Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-06-28

THE NEW PLAN TO 90 INTO OPERATION ON
I'M. :. lar-ENnLANAII0N OF II.


The Directors the Wilmington Institute
have issued the following circular Desir-
ing that the members Of the Wilmington
Institute should understand the nature and
object of the change in It's organization, 10
20 into effect on the first of July next, the
Board of Directors invite their attention to
the following statement;
First. The estimated value Of the property
Of the Institute Is divided into shares Of the
value of ten dollars each. This division 10
found to represent about 3OOOshAres, which,
divided by the number of members. yields
six shares for each member or total value
of sixty dollars for each.
Secondly. The shares thus created.
become operative. that Is, entitle the holder
10 the use of the Library, SC, only when
the annual or semi-annual dues shall be
maid. Every member after the first day Of
July will, on application to the Librarian,
and payment Of annual or semiannual dues
as heretofore, receive n certificate Of stock.
TOR the share or shares upon winch such
payment shall be made.
IN case members should prefer making
pavment upOn hut q single share. for the
remaining shares TO which they are entitled,
scrip certificates will be furnished them.
The scrip certificate shows thai the holder
Ia entitled 10 share of stock In the Institute
whenever, according to the regulations Of
the bylaws, 1t shall be presented to the
Librarian, and the annual or semi-annual
The scrip certificates and certificates of
stock represent par value Of ten dollars
each. and can be had from the Institute at
no less price. In the hands of the stock
holders they are objects Of GIFT or sale.
II is seen that by this arrangement the
present members become stockholders. pos
scssed of an interest or ownership in the
equitable use Of the property OF the lnsti'
| tite 10 the amount Of ten dollars tor each
share Of stock that shall be held.
This much for the change In the organi-
cation.
| In the next place for Its object.
| II is evident that the Institute, within
/ the purposes of its organization, Is the
/ propertv OF the members, and represents q
/ value and capacity which ought TO be ana
| can be made more efficient.
N is to the interest Of every member that
every share Of stock created aH above men
toned, and placed in his or her hands,
should at once be made active By the pay
ment upon it of annual or semi annual
dues because when this shall be done the
means will be provided for extensive pur
chases of books, periodicals, and papers
besides improvements ior comfort ana ac
| rommodati0n, which will add Immensely t.
the usefulness and attractivcness of tho
II Is therefore earnestly hoped and urged
that every member will transfer the scrip ir
| his or her pnssessiou 10 persons who Will
bv payment OF the very moderate yearly
charges become northumberland interested
members of the organization.
1t is urged that the merits of the Institute
and the advantages and comfort to be de
rived from large increase Of numbers, h'
plainly and sternly represented 10 all VIII,
ought TO be sharing in its advantages ant
rallying to ita support.
The good that can he accomplished by
each helder OF scrip, thus heartily eudcnvof
ing TO ind those who will accept it as
gift. and convert it into stock ny the smnl
payment required, Is almost incalculable
It should he borne 10 mind that under m
provisions Of the hy-lawa, "a copy OF whicl
NAV be had by each stOckholdcr,l that /
payments Of annual or semi annual dues ar
not made within specified times, both acfi
Institute, and can be purchased from {
only AZ the par value.
Let it be- understood that stockholGor
are. under the new arrangement, subject u
no greater charges than heretofore aud cry
suffer no loss unless By forfeiture of stock