The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1856-08-21
No. 36.i
AN ACT
March 90, 1856.

No. So AN ACT
To provide for the government of Schools ana
Academies specially endowed.
SEcrioN |. Be il enacted by the General As.
Sembly Of The STATE of Ohio That whenever
any person shall by deed devise, gifts or other
wise, set apart any lands, moneys or effects, as
an endowment OF a school or academy. not pre-
viously established and shall not provide for the
management OF such school or academy, the
court of common pleas of the proper county
shall appoint five trustees, who shall have III.
control and management of the property mon
eys and effects, so set ep8rt, and of the school
or academy thus endowed, and shall hold their
Offices for five years. and until their successors
elected and qualified but in making the
first appointment the court shall appoint one
trustee for one year, one for two years, one for
three years, and one for four years and one
for five years. The trustees shall be body cor.
porate, with perpetual succession and BY such
name as may be ordered by the court making
the first appointment; may sue and be sued !,
have corporate seal and the same alter or
change at pleasure, and may hold all kinds of
estates, real, personal and mixed, which they
may acquire by purchase, donation, divise or
otherwise.
Sec 2. The said court shall annually ap-
point one trustee, 10 fill the vacancy then oc-
curing; and at any other time fill vacancies
that may occur from any cause, for the unex.
pired term, said court shall also have power, up
on sufficient cause shown, and reasonable no.
tice of the time and place of hearing having
been given TO the party interested, remove any
trustee, and may, until hearing be had, sus.
pend trustee in the exercise of his Of
flee.
SEC. 3. The trustees shall have power to es d.
tabish from time to time, rules and regulations
for the management and safe keeping of the
property, moneys and effects, belonging to the
trust, and the expenditure of the income there
of; and also for the management and govern.
ment # the school or academy; which rules
and regulation shall not be inconsistent with
the terms Of the deed devise or gift creating the
endowment, or with the laws of this State they
shall not, al any time, or for any cause, incur
any debt or liability, beyond the nett income of
the trust property, moneys and effects, or use
or appropriate the same, otherwie than to in
vest Tor the purpose OF income, any part Of the
principal thereof, unless expressly authorized so
TO do by the terms of the deed, devise or gift
creating the endowment or trust.
SEC. d. The trustees shall, Immediately after
their appointment, organize by appointing
president, secretary and treasurer, from their
own number, and shall severdly take and sub.
scribe an oath TO faithfully discharge the duties
Of trustees, and deposit the same with the coun-
ty auditor. They shall, also, before taking pos
session of the property, moneys or effects, con-
stl;u ing the endowment or trust, severaly give
bond, in such sum as the court may require
with two or more sufficient sureties. TO be ap.
proved by judge of said court, whose approval
shall be endorsed on The bonds, conditioned for
the faithful management Of the property, mon
eys and effects, entrusted 10 them and accoun-
liability therefor in such form as the CO rt or
judge may require and the court may from time
aa1f al L. .,.,I
may appear necessary for the preservation Of the
trust estate. The bonds required shall be pay.
able to the State of Ohio, and deposited in the
office of the county auditor for safe keeping.
SEC. D. The trustees sh all, OH the second
Monday ofSeptember, in each year, and at such
other times as the court may require, render a
tull and accurate account, statement aud exhib-
it, of the condition OF the school or academy un.
der their management, and the condition of the
trust estate and funds and shall cause the same
to be published in such form as the court may
direct; which account statement and exhibit,
shall be sworn to by the president, secretary and
treasurer, or some two Of them.
Sec. 6. The Court of Common Pleas of the
proper county, shall annually, at the first ses-
sion after the second Monday in September,
appoint three competent and disnterested per-
sons, who shalt have authority to visit any such
school or academy and exl mine the endowment,
and shall report thereon TO the court making
the appointment The court shall also author
lie such other visitaions and examinations as
may appear TO be necessary.
SIC. z. This act shall apply TO endowments
heretofore created, as well as to those hereafter
created, and shall take effect from and after its
passage.
N. II. VAN WORRIES,
Speaker of the House Of Representatives.
THOMAS II. FORD,
President Of the Senate.
March &c, 1856