Chap. 64,—An ACT to Incorporate the Society of the Alumni of the Uni-
versity of Virginia.

Approved February 6, 1873.

Whereas, on the fourth day of July, A. D., eighteen hundred
and seventy-two, the judge of the circuit court of Albemarle.
county did grant a charter of incorporation to the Society of
the Alumni of the University of Virginia, and it is desirable
that the said charter should be amended, and granted by this
legislature as amended; therefore,

1. Be it enacted by the general assembly of Virginia, That
A. R. Blakey, N. H. Massie, W. C. N. Randolph, Horace W.
Jones, R. T. W. Duke, and Oscar Rierson, together with such
other persons as are now, or may hereafter be associated with
them, and their successors, shall be, and they are hereby, in-
corporated and made a body politic and corporate, under the
name and style of the Society of Alumni of the University of
Virginia.

2. The principal office of said society is to be kept, and the
chief business to be transacted, at Charlottesville, Virginia ; its
capital stock to be not less than five hundred dollars, and the
maximum to be not more than twenty times the said sum, and
to be divided into shares of ten dollars each. No stockholder
is ever to receive any pecuniary benefit from the said capital
stock, nor from any dividends therefrom, but the whole of both
capital and dividends to be used in efforts to raise an endow-
ment fund, to be held and applied by the said Society of Alumni
of the University of Virginia, for the benefit of the said
University, and neither the diminution nor the entire exhaus-
tion of the capital stock of said society shall forfeit, nor in any
degree impair, the corporate rights, privileges, and powers of
the said society.

3. The officers of this society for the first year shall be:
B. Johnson Barbour, of Orange county, Virginia, president ;
John W. Daniel, of Lynchburg, Virginia, first vice-president ;
William T. Early, of Charlottesville, Virginia, second vice-presi-
dent; C. D. Fishburn, of Charlottesville, Virginia, secretary ;
N. H. Massie, of Charlottesville, Virginia, treasurer, and A. R.
Blakey, of Charlottesville, Virginia ; N. H. Massie, of Charlottes-
ville, Virginia ; W. C. N. Randolph, of Charlottesville, Virginia ;
Horace W. Jones, of Albemarle county, Virginia; R. T. W.
Duke, of Albemarle county, Virginia; W. A. Quarles, Clarkes-
ville, Tennessee, and W. R. Abbott, of Bedford county, Vir-
ginia ; the last named seven of whom shall constitute an execu-
tive committee, charged with the special duty of raising the
endowment fund, and also a fund to build a hall for the
said society, and they are clothed with power to control and
manage the capital stock and the dividends therefrom, if any,
and any other funds belonging to the said society, and to use
the same in efforts to raise the said endowment, until the said
society shall meet in general meeting and order otherwise.

4. This society by its executive committee, or in such other
way asit in general meeting shall direct, shall have power toraisé
the sum of five hundred thousand dollars, to be held in the
name of the Society of the Alumni of the University of Vir-
ginia, to be safely invested, and the net annual income there-
from to be applied to the benefits of the University of Virginia.
The management, investment, and application of the said
funds, and the income therefrom, to be by the said executive
committee of the society, and their successors in office ; and
the said society may, in any proper way consistent with the
general policy and organization of the said institution of learn-
ing, and not inconsistent with the laws ofthis state, devise and
carry into execution ways and means for the advancement of
the interests and prosperity of the University of Virginia.

5. With money specially donated for the purpose, it may
build a hall for the use and benefit of the said society, and let
to rent such part of said building as it may not have constant
use for, and may hold real estate not exceeding five acres.

6. It shall have power to receive and hold any donations,
devises, legacies, scholarships, grants, and gifts of books, manu-
scripts, copyrights, works of art, real and personal estate, or
anything else of value, for the endowment mentioned in the
fourth section above, and also for building a hall, mentioned in
the fifth section. But every donation, devise, legacy, grant, or
gift, which shall not be given specially for the purchase or erec-
tion of the said hall, or purchase of the said five acres of real
sstate, shall be deemed to be for the benefit of the endowment
fund mentioned in the fourth section. The said society shall
have power to sell, exchange, transfer, assign, and convey any
‘property given to it, and to publish and have copies made of
any books, manuscripts, paintings, and other works of art that
‘may belong to it, and to sell the same; and also by legal pro-
ceedings to enforce the payment of bonds, bills, notes, and
other written obligations, executed and delivered to it by way
of endowment, or for any other purposes and objects of the
said society, authorized by its charter. Any real estate which
it may acquire by devise or otherwise, over and above five acres,
is to be sold as soon as it can conveniently be sold at a fair
price. The property held by or for said society shall stand
upon the same footing as that held by or for institutions of
learning incorporated by this state.

7 With the consent of the board of visitors and faculty of
the university it shall have power to dispose of scholarships in
the university of Virginia, and to invest the proceeds thereof
as other funds received to be a plied for the benefit of the
said university.

8. The capital stock of the society mentioned in section

second shall be a fund totally distinct from the other funds
mentioned in the fourth and fifth sections. The funds men-
tioned in these last named sections shall be no part of the
capital stock of the society, nor shall any person who may give
or grant any funds to the said society by reason thereof be-
come a stockholder.
_ 9. At any general meeting the society. may adopt any
by-laws it may think proper in regard to admitting or rejecting
members, and for any other purpose not inconsistent with the
laws and constitution of this state and the United States.

10. Each member shall have one vote in the meetings of
the society.

11. It shall have authority to employ agents to obtain en-
dowments for scholarships and professorships, to solicit dona-
tions, to dispose of anything of any value belonging to the
society, or entrusted to its management for the purpose of en-
dowing professorships or scholarships, or for accomplishing
any of the other objects of the society authorized by its char-
ter; and to pay all expenses incident to the conduct and opera-
tions of the society.

12. The executive committee and other officers shall hold
their offices until their successors are appointed. Three of the
executive committee shall constitute a quorum for business,
and it shall have power to fill vacancies in its own body until
the next election after the happening of such vacancy. It
shall be the duty of the executive committee annually, and
oftener if required, to make a report to the society in regard
to its management of the funds under its control, and to make
such suggestions and recommendations as it may deem advisa-
ble. And the society shall have the power at any time to re-
move any one or more of the executive committee and appoint
others in their places,

13. The executive committee shall be invested with all the
powers of the society in regard to the funds belonging to and.
under the control of the society and in regard to raising said
funds except in so far as they may be restricted by the posi-
tive laws or orders of the society.

14. All transactions of the said society under its charter
granted by the circuit: court of Albemarle county, and which
occurred before the date of this act, shall be as valid in all
respects as if the same had transpired after the passage of
this act. ;

15. Any person may insure his life forits benefit, and every
such insurance shall be valid, without regard to the insurable
interest which the party contracting with the insurer may have
in said society. It may receive the benefit of such insurance,
and on the failure of the party so insuring to pay the premi-
ums on such insurance or upon his abandonment of the con-
tract, the society may take the place of such party by paying
in his stead such premiums; and may change or modify said
contract or do any thing else, necessary in the premises, which
the party thus in default might do under said contract, at any
time within sixty days after such default and notice thereof to
the executive committee of said society.

16. This act shall be in force from its passage. _