Repository: UIHistories Project: Book - History of Illinois Land Grant Endowment [PAGE 35]

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Land (irant Endowment Fund

35

and use a common seal, and to alter the same at pleasure; to make and establish by laws, and to alter or repeal the same as they shall deem necessary, for the management or government in all its various departments and relations, of the Illinois Industrial University, for the organization and endowment of which provision is made by this act. Said appointments to be subject to approval or rejection by the Senate at its next regular session thereafter, and the appointees to be and they are hereby authorized to act as Trustees as aforesaid, until their successors shall be appointed by the Governor and such appointment shall be approved by the Senate. SEC. 2. The members of the Hoard of Trustees, and their successors, shall hold their office for the term of six years each. Provided, That at the first regular meeting of said Board, the said members shall determine, by lot, so that, as nearly as may be, one-third shall hold their office for two years, one-third for four years, and one-third for six years from the first day of said meeting. The Governor by and with the advice and consent of the Senate, shall fill all vacancies which may at any time occur by the expiration of term of office, or otherwise in said Board, by appointment of suitable persons resident in the respective grand divisions and congressional districts in which such vacancies may occur. Said board of trustees may appoint an executive committee of their own number, who, when said board is not in session, shall have the management and control of the same, and for that purpose have and exercise all the powers hereby conferred on said board which are necessary and proper for such object. SEC. 3. In case the Board of trustees shall at any time determine to establish a branch or department of said University at any points elected by them, such branch or department shall be under the control of the members of said board residing in the grand division and congressional district where said board shall be located, unless otherwise ordered by said board of trustees. Provided, that no portion of the funds resulting from the congressional grant of land for the endowment of said university, or from any donation now or hereafter to be made by the county, city, or town at or near which the University is located; and no portion of the interests or proceeds of either of said funds shall ever be applied to the support of any branch or department located outside of the county wherein said university is located by this act. SEC. 5. At the first, and at each biennial meeting thereafter, it shall be the duty of the board to appoint a treasurer who shall not be a member of the board, and who shall give bonds, with such security as the board of trustees shall deem amply sufficient to guard the university from danger of laws or diminution of the funds intrusted to his care. Public Laws of Illinois, 1867. SEC. 14. That upon the organization of the board of trustees and the appointment of said treasurer, and the filing with and the approval by said board of the bond of said treasurer, and all of said foregoing acts being duly certified to the Governor, under the hand of said regent, countersigned by said recording secretary, it shall then become the legal duty of said governor to deliver over to said treasurer the laud scrip issued by the United States to this State, tor the endowment of said university, and that thereupon it shall become the duty of said treasurer to sell and dispose of said scrip at such time, place, in such manner and <|tiantities, and upon such terms as such board shall, from time to time, prescribe, or to locate the same as said board may direct. Said treasurer being in all respects pertaining to tbe sale of said scrip, and the reinvestment -i the proo Is received therefor, and tbe securities when reinvested, subject to such order and control of said Board as is not inconsistent with this and thi ict of congress providing for the endowment of said university. Si 15. That all the right, title, and interest of th< State of lllhn in and to said land scrip is hereby invested in the Illinois Industrial University, t«>r the