Page:The formative period in Colby's history.djvu/23

Sect. 6—[And] be it further enacted, That the said Corporation shall have full power and authority to determine at what times and places their meetings shall be holden, and on the manner of notifying the Trustees (H) and Fellows to convene at such meetings; And also from time to time to elect a President of said Institution, and such Professors, Tutors, Instructors, and other officers of said Institution, as they shall judge most for the interest thereof, and to determine the duties, salaries, emoluments and tenures of their several officers aforesaid. The said President, for the time being, when elected and inducted into his office, to be, ex-officio, President of the said Corporation.—And the said Corporation are further empowered to purchase or erect, and keep in repair, such houses and other buildings as they shall judge necessary for the said Institution; and also to make and ordain, as occasion may require, reasonable rules, orders and by laws, not repugnant to the laws, of this Commonwealth, with reasonable penalties for the good government of said Institution, and also to determine and prescribe the mode of ascertaining the qualifications of the students requisite to their admission. Provided, nevertheless, That no corporate business shall be transacted at any meeting unless thirteen at least of the Corporation are present.

Sect. 7—(I) Be it further enacted, That the President, Professors, and Fellows of the said Institution are hereby empowered to confer degrees of Bachelor of Arts and Master of Arts.

Sect. 8—[And] be it further enacted, That the clear rents, issues and profits of all the estate, real and personal, of which the said Corporation shall be seized or possessed, shall be appropriated to the endowment of the said Institution, in such manner as shall most effectually promote virtue and piety, and the knowledge of such of the languages, and of the liberal arts and sciences as shall hereafter be directed from time to time by the said Corporation.

Sect. 9—And be it further enacted. That the Hon. John Woodman, Esq. be, and he is hereby authorized and impowered to fix the time and place for holding the first meeting of the said Corporation, of which he shall give notice, by an advertisement in a Portland and one other Eastern newspaper, at least fourteen days previous to the time of said meeting

Sect. 10—And be it further enacted, That the Treasurer of the said Corporation shall, before he enters upon the execution of the duties of his office, give bonds to the said Corporation, in such sums, and with such sureties as they shall approve of, conditioned for the faithful discharge of the said office, and for rendering a just and true account of his doings therein, when required. And that all the money, securities, and other property of the said Corporation, together with all the books in which his accounts and proceedings, as Treasurer, were entered and kept, that shall be in his hands, at the expiration of his office, shall, upon demand made upon him, his executors [and] or administrators, be paid and delivered over to his successor in that office. And all monies recovered by the virtue of any suit at law, upon such bond, shall be paid over to the Corporation aforesaid, and subjected to the appropriation above directed in the Act.

Sect. 11—[And] be it further enacted. That the Legislature of this Commonwealth may grant any further powers to, or alter, limit, annul, or restrain, any of the powers by this Act vested in the said Corporation, as shall be judged necessary to promote the best interest of the said Institution. And the said [Institution] Corporation shall be holden to render an account to the Legislature, whenever they shall see fit to require it, of all their proceedings, and the manner of disposing of the funds of said Institution.

Sect. 12—[And] be it further enacted, That there be and hereby