A Bill for an act to incorporate the Springfield Academy in the County of Sangamon

Sec.[Section] 1. Be it enacted by the People of the State of Illinois represented in the general assembly: That Washington Iles, F Webster jr.[,] Stephen T Logan, John F Rague[,] Nicholas H Ridgely[,] [Robert Allen] and [Charles R.] Matheny and their associates, be and they are hereby created a body corporate, by the name and style of the ^President and Trustees of the^ Springfield Academy by which name they shall ^8.^ have ^(^perpetual^)^ succession, with power to acquire, purchase[,] receive, possess, hold, retain and enjoy [to themselves and] their successors, property, real, personal and mixed, and the same to sell, grant and convey, rent or otherwise dispose of at pleasure; and they shall ha by said name have power to contract [and be contracted with,] sue and be sued, plead and be impleaded, [answer] and be answered unto, defend and be defended, in all courts of competent jurisdiction; and may have and use a common seal, which they may alter or break at pleasure, provided said corporation shall ^at no one time hold more than one acre of real Estate ^

Sec 2. The stock of said company shall consist of shares of fifty dollars Each to be subscribed for in the manner that the Trustees shall prescribe, and which shall be deemed personal property, and shall be transferable [on the books of said corporation, in such] manner as the Board may direct: provided The capital stock shall not Exceed the sum of twenty thousand dollars; and that its funds[,] privileges, and rents shall be and for the purposes of education only.

Sec. 3. The corporate concerns of said company shall be managed by a board of trustees, consisting of seven members, who shall be stockholders, any five of whom shall constitute a quorum for the Transaction of business

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They shall be elected by the stockholders on the first monday in April next and hold their offices for the term of two years, and until their successors are elected. the said Trustees shall elect one of their number President of the Board, and shall have power to fill vacancies in ther own body.

Sec. 4. The Board of Trustees shall have power to to appoint officers and agents, and to make & pass[,] ordain, establish and enforce all such ordinances, rules[,] regulations and by-Laws as a majority of them shall from time to time, deem necessary and expedient for the good government of said academy, its officers and agents, teachers and pupils and for the management of the property and affairs of the said corporation.

Sec. 5. All [deeds or instruments] of conveyance shall be made by a majority of the Trustees, sealed with the seal of said corporation, if any they have signed by the President and by him acknowledged in his official Capacity

Sec. 6. The above named persons shall be deemed Trustees until others are Elected; and they are hereby Empowered to appoint all necessary agents and officers whose office shall Expire with their own

Sec. 7. Said academy shall be located in the Town of Springfield in the County of Sangamon