An Ordinance incorporating the Seventies’ Library and Institute Association.
Sec. 1. Be it ordained by the City Council of the City of , that , , , and such others as may be associated with them, are hereby incorporated, to be known by the name of the Seventies’ Library and Institute Association, with perpetual succession, and shall have all corporate powers to sue and be sued, to plead and be impleaded, to defend and be defended, to purchase, hold, sell, or lease estate real or personal to any amount, to have a common seal, which they may alter, or renew at pleasure; and shall have, exercise and enjoy, all powers, rights, and privileges which appertain to like corporate bodies.
Sec. 2. That the capital stock of said Association shall amount to $10,000 which may be increased to any amount by a vote of the majority of the Stockholders present, at a meeting called for that purpose by the President of the Association who shall give at least one month’s notice thereof; which capital stock shall be divided into shares of five dollars each.
Sec. 3. That the books of the Association shall be opened for subscription on the 20th day of December A. D. 1844; and when two hundred dollars shall have been subscribed, the stockholders shall elect a board of seven trustees, who shall elect one of their number President of the Association, to hold their office during good behavior; said board of trustees shall constitute the law-making department of said Association, with full power and authority to make, ordain, establish, and execute all such laws and ordinances, all they may deem necessary for the benefit, government and regulation of said Association, not repugnant to the constitution of the or the constitution of this .
Sec. 4. That the board of trustees shall have power to appoint a Librarian, Registrar, and such other officers as may be necessary, to prescribe their duties, and remove them from office at pleasure.
Sec. 5. That the board of trustees shall have power to require, of all officers appointed in pursuance of this act, bonds with such penalty and security as may be deemed expedient, for the faithful performance of their respective duties; and also to require, of all officers appointed as aforesaid, to take an oath for the faithful performances of the duties of their respective offices.
Sec. 6. That the President of the Association, shall have power to fill all vacancies in the board of trustees, that may occur from the absence of any member, by appointment; a majority of whom shall form a quorum to do business.
Sec. 7. That in case of the death, removal, resignation, or neglect to serve of any one or more of the trustees, their place shall be filled by vote of a majority of the stockholders present at a meeting called for that purpose, upon a notice of at least four weeks by the President of the Association; and in case of the neglect or refusal of the President to give such notice, the duty of giving notice shall devolve upon a majority of the trustees.
Sec. 8. That it shall be the duty of the Librarian, under the direction of the President, to receive in payment for stock all useful books, maps, charts, globes, models, and scientific instruments, also paintings, engravings, sculptures, and all other useful and curious specimens of the Arts and Sciences also all kinds of natural curiosities and Antiquities.
Sec. 9. That the board of trustees shall provide for the erection of all buildings, observatories, &c. that they may deem necessary for the benefit of the Association.
Sec. 10. That each member of the Association shall be entitled to one vote for each share which he may actually hold and shall be allowed to vote by proxy.
Sec. 11. This ordinance to be in force from and after its passage.