its capital stock. or change it in.
to scholarships, when it becomes neces-
sary for the purpose of carrying out the
object for which such company or corpo:
ration is formed. in the following manner:
The directors for the lime being shall make
out and sign certificate, in which shall
be set forth the amount 10 which such cap.
ital 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 man
ner as the articles Of association and cor.
porate name are by this act required to be
| recorded.
Sec. 10. Before the capital stock of any
such company shall be increased, it shall
be the duty Of the directors to publish
notice, signed by atleast majority oithem,
in newspaper of general circulation in
the county in which said institution is To-
Gated, at least four consecutive weeks. ap.
pointing time and place for holding q
meeting Of the stockholders of said COM
pany, specifying the ohjec; Of such meeting,
and the amount to which it is proposed to
increase the capital stock thereof and a
vote of at least two.thirds OF the shares of
the stock represented at such meeting,
shall be necessary to an increase Of its
capital stock, and to authorize the direc.
tors to make and sign the certificate men.
toned in the preceding section.
Sec. II. Amy university, college or acad.
emy that may become body corporate,
under the provisions Of this act, the prop.
erty Of which is not derived by donation,
gilt, devise or subscription, but is owned
by individuals in the shape OF stock sub
scribed 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 sum
equal thereto, over and above the amount
OF their said stock; Provided that the trus.
tees or directors of any corporation organ
lied 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 be.
yond the actual means or assets of said
corporation; and if said trustees or direc.
tors contract debts or incur liabilities be-
yond the means or assets Of said corpora
ton, the trustees or directors so contract.
ing, shall be held liable in their individual
capacity for the payment Of the same, but
the property Of said corporation shall first
be exhausted.
Sec. l9. Any college, university, or 9th.
er institutions Of learning now existing by
virtue Of any act Of incorporation, or that
may hereafter become incorporated for any
of the purposes specified in this act may
if three 70 urths of the trustees 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 e.fourths OF the stock or shareholders,
change the location and name of such in.
s,itution, convey its real estate, and trans.
fer the effects thereof, and invest the same
at the place to which such institution shall
be moved; Provided, that no such removal
shall be ordered and no vote taken thereon,
until after publication in the same manner
as herein required for the increase Of cap
ital stock; in which notice shall be fully |
set forth the name and location of the in.
sttulon proposed TO be removed, and the
place to which it is proposed TO remove
such institution; and provided also, that
in case of removal. 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 e. JOHNSON,
Speaker Of The HJuse If Representatives..
WILLIAM MEDlLL,
President Of The Senate.
April 9, 1859.
AUDITORS OFFICE, Monroe CoUNTy,}