Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Alexander McCreary, Henry Yost, Sion H. Mitchell, Richard Cantrill, William Jones, William Mitchell, and John Roberts, and their successors in office, be, and they are hereby created a body politic and corporate, to be styled and known by the name of the “Fancy Farm College,” and by that name and style to remain and have perpetual succession.

Sec. 2. The said college shall be located at the residence of Alexander McCreary, or within two miles thereof, in the county of Franklin.

Sec. 3. The sole object of said corporation shall be for the promotion of science and literature, and its corporate powers shall be similar to those conferred upon other corporate bodies for the advancement of education, to-wit: to make contracts, to sue and be sued, plead and be impleaded; to grant and receive by its corporate name; to acquire, purchase, and sell property, real and personal, and in all lawful ways to manage and use the same; to have a common seal, and the same to alter and change at pleasure; to make such by-laws and regulations as are not inconsistent with the Constitution and laws of the United States and of this State; and to do all other acts, which may be necessary, to carry out the powers herein conferred.

Sec. 4. The trustees of said college shall have authority, from time to time, to prescribe and regulate the course of studies therein, to fix the rate of tuition and other college 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, fix their compensation, and remove them from office at pleasure; to purchase books, chemical, philosophical, and other apparatus, and to prescribe regulations for the conduct of the students.

Sec. 5. The trustees, for the time being, shall have power to fill any vacancy which may occur in the board of trustees from death, resignation, or any other cause, and a majority of the trustees, for the time being, shall be a quorum to do business.

Sec.6. It shall be the duty of the trustees to appoint one of their number treasurer to the board, and he shall be required to give bond with sufficient security, to be approved by the board, in such penal sum as they may prescribe, conditioned for the performance of such duties as may be required of him.

Sec. 7. The lands and tenements to be held in perpetuity by virtue of this act, shall not exceed six hundred and forty acres; Provided however, That if grants, donations, or devices, shall, from time to time, be made to said corporation, over and above the quantity of six hundred and forty acres, which may be held in perpetuity as aforesaid, the same may be received and held by the said corporation for the period of ten years from the time of such grant, donation, or devise, at the expiration of which time, if said lands, over and above six hundred and forty acres, shall not have been sold by said corporation, then, and in that case, the lands so granted, donated, or devised shall revert to the grantor, donor, or devisor of the same, or to his or her heirs.2

Approved, February 24, 1841.