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Caption: Book - History of the University (Powell)
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Act Incorporating the Urbana-Ghampaign Institute 467 tuted as follows, to-wit: the Governor, Secretary of State and Superintendent of Public Instruction of the State of Illinois; the Presidents of the State Agricultural and Horticultural Societies, and such visitors from each of any organized religious denomination within the limits of the congregational district in which the said Institution is located, as may be appointed by their Conference, Synod, Association or Convention, Provided, that no more than three visitors shall be appointed by the same denomination. SEC. 5. On the last Wednesday of June, 1862, and on the same day of each year thereafter, there shall be an election of three Trustees, who shall hold their office for three years. All vacancies in the Board of Trustees then existing shall also be filled. Such election shall be by ballot, and by a majority of stockholders present. SEC. 6. The real estate in the Seminary plat, as now laid out into lots and recorded in the Recorder's office of Champaign county and State of Illinois, shall represent the capital stock of said corporation. Said capital stock may be increased to Two Hundred Thousand Dollars, in shares of one hundred dollars each. SEC. 7. Any person holding a contract or deed, for one or more shares of said capital stock, shall be a member of this corporation, and entitled to one vote for every share of stock by him thus held, upon which all installments* have been paid, required by contract. Stockholders shall be also entitled to such dividends on their stock as the Trustees may from time to time declare thereon. SEC. 8. The Trustees shall choose their own officers, and make their own by-laws, and may fill any vacancies in their body, by appointment of qualified persons until the next election. SEC. 9. The Trustees at each annual election shall make and submit a report to the stockholders, of the state of the Institution and its finances, with an inventory of its property, and de?:; clare such dividends from the net proceeds and profits of ill/, receipts, or business as the state of the finances of said Institution may warrant: Provided, that no such dividend shall ever be declared or made when its payment would embarrass the finances •k
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