Sec. [Section]1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Thomas Keys, William Young, John Smith, William S. Wait, James Clark, James Stofford, Augustus Norton, Lemuel Blanchard, P. J. Halcomb, Cornelius Lansing, Robert Keys and George Donald, and their successors, be and they are hereby constituted a body politic and corporate, by the name of the “Trustees of the Bond County Academy,” and by that name and title to remain and have perpetual succession. The same academy being and to remain in the corporate limits of Greenville, Bond county, State of Illinois; the number of trustees shall not exceed twelve, they shall have power to elect the necessary officers out of their own body. The trustees shall be elected yearly by the subscribers or stockholders of said academy. They shall have power to fill vacancies that may occur in the interim, and in case of a failure of the subscribers to elect at the proper time, the trustees shall be considered as holding their office and continue in office until their successors be elected and qualified.

Sec. 2. The corporate powers hereby bestowed shall be the following, to-wit: To make contracts, to sue and be sued, plead and be impleaded, and to grant and receive by their corporate name, to accept, acquire by 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 or that may belong to such corporation, in such ways as to them shall seem best calculated to promote the objects of the institution; to have a common seal and alter and change the same at pleasure; to make such by-laws for the management of the academy as shall not conflict with the laws and Constitution of this State, or of the United States.

Sec. 3. The trustees shall also have authority to prescribe and regulate the course of study in said academy, to fix the rate of tuition, and other academic expenses; to appoint instructors and other officers and agents necessary to manage the concerns and interests of the institution; and to define their duties and fix their compensations, and to remove and displace them; to erect suitable buildings, to purchase books and all necessary apparatus, to make rules for regulating the conduct of the pupils, and to suspend and expel such as are disorderly.

Sec. 4. A majority of the trustees shall constitute a quorum to do business.

Sec. 5. The lands, tenements and hereditaments to be holden in perpetuity by said corporation shall not exceed six hundred and forty acres. Provided, however, That if any donations, grants or devises in lands shall from time to time be made to said corporation, over and above the six hundred and forty acres, that may be held in perpetuity as aforesaid, the same may be received and held by said corporation. Provided, That they shall sell or dispose of said lands within five years from the time of receiving the same.

Sec. 6. The benefits and privileges of said institution shall be open alike to all religious denominations.

Sec. 7. There shall be attached to said academy a department in which shall be taught such branches as are usually taught in common schools, and the trustees of said academy shall receive from the school commissioners of the county such amount and proportion of the common school fund as is received by other common schools. Provided, The said trustees comply with the laws regulating common schools.

Approved, February 19, 1841.