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&DNM.1850-138-2
&YENC.1850
&YAMD.1850
Sec. 2. The said trustees and their successors in office shall be
empowered to receive any and all subscriptions, gifts, grants,
donations, and bequests, which shall be applied solely to the uses and
benefit of such church in the manner the trustees thereof muy deem
most proper and expedient.
&DNM.1850-138-3
&YENC.1850
&YAMD.1850
Sec. 3. It shall be lawful for such trustees to hold meetings at such
places, and at such time as it may be deemed necessary, and their
business may require; sit on their own adjournments, or the call of the
proper officers, or a majority of such trustees; and to elect and appoint
their officers, and establish such rules and by-laws from time to time
as a majority may determine: Provided, however, That such rules and
by-laws shall not be inconsistent with the laws or constitution of this
State or the United States.
&DNM.1850-138-4
&YENC.1850
&YAMD.1850
Sec. 4. It shall be lawful for the members of the Evangelical
Lutheran St. John's Church, to perpetuate the board of trustees hereby
appointed by annual appointment, or by any other mode they may deem
proper. They may also increase the number of said board when the
same may be deemed necessary, and fill all vacancies that may at any
time occur therein.
&DNM.1850-138-5
&YENC.1850
&YAMD.1850
Sec. 5. It shall be the duty of said board to keep a record of their
proceedings, which shall at all times be open to the inspection of all
persons concerned.
&DNM.1850-331-2
&YENC.1850
&YAMD.1850
Sec. 2. The capital stock of said company shall not be less than
seventy-five thousand dollars, nor more than five hundred thousand
dollars, in shares of one hundred dollars each, which may be
subscribed for by any individual, or corporation, or by any Christian
Church Society, or congregation, in the name of its trustee, which
trustee shall, however, be personally responsible for such subscription,
and as soon as seven hundred and fifty shares of such capital stock
shall be subscribed to the satisfaction of said commissioners, or a
majority of them, the subscribers of said stock, their successors or
assigns, shall be, and they are hereby declared to be incorporated into
a company by the name of "The North Western Christian University,"
and by that name shall be capable in law of receiving, taking
purchasing, holding, selling, leasing, and conveying, or using,
occupying, and enjoying all such real and personal estate and property
as shall or may be necessary or proper for the purpose hereinafter
mentioned, not exceeding, however, in value at any one time the sum
of five hundred thousand dollars, and shall have perpetuated
succession, and by such corporate name may sue and be sued, and may
have and use a common seal, which they shall have power to alter or
renew at pleasure, and shall have and enjoy, and may exercise all the
powers, rights, and privileges which other corporate bodies may
lawfully do for the purposes mentioned in this act.
&DNM.1850-331-3
&YENC.1850
&YAMD.1850
&DNM.1850-331-4
&YENC.1850
&YAMD.1850
Sec. 4. So soon as seventy-five thousand dollars of the capital
stock of said company shall be subscribed to the satisfaction of said
commissioners, or a majority of them, they shall appoint a time and
place for holding the first election of directors, of which they shall give
such notice as they may deem proper and sufficient; said
commissioners, or a majority of them, may also prescribe the manner
of holding and conducting said first election, and subsequently thereto,
in every three years, there shall be a like election of directors, to be
holden at such time and place, and upon such notice, and in such
manner as the board of directors shall prescribe.
&DNM.1850-331-5
&YENC.1850
&YAMD.1850
Sec. 5. The directors so chosen shall serve as such for the term of
three years, and until their successors are chosen, and shall constitute
the board of directors of the North Western Christian University. They
shall choose one of their own body as president of said board, and may
choose either from their own members, or other stockholders in said
company, a treasurer, secretary, and such other servants and agents of
said company and of said board as to them shall seem necessary and
proper, all of whom shall serve as such during the pleasure of the
board. The said board shall have power to make its own by-laws, rules,
and regulations, and may prescribe and define the right to {and}
powers, duties, and liabilities within the limits of this act, and of the
laws of the State, of each, any and all the servants and agents of the
said company, or of the said board.
&DNM.1850-331-6
&YENC.1850
&YAMD.1850
Sec. 6. The said board of directors are hereby empowered to
expend any amount which be necessary, not exceeding one-third of the
capital stock of said company, in the purchase and procurement of a
suitable site and ground for the said institution, and in the purchase of,
or the building, and erecting thereon suitable buildings for said
incorporation, and in the purchase and procurement of all proper
fixtures, appurtenances, apparatus, furniture, library, &c., for the use
of said institution, the balance of the said capital stock not so expended
and applied shall be kept and retained as a permanent fund for the
endowment of the said institution, and may be loaned out by said board
upon good and ample security at an interest of six per cent. per annum,
payable annually in advance, such interest to be used and applied to, to
maintain, sustain, and support such institutions.
&DNM.1850-331-7
&YENC.1850
&YAMD.1850
Sec. 7. The stock subscribed shall be payable to the said board of
directors, or to their proper agents, upon their requisition, and said
board are hereby authorized at any time, or from time to time, as said
board may think proper to make such requisitions, either for the whole
or for such share and proportion thereof as said board shall think
necessary: Provided, That for so much and such share and proportion
of each subscription, as by the foregoing section is contemplated to be
kept and retained as a permanent fund for the endowment of said
institution, each shareholder shall be a preferred borrower, and shall,
if he desire it, have the privilege of retaining the same as a loan from
said company, upon full and prompt compliance with the terms of this
act, prescribed to the borrowers of said fund, and subject to the same
conditions and liabilities as other borrowers: Provided, also, So long as
such stockholder so retaining as a loan, a portion of said subscription
shall faithfully and promptly comply with every requisition of the board
as to the securing, or further or better securing, the amount so retained
by him as a loan, and shall faithfully and promptly pay the annual
interest thereon in advance; he or she may so retain as a loan an amount
equal to two-thirds of his or her said subscription, but in case of his or
her failure to comply with any such requisitions of the board, or to pay
said interest promptly, the right so to retain the same shall be held to be
forfeited, and the amount shall thereupon be taken and held to be
presently due and collectable.
