Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1856-04-16
LAWS OF OHIO.
By AUTHORITY,

No. So AN ACT
10 provide for the government Of Schools ard Aeade
mics specially endowed.
SECTION IsBs II enacted Sg TIE General .asssmtll
Of tke State Of Ohio. That whenever any person shall
by deed, devise, gift or Otnerwise, set apart any lands
MONEYS or effects, as an endowment ola school or acad
envy. not previously established, and shall not provide
for the management OF such school or academy, tn,
court Of common Pleas Of the proper county shall ap.
point ave trustees, who shall have The control and man
Agenent Of the property, moneys and effects, so SET
apart, and ofthe school or academy thus endowed, and
shall hold their offices for five years, and until their
successors are elected and qualified; bu; in making the
FIRST appointment the court shall appoint one trustee
FOR one year. one fertwoyears, one for three years, one
for four years, and one for FIVE years. The trustees
shall be a body corporst=, with perpetual succession
and by such name as may be ordered by the court ma
king the hrst appointment; may sue and be sued have
a corporate seal nd the same alter and change At plea
sure, and may hold all kinds OF estates, real, personal
and mixed, which they may acquire by purchase, do
nations, eFise or otherwise
SECTION .. The said court shall annually appoint
one trustee TO fill vacancies then occurring; and At
any other time ill vacancies that may occur from any
cause. for HE u~nexpired term sad court shall also
have power. upon sufficient cause shown, reasonable
notice OF the time and place Of hearins having been Civ
en- to the party interested. remove any trustee, and
may. until a hearing be had, suspend . trustee In the
exercise Of his ONCE.
SECTION ;. The trustees shall have power TO estab
Hsh. from time to time, rules and regulations for the
management and safe keeping Of the property, moneys
and effects. belonging 10 the trust, and the expenditure
OF the income thereof; and also for the management
and government OF The school or academy, which rules
and regulations shall not be inconsisteI { with the terms
OF the deed, devise or gift, creating the endowment. or
with the laws oftnis state; they shall not, at any time.
or for any cause. incur any debt or liability, beyond
fects. or use or appropriate the same, otherwise than
to invest for the purpose Of income. any part Of the
principal thereof. unless expressly authorized so to dc
by the terms OF the deed, devise or gift, creating the
endowment or trust.
SECTION 4. The trustees shall Immediately after their
appointment. organize by appointing a president, sec
retary and treasurer. from their 0Wn number and shall
severaily take and subscribe an oath to faithfully dis
charge the duties Of trustees, and deposit the same with
the county auditor. They skall. also, before taking
possession Of the property, moneys or effects, consti-
tuting the endowment OF trust, scverally give bond, in
such sums as the court may require, with two or more
sufficient ~sureities, to be approved by a Judge OF said
court, whose approval shall he Endorsed on the bonds,
conditioned for the faithful management CT the proper.
ty, moneys and effects, entrusted to them and account
ability therefor in such form as the court or judge
may require; and the court may, from time to time. re-
quire additional bonds and surety, as may appear ne
eessary for the preservation Of the trust estate: The
hon s required shall be payable to the State Of Ohio,
and deposited in the Office OF the county auditor for
safe keeping.
day OF September. in each year, and at such other times
as the court may require, render a full and accurate
account, statement and exhibit, OF the condition Of
the school or ACADEMY under their management and
the condition Of the trust estate and funds; and shall
cause the same 10 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.
sEcrioS 6. The court ofeommon pleas Of the proper
county, shall annually, at the first session after the
second Monday in September, appoint three competent
and disinterested persons who shall have authority
to visit any such school or academy and examine the
same, together with the conditions Of the trust estate
or endowment, and shall report thereon to the court
making the appointment. The court shall also author
ize such other yisitations and examinations as may ap-
pear to be necessary
SECTION Z. This act shall apply to endoEments here
tofore created, as well as to those hereafter created,
and shall take effect from AID after its passage.
N. II. A WORRIES,
Speaker OF the House OF Representatives.
THOMAS II. 4
President Of the Senate.