Chap. 12.—An ACT extending the Charter of the Franklin Society and
. Library Company of Lexington.

Approved February 22, 1870.

1. Be it enacted by the general assembly, That the first seo-
tion of the act passed Anno Domini, eighteen hundred and
sixteen, entitled an act incorporating the Franklin Society and
Library Company of Lexington, in the county of Rockbridge,
be amended and re-enacted so as to read henceforth as follows:

Ҥ1. That John W. Fuller, Jacob M. Ruff, Jacob Fuller,
Samuel F. Jordan, William G. White, George A. Baker, John
W. Barclay, James B. Dorman, Edward echols, Alexander
M. Glasgow, Edward L. Graham, William McLaughlin, James
Compton, John G. Pole, James W. Massie, Henry G. David-
son, John T. L. Preston, John F. Burkhardt, Tilford B. Heck,
Samuel J. Campbell, Joseph G. Steel, James J. White, John
L. Campbell, Alexander L. Nelson, Archibald Alexander,
William H. Ruffner, Charles A. Davidson, Alexander T. Bar-
clay, Solomon C. Craft, William A. Rhodes, James M. McClung,
Jobn B. Lady, Glentworth G. Davison, Preston A.-Davidson,
William W. Lewis, Thomas B. Taylor, William Davidson, Jr.,
William Dold, John C. Bonde, James K. Edmondson, S. Hous-
ton Letcher, Eli S. Tutwiler, M. A. Chambers, James T. Pat-
ton, and James T. McCrum, now associated as a corporation
under the name of The Franklin Society and Library Company
of Lexington, in the county of Rockbridge, for the purposes of
literary improvement and the establishment of a library, and
such persons as are now or may hereafter be associated with
them, are continued and constituted a body politic and corpo-
rate by the said name of The Franklin Society and Library
Company of Lexington, and by that name shall have perpetual
succession and a common seal; may contract and be contracted
with; sue and be sued; may acquire, receive, hold, possess,
and enjoy, and may manage, rent, sell, grant, convey, invest,
convert, or otherwise dispose of, for the purposes before -men-
tioned, all lands, tenements, goods, moneys, and chattels of
any kind, which have been or may be given to or otherwise
acquired by the said society. The said society may adopt
such by-laws, rules, and regulations for the transfer of shares
and admission of members, and for the conduct and govern-
ment of the said society as may be deemed necessary, not con-
trary to the laws and constitution of this state and of the
United States. No person shall be regarded as a member, or
have any interest in the property or its control, until he shall
be admitted a member in the mode prescribed by the regula-
tions. The said society may levy such contributions, and exact
such fines and penalties for delinquencies or the neglect of
duty, as may seem proper. Persons not members of the corpo-
ration may be admitted to the benefits of the institution upon
such terms, and with such privileges, as may be prescribed in
the regulations.” :

2. The second section of said act shall be amended and re-
enacted so as to read as follows:

Ҥ 2. The said society shall meet annually in Lexington, on
the seventeenth day of January, or on such other day as they
may, from time to time, appoint; of which meeting two weeks’
previous notice shall be given by advertisement; and the said
society shall elect by ballot, from the members constituting
the same, a president and four directors, whose authority shall
continue for one year, and until another president and directors
are appointed in their stead. Ten members, or such other
number as may be prescribed by the regulations, shall consti-
tute a quorum, but it shall require a majority of all the mem-
bers of the society to constitute a quorum to authorize a sale
of the real estate or library, and also a majority of the mem-
bers to authorize such sale; but no such sale shall be made,
except for purposes of reinvestment of the proceeds of sale,
prior to a dissolution of the corporation.”

8. The third section of said act shall be amended and re-
enacted so as to read as follows:

Ҥ 3. The president and directors, or a majority of them,
shall appoint, out of the society, a librarian, treasurer, and
other officers, and fix their salaries, and take from them bonds
in such penalties as they may prescribe, for the faithful dis-
charge of their duties; shall have power to make such by-
laws, rules, and regulations (not contrary to the laws and con-
stitution of this state and the United States), as they may think
necessary and proper for the conduct and government of the
said society, subject, however, to the revision and amendment
of the society at their annual meetings, or at any extra meet-
ing which may be convened at any time, upon the request of
any ten members of the society, in such manner as shall be
prescribed by their by-laws. At any extra meeting of the
society, the president or any director may be removed from
office, 8 majority of all the members of the society concurring
therein, and any vacancy in the office of president or director
may be supplied by a majority of the members present.”

4. The fourth section of said act shall be amended and re-
enacted so as to read as follows:

Ҥ 4. This act shall be in force from and after its accept-
ance by a majority of all the members of said society entered
of record in general meeting assembled, and shall continue in
force until all the members of the said society shall, in general
meeting assembled, enter of record their consent to the disso-
lution of the society.”