&DNM.1850-331-8
&YENC.1850
&YAMD.1850
Sec. 8. In case any subscriber shall fail to make full payment of his
subscription as contemplated by the provisions of this act, the board of
directors may at any time after said failure, either before or after suit
therefor, declare the stock of said delinquent subscriber forfeited, and
strike his name and his stock from the books of the company.
&DNM.1850-331-9
&YENC.1850
&YAMD.1850
Sec. 9. Upon the full payment and security of the amount of his or
her subscription as hereinafter contemplated, each subscriber shall
receive from the said board of directors a proper certificate or
certificates of the numbers of shares and amount of stock held by him
or her, which stock shall be transferable and transmissible as other
personal property: Provided, That no assignment or transfer of said
stock shall be recognized, or allowed by the said board or by said
company, unless such assignment and transfer be made and entered on
the books of the company.
&DNM.1850-331-10
&YENC.1850
&YAMD.1850
Sec. 10. The said board of directors are hereby authorized to keep
the books of said company open to receive further subscriptions to the
capital stock of said company, to any amount which they may think
proper, not exceeding, however, in the whole the said sum of five
hundred thousand dollars; and all such new subscribers shall enjoy the
same rights and privileges, and be subject to the same duties and
liabilities as the original share holders.
&DNM.1850-331-11
&YENC.1850
&YAMD.1850
Sec. 11. The said board of directors, in loaning out the funds of the
said company, are authorized and required to provide that the same be
amply secured by mortgage or otherwise, and said board so often
thereafter as they may think it proper or necessary so to do, may require
further and additional security to the satisfaction of the said board,
from any of the borrowers of said funds; and in case any borrower shall
fail to comply promptly with any such requisition of the board, or shall
fail to make punctual payment of the annual interest in advance upon
his loan, he or she shall thereby forfeit all further credit on such loan,
and the amount so loaned to him or her shall be taken and held to be
immediately due and payable, and may be collected by due course of
law.
&DNM.1850-331-12
&YENC.1850
&YAMD.1850
Sec. 12. The said board of directors are hereby authorized and
empowered, for and in the name of said company, to select and locate
in the city of Indianapolis, or in its vicinity, a suitable and proper site
and location for the buildings of the institution, and to purchase and
procure the same with such adjacent grounds as they may think proper,
to be conveyed to the said company in fee, to provide and establish
thereon an institution of learning, to be called "The North-Western
Christian University;" to purchase and procure, or build and erect
thereon, all such halls, buildings, and edifices as shall be necessary for
the use and occupancy of such institution, and to purchase and procure
for the use of said institution all proper fixtures, appurtenances,
apparatus, furniture, and library, and to open, maintain, sustain, and
support the said North-Western Christian University, for the purposes
herein specified.
&DNM.1850-331-13
&YENC.1850
&YAMD.1850
Sec. 13. The said board of trustees {directors} shall have the
control and management of the said institution; may establish as many
chairs and professors, and appoint such president and professors as
they may think proper and remove the same at pleasure; and may by
their by-laws and ordinances, determine and define the powers and
duties of such presidents and professors, both individually and
collectively: Provided, No degree shall be conferred or diploma granted
except to students who have obtained the same proficiency in the
liberal arts and sciences as is customary for students in other similar
institutions, to entitle them to the same degrees and diplomas.
&DNM.1850-331-14
&YENC.1850
&YAMD.1850
Sec. 14. The board of directors shall meet annnually at
Indianapolis on the Tuesday next after the fourth Monday in May, in
each year, and at such other times as said board may determine, until
the opening of the said institution; and thereafter the times and place
of their meetings shall be determined by the board, a majority of whom
shall constitute a quorum; the president and {or} any three of the
directors may at any time call a special meeting of the board.
&DNM.1850-331-15
&YENC.1850
&YAMD.1850
Sec. 15. From and after the opening of the institution, each
stockholder whose stock is fully paid or secured as herein
contemplated, shall receive interest at the rate of six per cent. per
annum on the amount of his or her stock, payable, however, solely and
exclusively in tuition in said institution, at the usual rates for tuition
therein, when demanded, and payable to such stockholder, his or her
order or assigns, at any time within ten years after such interest shall
accrue.
&DNM.1850-331-16
&YENC.1850
&YAMD.1850
&DNM.1850-331-17
&YENC.1850
&YAMD.1850
Sec. 17. This act shall be taken and held as a public act, and shall
be liberally construed for every beneficial purpose hereby entertained,
{intended} and no omission to use any of the privileges hereby granted
shall cause the forfeiture thereof, nor shall any gift, grant, purchase,
sale, or conveyance to or for the benefit of said company be defeated
or prejudiced by any misnomer, misdescription, or informality
whatever.
&DNM.1850-338-1
&YENC.1850
&YAMD.1850
Section 1. Be it enacted by the Generel Assembly of the State of
Indiana, That Milton Stapp, William G. Wharton, C.P.J. Arion, D.D.
Jones, and Michael C. Garber, and their successors in office, be, and
they are hereby created a body corporate and politic, by the name, style,
and title of "the Jefferson County Historical Society," with power to
organize and transact business under and by the authority of the 32d
chapter, article 2d, of the revised code of 1843.