That James M^cCabe, Isaac Hill, Thomas Henderson, Thomas Carey, Justin Harlan, John Bartlett, Stephen Archer, Woodford Dulaney[,] and William B. Archer and their successors, be and they are hereby created a body politic and corporate, to be styled and known by the name of “The trustees of theMarshall Female Seminary ” and by that style and name to have perpetual succession. The said Seminary shall be and remain at or near Marshall in the county of Clark 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[,] and 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

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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 with a view to promote education and refinement the powers of said trustees shall at all times be ample, full[,] and extensive to carry those objects into effect.

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 over the number herein provided.

Sec. 4. The trustees of said corporation shall have authority to prescribe and regulate the studies to be pursued in said Seminary; to determine the rate of tuition and all other expences; to appoint

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instructors and instructreses, and also such agents and assistants as may be necessary, and shall have power to displace and remove any or either of them, as they may deem the interest of theinstitution may require; to fill such vacancies which may happen by death or otherwise among said officers, agents[,] and assistants; to erect suitable buildings, to purchase books, globes and all apparatus necessary, to make rules for the general management of the affairs of the institution.

Sec. 5. The capital stock of said corporation shall be deemed personal property, and shall be assignable and transferable in the manner prescribed by the trustees but shall be held in perpetuity for the purpose of a Female Seminary of learning and refinement and for no other purpose whatever.

Provided however, that said trustees shall in no instance hold in trust as aforesaid a quantity of land exceeding ten acres, except the same be acquired by bequest or donation to saidCorporation, in which case the trustees shall make sale thereof within the term of seven years, and apply the proceeds to the object contemplated by the donor or testator, nor shall the capital stock

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of said corporation ever exceed the sum of thirty thousand dollars.

Sec. 6. The quantity of land, ten acres, with all the buildings, improvements[,] and appurtenances on the same shall be, so long as the same is used and occupied for the true objects contemplated in this act, education and refinement, wholly exempt from taxes for State or county purposes, or taxes or requisitions for any purpose whatever.