Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That John Tillson, jr. Israel Seward, Lloyd Morton, John S. Hayward, Charles Holmes, jr. Hiram Roundtree, William S. Russell, Matthew S. Cushman, Francis H. Hariford, Thomas A. Spillman, Daniel Schour, George Burnap, Edwin A. Casey, Thomas Sturdevant, and William Witherspoon, be and they are hereby created a body politic and corporate, to be styled and known by the name of the “Trustees of the Hillsboro’ Academy,” and by that style and name to have perpetual succession. The said academy shall be and remain at or near Hillsboro’ in the county of Montgomery, and state of Illinois.

Sec. 2. The corporate powers hereby granted shall be such as are usually considered requisite and useful in promoting the general interest of education, to wit: To have perpetual succession; to make contracts; to sue and be sued, plead and be impleaded; to accept, acquire, purchase or sell property, real, personal or mixed, in all lawful ways; to use, employ, manage an dispose of all such property, and all money belonging to said corporation, in such manner as may be directed by the trustees; to have and use a common seal, and to alter the same at pleasure; to make, alter and amend such by-laws for the government and regulation of said corporation as are not inconsistent with the constitution and laws of this state, and to confer such academical or honorary degrees as are usually conferred by similar institutions.

Sec. 3. The trustees of said corporation shall choose from among themselves by ballot or otherwise, a president and treasurer; and said treasurer shall also be, ex officio, secretary of said corporation, and may be required to give bond in such penalty and upon such conditions as said trustees may direct. Said trustees shall fill any vacancy that may occur in the board by reason of death, removal, resignation or otherwise, and a majority of said trustees for the time being, shall constitute a quorum for the transaction of business, but the number of trustees shall not be increased.

Sec. 4. The trustees of said corporation shall have authority to prescribe and regulate the studies to be pursued in said academy; to determine the rate of tuition and other academical expenses; to appoint instructors and such other officers, agents and assistants, as may be necessary to manage the concerns of the institution; to define their duties; to fix their compensation, and to displace or remove them; to erect suitable buildings; to purchase books,

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chemical and philosophical apparatus; to make rules for the general management of the affairs of the institution and for regulating the conduct of the students, but no preference or restriction of student shall ever be made on account of religious opinions.

Sec. 5. The stock of said corporation shall be deemed personal property, and shall be assignable and transferrable in the manner prescribed by the trustees, but shall be held in perpetuity for the purpose of a seminary of learning, and for none other: Provided however, That the said trustees shall in no instance hold in trust as aforesaid, a quantity of land exceeding twenty five acres, except the same be acquired by bequest or donation to said corporation, in which case the trustees shall make sale thereof within the term of five years, and apply the proceeds to the object contemplated by the donor or testator, nor shall the capital stock of said corporation ever exceed the sum of forty thousand dollars.

Approved 4th March, 1837.