SECOND ANNUAL REPORT. 129 
Src. 4. The affairs and business of said corporation shall be managed and 
controlled by a board of managers, the number of whom shall be prescribed 
by the by-laws. The first board of managers shall be divided by lot into 
three classes, equal in number, one of which classes shall hold office for one 
year, another for two years, and the other for three years ; and all persons 
elected to be managers at any subsequent election shall hold office for three 
years, and until others are elected in their stead. There shall be a president, 
two vice-presidents, treasurer and secretary, to be elected by the board of 
managers annually, who shall hold office until others are elected in their 
stead. The first meeting under this act may be held at any time upon a 
notice of five days, signed by any five of the incorporators named in the first 
section of this act, fixing a time and place for such meeting, a copy whereof 
shall be mailed to each of said incorporators at his usual post-office address, 
and twelve of such incorporators shall be a quorum for the purpose of organ- 
ization, adoption of by-laws and election of officers. No manager of said 
corporation shall receive any compensation for his services, nor be inter- 
ested, directly or indirectly, in any contract concerning its property or 
affairs. 
SEc. 5. Said corporation may raise money by the issue of its bonds, se- 
cured by a mortgage on any or all of its property not acquired from said city 
or state. 
SEC. 6. Said corporation may take, purchase and hold real and personal 
estate necessary for the purpose of its incorporation, the net annnal income 
of which shall not exceed fifty thousand dollars, and-shall possess the gen- 
eral powers and be subject to the restrictions and liabilities prescribed in 
the third title of the eighteenth chapter of the first part of the revised 
statutes. 
Src. 7. The commissioners of the sinking fund of the said city are author- 
ized in their discretion to allot, set apart and appropriate for the use of said 
corporation, any of the lands belonging to said city north of One Hundred 
and Fifty-fifth street, but not in the Central Park, and such appropriation 
may be revoked if, after the expiration of five years from the passage of the 
act, a zoological garden is not established thereon ; said grounds thus set 
apart and appropriated shall be used for no purpose whatsoever except those 
aioresaid. As soon as any lands are set apart the Mayor of the said city of 
New York, and the President of the Department of Parks of said city, shall 
become and be ex-officio members of the board of managers of said corpora- 
tion. If at any time the animals now composing the menagerie at Central 
Park shall be removed therefrom by the authorities having charge thereof, 
said authorities may make an arrangement with the incorporators named in 
this act or the corporation formed by them for leasing or sale of such animals 
to such incorporators or corporation, and said incorporators or corporation 
shall have a preference over any other person or corporation in respect thereto 
upon the same terms which said authorities could make with any such other 
person or corporation, or upon such other terms as to such authorities may 
seem proper, but nothing herein provided shall be construed as giving the 
