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Caption: Book - History of the University (Powell)
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Bill s ai ibluh an Educational Institution 543 Fill Vacancy self before the board, nor unless two-thirds of the whole number of trustees shall concur in such removal. The trustees shall also have power, in case of a removal from office, death, resignation, or a removal out of the state, of any of their number, to fill such vacancy occasioned by such removal, death, resignation, or removal out of the state, to serve until the next annual election to be held as hereinafter provided. A majority of trustees shall be sufficient to constitute a quorum to do business. 7. This corporation shall have power and authority to raise a capital stock, in shares of fifty dollars each, to the amount of one hundred thousand dollars, exclusive of such sums as may be given by donation, bequest, or otherwise, to be used as a college fund, and devoted exclusively to the purposes of education, and that so soon as two hundred shares or ten thousand dollars of said stock shall be subscribed, the stockholders will be hereby authorized to organize and locate said institution. 8. The trustees shall faithfully apply all funds by them collected, or to be collected hereafter, according to their best judgment, in purchasing lands, erecting suitable buildings, in supporting the necessary instructors, officers, and agents, in procuring books, maps, charts, globes, philosophical and chemical apparatus necessary to aid in the promotion of sound learning in the institution: Provided, that in case of any donation, devise or bequest shall be made for particular purposes, accordant with the objects of the institution, and the trustees shall accept the same, every such donation, devise or bequest shall be applied in conformity with the express condition of the donor or devisor: Provided^i^so, that lands donated or devised as aforesaid shall Capital Stock Application of funds. Proviso
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