SECTION 4. For the sale and distribution of the said increas- Manner and ed capital stock, the directors of the said bank, or a majority of sale of stock, them, shall appoint one of the auctioneers of the borough of subscription Harrisburg, to sell the said stock at public out-cry or auction; and payment and the said directors shall, on or before the fifteenth of July next, fix upon a certain place in the said borough, for the sale of said stock, which place shall afford a full and commodious opportunity for all persons inclined to bid at said sale, and shall give previous public notice of the time and place of said sale, for at least ten successive days, in all the newspapers published in said borough; and the said directors, or a majority of them, shall assemble at the place of sale, at the time appointed, with the auctioneer, and shall superintend the said sale; they shall cause the said auctioneer to set up to sale, by public out-cry, one share of stock, which shall be disposed of to the highest and best bidder, who shall have the privilege of taking the said one share or more, not exceeding thirty shares, at the price bid for the same, and the purchaser thereupon shall pay to the directors the premium or advance above the par value of the share or shares, (if such premium shall be obtained,) and five dollars in addition, on account and in part of each share, and shall then be entitled to subscribe for such purchased stock; in default of which payment and subscriptions the sale shall be deemed invalid, and they shall proceed to sell the said increased stock in the same manner, from day to day continuously, Sundays excepted, until the whole is disposed of, and they shail make such other regulations as may be necessary to carry the sale of said stock, by auction, fully into effect: a full and correct statement Correct state of the said sale, under oath or affirmation, shall be rendered to ment to be the State Treasurer by the said auctioneer, within ten days after rendered to closing said sale, and the said auctioneer shall declare, to the best S. Treasurer by auctioneer of his knowledge and belief, that the said sale has been fairly and honestly conducted, without any collusion between the said auctioneer and any of the said directors or any other person or persons otherwise than by the means authorized by this act : and the proceeds of said sale, over and above the par value of said stock, shall be received by said directors and paid over by them to the State Treasurer for the use of the Commonwealth, first deducting the reasonable expenses of such sale, previous to the charter being signed by the Governor, and shall be credited in payment or part payment of the bonus required to be paid on the additional stock, and if the said excess above the par value shall not amount to the sum required for said bonus, the deficiency shall be made up by said bank upon the amount of new stock created by this act and sold at public sale as aforesaid, but if it exceeds the whole amount of said bonus, the whole amount of such excess shall be for the use of the Commonwealth and be appropriated to the common school fund.

SECTION 5. All the new stock created by this act, and which shall have been actually disposed of shall be called in and paid

New stock to be p'd within one year.

Tax on dividends.

Över 12

per

by the subscribers and stockholders within one year from the time of such sale, in such instalments as the directors may think proper, giving at least thirty days notice of the time of such

ment.

pay

SECTION 6. From and after the first Wednesday in May, one thousand eight hundred and thirty-seven, the president, directors and company of the said bank shall pay into the State Treasury of this Commonwealth, in the manner now directed by law, eight per cent on all dividends which do not exceed six per cent per annum, on dividends exceeding six per cent and not exceeding seven per cent per annum, a tax of nine per cent on such dividends, and on dividends exceeding seven per cent per annum and not exceeding eight per cent, a tax of ten per cent, and on dividends exceeding eight per cent per annum shall pay a tax of eleven per cent.

SECTION 7. Whenever the dividends arising from the procent. one half fits of the said bank shall exceed twelve per cent per annum on of surplus to the capital stock actually paid in, then one half of the said surpaid into the plus shall be paid into the Treasury, to be applied to the com

S. Treasury.

mon school fund.

SECTION 8.

Acceptance If the president and directors of the said Harrisof charter to burg bank shall not within ninety days from the passage of this be expressed. act, express in writing, addressed to the Secretary of the Commonwealth, their acceptance for the stockholders of this charter, then this act shall be void and of no effect.

Legislative right.

SECTION 9. The privileges hereby granted to the said bank shall be subject to such alterations, provisions and restrictions, as the Legislature may at any time hereafter think proper to enact for the better regulation of the banking institutions of this Commonwealth, and shall be liable to such taxes whether on dividends or otherwise, as the Legislature may at any time hereafter impose.

JAMES THOMPSON,

Speaker of the House of Representatives.

THOMAS S. CUNNINGHAM,

Speaker of the Senate.

APPROVED-The thirteenth day of April, one thousand eight

hundred and thirty-five.

GEO: WOLF.

No. 132.

An Act

For the establishment of Laurel Hill College, in Penn township, county of Philadelphia.

Laurel Hill,

SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That there be and is hereby erected and established at College at Laurel Hill, in Penn township, in the county of Philadelphia, in Penn towns., this Commonwealth, a college for the education of youth in the established. various branches of science and literature, and the learned and Name and foreign languages, by the name, style and tile of Laurel Hill style. College.

SECTION 2. The said college shall be under the management, Management direction and government of a board of trustees, not exceeding of college. seven, four of whom shall be a quorum, and competent to perform the duties hereinafter authorized and required to be performed by the said trustees.

Trustees.

