AN ACT to Incorporate the Mount Carroll Seminary.
Section 1. Be it enacted by the people of the state of Illinois, represented in the General Assembly, That David Emmet, Nathaniel Halderman, Reuben W. Brush, John Wilson, Benjamin P. Miller, Leonard Goss, Calvin Gray, James Hallett, James Ferguson and John Irvine, sr., and their successors in office, be and they are hereby created a body politic and corporate, under the name and style of the president and trustees of the Mount Carroll Seminary, and by that name and style to remain and have perpetual succession. The said seminary shall be and remain in or within one half mile of the town of Mt. Carroll, in the county of Carroll, and state of Illinois. The number of trustees shall not exceed nine, one of whom shall he president of the board, to be chosen by the trustees, and under power, the above name and style shall have power to make contracts, to sue and be sued, to plead and be impleaded, to answer and be answered unto in all courts and places, to grant and receive by its corporate name, and to do all other acts as natural persons may or could do ; to accept, acquire, purchase or sell property, real, personal or mixed, in all lawful ways; to use, employ, manage and dispose of all such property and all moneys belonging to said corporation, in such manner as shall seem to the trustees best adapted to promote the objects before mentioned ; to have a common seal, and change and alter the same at pleasure; to make such by-laws for its regulation as are not inconsistent with the constitution of the United States and of this state; to confer on such persons as may be considered worthy such academical or honorary degrees as are usually conferred by similar institutions.
§ 2. The trustees of said corporation shall have authority, from time to time, to prescribe and regulate the course of studies to be pursued in said seminary; to fix the rate of tuition, and other seminary expenses, to appoint instructors and such other officers and agents as may be necessary in managing the concerns of the institution; to define their duties; to fix their compensation; to displace and remove them; to erect necessary buildings; to purchase books, chemical and philosophical apparatus, and other suitable means of instruction; to make rules for the general regulation of the conduct of the students, and to make and pass such ordinances, rules and by-laws as they may deem necessary and expedient.
§ 3. The trustees, for the time being, in order to have perpetual succession, shall have power to fill all vacancies which may occur in the said board, from death, resignation, or from any other cause. A majority of the trustees shall constitute a quorum to do business.
§ 4. It shall be the duty of the board of trustees, to Treasurer, appoint a treasurer to the board from the stockholders, who shall be required to give bond with sufficient security as the board may prescribe, conditioned for the performance of such duties as the by-laws may require of him, and to hold his office for such time as the by-laws may prescribe.
§ 5. The said institution shall be open to all denominations of christians, and the profession of any particular required, religious faith shall not be required of those who become teachers or students of said seminary. All persons, teachers or students whose habits are idle or vicious, or whose moral character is bad, may however be suspended or expelled from said seminary by the trustees thereof.
§ 6. The land, tenements and hereditaments to be held in perpetuity, by virtue of this act, by said corporations, shall not exceed one hundred and sixty acres.
§ 7. The stock of said company shall consist of shares, of five dollars each, and shall be deemed personal property, and shall be transferable by assignment of certificate on the books of said coiporation, in such manner as the board of trustees shall prescribe. The capital stock of said company shall not exceed thirty thousand dollars, and its funds, rents and privileges shall only be used for the purposes of education, as herein declared.
§ 8. The beforementioned persons shall be deemed trustees of this incorporation, until their successors are elected and qualified, and they are authorized to appoint all necessary agents and officers, which offices shall expire with their own.
§ 9. All deeds or instruments of writing, for the conveyance of real estate to the said incorporation, shall be made to the president and trustees of the Mount Carroll Seminary, and their successors in office, for the use of said seminary, and all deeds and conveyances of land from said corporation shall be made by a majority of the trustees, sealed with the seal of the corporation, if they have a public seal. If no public seal is provided, then signed by the president and his private seal, and by him acknowledged in his official capacity.
§ 10. The time of election for the election of trustees, shall be on the first Monday of January, A. D. 1853, and on the first Monday of January each year thereafter, and trustees elected at such times shall serve until their successors are elected and qualified. It shall be the duty of the president to give ten days' notice of each election by posting up notices in at least three public places in the town of Mt. Carroll and of the time and place of holding the same, and each stockholder shall be entitled to one vote for each share of stock he may own, and if it should happen that an election of the trustees should not be made on the day herein provided, it shall, in that case, be lawful to hold the election on any other day that may be designated, by a call of five stockholders by notice, as before designated.
§ 11. The lands, lots, building or buildings, library, philosophical or chemical or other apparatus, belonging to said corporation, is and the same shall be forever exempt from taxation, for state, county or corporation purposes, and also be exempt from execution for other than debts or demands against said incorporation, in its corporate capacity and liabdities. Stockholders shall at any election under this act be permitted to cast more than one hundred votes or ballots, anything in this act to the contrary notwithstanding.