Chap. 53.—Au ACT to incorporate the Richmond Institute in the City
of Richmond.

Approved February 10, 1876.

Whereas a lot of land with improvements, situated in the
city of Richmond, has been conveyed by deed dated twenty-
sixth January, eighteen hundred and seventy, to A. B. Cap-
well, James B. Simmons, Jay S. Backus, EK. E. L. Taylor,
Albert R. Brooks, Henry K. Ellyson, and R. M. Manly, trus-
tees, and the survivors of them, upon the trusts that the said
trustees should hold and apply the said land and improve-
ments for the uses and purposes of an educational institution,
and that the proceeus of the rental or sale thereof should be
perpetually devoted to educational purposes as specified in
said deed; and upon the further trust that the trustees or
the survivors of them should apply to the general assembly
of Virginia for an act of incorporation, and when and as
soon as a charter of incorporation is obtained creating and
incorporating a literary institution or college, to be galled
the Richmond Institute, the trustees or their survivors should
convey the property conveyed by said deed to the said cor-
poration upon the trusts and conditions contained in the said
deed; and whereas one of the said trustees, E. EB. L. Taylor,
has departed this life, aud the other trustees above named
have applied for a charter of incorporation, incorporating
the following persons and their successors as such corpora-
tion, to whom said property is to be conveyed upon the trusts
aforesaid: therefore,

1. Be it enacted by the general assembly, That Nathan
Bishop, Albert B. Capwell, Joseph B. Hoyt, William A.
Cauldwell, Henry K. Ellyson, James H. Holmes, Richard
Wells, Alfred E. Dickinson, and Stephen Woodman, be and
they are hereby constituted a body politic and corporate, by
the name and style of The Richmond Institute, and by that
name shall have perpetual succession and a common seal,
may sue and be sued, plead and be impleaded, with power to
purchase, receive, and hold to them and their successors for-
ever, any lands, tenements, rents, goods and chattels, of what
kind soever, which may be purchased by or be devised or
given to them for the use of said literary institution or semi-
nary of learning; and to lease, rent, sell, or otherwise dis-
pose of the same, in such manner as may seem most condu-
cive to its interests: provided, that the lands, goods, and
chattels so authorized to be held, shall not exceed in amount
or value five hundred thousand dollars: and provided also,
that not less than a majority of said trustees for the time
being shall be sufficient to authorize the sale of any real es-
tate belonging to said seminary of learning.

2. The said trustees and their successors shall have power
to appoint a president, treasurer, librarian, professors, and
such other officers as they may deem proper; and to make
and establish, from time to time, such by-laws, rules, and
regulations, not contrary to the laws of the state or of the
United States, as they may judge proper for the good gov-
ernment of said seminary of learning. A majority of the
trustees shall constitute a board for the transaction of busi-
ness; and any vacancy or vacancies among the trustees, oc-
casioned by death, resignation, or legal disability, shall be
supplied by appointment of the board. The said trustees, or
their successors shall have power to increase their number
to eleven, if they desire to do so, and in that event they shall
elect, by vote of the board, the persons necessary to make
such eleven trustees. The said board of trustees shall have
power to create an executive board, consisting uf five of
their number, which executive board (any three of them be-
ing present), shall have authority to transact all the ordinary
business of the corporation, except the purchase or convey-
ance of real estate, the investment of funds, the appointment
or removal of officers and teachers, and fixing their salaries;
but the said board of trustees are not required to create or
appoint such executive board unless they see fit to do so in
their gound discretion.

3. The said seminary of learning is to be an educational
institution, and the propérty owned by it, so long as the said
corporation shall exist, is to be devoted to educational pur-
poses as aforesaid.

4, The treasurer shall receive all moneys accruing to the
said seminary of learning and property delivered to his care,
and shall pay or deliver the same to the order.of the board.
Before he enters upon the discharge of his duties, he shall
give bond with such security and in such penalty as the board
may direct, made payable to the trustees for the time being
and their successors, and conditioned for the faithful per-
formance of his duties, under such rules and regulations as
may be adopted by the board. And it shall be lawful for the
said trustees, or for the Richmond institute, suing in the
name of such trustees or their successors, to obtain a judg-
ment on such bond, or for any special delinquency incurred
by said treasurer, on motion in any court of record in this
commonwealth against said treasurer and his surety or sure-
ties, his or their executors or administrators, upon giving
ten days’ notice of such motion.

5. The. right is hereby reserved to the general assembly to
modify or repeal this act at pleasure.

6. This act shall be in force from its passage.