SECTION 3. The first trustees of said college shall consist of the following persons, Jeremiah Keely, Algernon S. Roberts, Mathew Carey, Archibald Randall, Joseph Dugan, John Melizet, and John Keefe, which said trustees and their successors to be elected as hereinafter mentioned, shall be forever hereafter and they are hereby erected and declared to be a body politic and corporate, with perpetual succession and with all the incidents to a corporation, in deed and in law, to all intents and purposes whatsoever, by the name, style and title of the "Trustees of Laurel Hill College," by which name and title the said trustees and their successors shall be able and capable at law and in Privileges. equity, to take to themselves and their successors, for the use of the said college, any estate in any messuage, lands, tenements, hereditaments, goods, chattels, moneys, or other effects, by gifts, grant or bargain, sale, conveyance, assurance, will, devise or bequest, of any person or persons whatsoever: Provided, The Proviso. annual income of the same do not exceed in the whole the yearly value of eight thousand dollars. And the same messuages, lands, tenements, hereditaments and estates, real and personal, to grant, bargain, sell, convey, assure, demise, and to farm, let, and place out on interest, or otherwise dispose of or invest for the use of the said college, in such manner as to them shall seem most beneficial to the institution; and to receive the rents, issues, profits, income and interest of the same, and to apply the same to the proper use of the said college; and by the same name to sue, commence, prosecute and defend, implead

Seal.

trustees.

and be impleaded, in any courts of law and equity, and in all manner of suits and actions whatsoever; and generally, by and in the same name to do and transact all and every business touching or concerning the premises, or which shall be incidentally necessary thereto, as fully and efficaciously as any natural person or body politic or corporate have power to manage their own concerns, and to hold, enjoy and exercise all such powers, authorities and jurisdictions, as are customary in other colleges within this Commonwealth.

SECTION 4. The said trustees, or a quorum of them, shall cause to be made for their use one common seal, with such devices and inscription thereon as they shall think proper, and by and with which all deeds, diplomas, certificates and acts of the said corporation shall pass and be authenticated, and the same seal at their pleasure to break, alter, and devise a new one.

SECTION 5. There shall be a meeting of said trustees at Powers of the such time and place as they shall appoint, of which meeting a notice in writing, signed by the president of the board of trustees, shall be given at least seven days before such meeting to each trustee, and if at such meeting a quorum of the said trustees shall be present, they shall have power to transact all the business and concerns of the college not otherwise provided for by this act, particularly of filling vacancies in the board of trustees, occasioned by death, resignation or otherwise, of electing or removing officers and professors, of appointing and authorizing a person or persons of their own body to carry into execution all and every the resolutions of the board, to attend to the duties of the college and manage the affairs of the corporation; the president and professors for the time being of the said college, shall constitute the faculty of the college, and shall have power to grant and confirm such degrees in the liberal arts and sciences, or such branches thereof, to such students of the college or others whom by their proficiency in learning or other meritorious distinction they shall think entitled to them, as are usually granted in other colleges in the United States, and to grant to such graduates, such diplomas or certificates under their common seal, as may authenticate and perpetuate the memory of such graduation.

Rules, &c.

Proviso.

Proviso.

SECTION 6. The said faculty by and with the consent of the trustees or a quorum of them, shall have power and authority to make rules, laws and ordinances, and to do every thing needful for the support and government of the college. Provided, That the said rules, laws and ordinances or any of them, be not repugnant to the laws and constitution of the United States or of the laws and constitution of this commonwealth.

SECTION 7. No misnomer of the said corporation shall defeat or annul any gift, grant, devise or bequest to or from the said corporation: Provided, That the intention of the parties shall sufficiently appear upon the face of the gift, grant, will or

other writing whereby any estate or interest was intended to pass to or from the said corporation.

APPROVED-The thirteenth day of April, Anno Domini eigh

teen hundred and thirty-five.

GEO: WOLF.

No. 133.

An Act

To authorize Joseph Engle and Archibald T. Dick to sell and convey certain real estate held by them in trust.

WHEREAS by deed bearing date the twenty-fourth day of May, in the year of our Lord one thousand eight hundred and thirty, and recorded in the office for recording deeds for the city and county of Philadelphia in deed book G. W. R. No. thirtysix, page five hundred and forty-four, Zedekiah W. Flower and Mary B. his wife, conveyed to Joseph Engle and Archibald T. Dick, certain real estate therein described, lying in the township of Moyamcnsing, in the county of Philadelphia, in trust for the uses, intents and purposes which follow, viz: that they the said trustees should sell a part of the said real estate for the purpose of raising a specified sum to be paid to the said Zedekiah W. Flower, and that the residue or remainder of the said real estate should be to the sole and separate use of the said Mary B. Flower during her life, and after the death of the said Mary B. to the use and benefit of the children of the said Zedekiah W. and Mary B. who might be living, their heirs and assigns forever: And whereas, the said Mary B. Flower, died about two years since, leaving to survive her issue six children, viz: Thomas, John, Richard, Hannah, Archibald and Mary, all of whom except Thomas, are in their minority: And whereas, the said trustees have represented to the Legislature that the said residue of the said real estate is unproductive and burdensome by reason of taxes and other charges, and that the said minors would be benefited by a sale of their interests in the same: Therefore,

Preamble.

SECTION 1. Be it enacted by the Senate and House of Repre- Trustees sentatives of the Commonwealth of Pennsylvania in General authorized to Assembly met, and it is hereby enacted by the authority of the same, That Joseph Engle and Archibald T. Dick be and they children of are hereby authorized to sell the interests of John, Richard, Z. w. Flower

sell interests of minor