837.] 



FARMERS' REGISTER. 



691 



said corporation, as Heciared in the first section of 

 this act, and to no other purposes or oiijects what- 

 ever. And to the same end, the said corporation 

 shall have power to take, Jiolii, and convey real 

 estate to the extent of its said capital. 



3. Jesse Biiei, Lewis F. Allen. Ilenrv Yates, 

 John P. Beekinan, Joah Center, Walter Cunninjr- 

 ham and John Delafield, shall be commissioners 

 to receive snhscriptions for, and to distribute the 

 said capital stock of the said corporation. 



4. The said commissioners, or a majority of 

 them, shall, wilhin thirty days after the passa<re 

 of this act, open a subscription book for the said 

 stock, at such times and places as they shall ap- 

 point ; and they shall ft'ive at least fourteen days' 

 previous notice thereof, in at least two of the agri- 

 cultural papers in this state. 



5. At the first subscription to the capital stock 

 of the said corporation, no subscripiion above one 

 thousand dollars, by, or in behalf of the same indi- 

 vidual, shall be received. Five per cent on each 

 share subscribed for, shall be paid to the said com- 

 missioners at the time of makinij such subscrip- 

 tion ; forty-five per cent 1 hereon, when afterwards 

 called for by them ; and the remainino; fifty per 

 cent, at the expiration of six months from the time- 

 of such subscripiion. 



6. If the whole of the capital stock of the said 

 corporation, be not taken up at the first subscrip- 

 tion thereto, the said commissioners, or a maiority 

 of them, may receive further subscriptions thereto, 

 from time to time, until the whole capital stock of 

 the said corporation shall be taken up. 



7. The said commissioners, or a majority of 

 them, shall, within twelve months after the pas- 

 sage of this act, proceed to distribute the capital 

 stock of the said corporation among the subscri- 

 bers thereto ; and in case there should be subscrip- 

 tions to more than the amount of such stock, it 

 shall be the duty of such commissioners to appor- 

 tion the same among the subscribers thereto, in 

 such manner as they may deem most advanta- 

 geous to the interests of the said institution, and 

 best calculated to promote its objects. 



8. The stock, property and concerns of the said 

 corporalion shall be managed bv thirly-two trus- 

 tees, of whom the governor and lieutenant-gover- 

 nor of the state, for the time being, shall always, 

 by virtue of their offices, be two ; and the remain- 

 ing thirt}' shall be stockholders of the said corpo- 

 ration, and citizens of this state. They shall be 

 elected annually, and any seven thereof shall he 

 a quorum for the transaction of the ordinary busi- 

 ness of the said corporation. 



9. The persons named in the first section of this 

 act, sh;dl be the first trustees of the said corpora- 

 tion, and shall hold their offices until the first 

 Tuesday of February^ one thousand eiglit hundred 

 and thirty-seven, and until others shall be elected 

 in their places. 



10. The trustees of the said corporation for eve- 

 ry subsequent year, except the governor and lieu- 

 tenant-governor, shall be elected on the first Tues- 

 day of February in each and every year, at such 

 hour of the day, and at such place as the trustees 

 for the time being shall appoint, and of which 

 they shall sive public notice, not less than fourteen 

 days previous to the time of holding such election, 

 by advertisement to be inserted, in at least two of 

 the agricultural papers in this state. 



11. At every election of trustees, each stock 



holder shall be entitled to one vote on each shar^ 

 of stock owned by him, and which he shall have 

 held for at least fourteen days next precetling such 

 election. 



12. All elections for trustees, other than the 

 governor and lieutenant-governor, shall be held 

 under the inspection of three stockhoklers, not be- 

 ing trustees, to be appointed previous to every 

 election by the board of trustees lor the time being. 

 Such election shall be by ballot, and by plurality 

 of the votes of the stockholders or their proxies 

 then present; and the thirty persons who shall re- 

 ceive the greatest number of votes, shall, together 

 with the governor and lieulcnant-uovernor for the 

 time being, be the trustees of the said corjjoration : 

 and if at any such elections for trustees, two or 

 more persons shall have an equnl number of votes, 

 then the trustees who shall have been duly elected, 

 shall proceed by ballot, and by plurality of votes 

 (o determine which of the said persons, so having 

 an equal number of votes, shall be trustee or trus- 

 tees, so as to complete the whole number. 



13. If any trustee of the said corporation, other 

 than the gpvernor or lieutenant-governor, shall 

 cease to be a stockholder thereof^ or shall remove 

 out of the state, his office shall thereby become 

 vacant; and whenever any vacancy shall happen 

 among the trustees, such vacancy shall be filled 

 for the remainder of the year in which it shall so 

 happen, by such person possessing the qualifica- 

 tions above required for trustee of this corporation, 

 as the remaining trustees for the time being, or a 

 majority of them, shall appoint. 



14. The trustees of said corporation, as soon as 

 may be after their appointment or election under 

 this act, shall, in like manner, proceed to elect, of 

 their number, a president, two vice-presidents, a 

 treasurer, recording secretary and corresponding 

 secretary, who shall respectively hold their offices 

 for one year, and until others are elected in their 

 places. They shall also appoint such professors, 

 teachers, agents, and other persons as may be 

 necessary to conduct the proper business, and ac- 

 complish the declared objects of the said corpora- 

 tion. 



15. The said trustees shall, as soon as may be, 

 proceed to purchase a farm of about five hundred 

 acres of land, either contiguous to, or near the Hud- 

 son river, and as nigh to the city of Albany ag 

 may be convenient : and shall cause to be erected 

 thereon, such buildinirs as may be suitable and 

 necessary, and make all such other arrangements 

 as may be pro[ier for the future business of the 

 said corporation, and for the accomplishment of 

 its objei'ts. 



16. The said corporation, in exercising its pow- 

 er of making by-laws fi)r its own government, 

 shall make it an indispensable requirement, that 

 the prolessors, teachers, and pupils of the school 

 hereby intended to be authorized and established, 

 shall, unless prevented by sickness or other rea- 

 sonable cause, occupy themselves for at least one 

 half of the time the said school is in session, be- 

 tween the months of March and December, either 

 in the practical asricuitural burliness of the fiirm, 

 or in the laboratories or mechanic shops connected 

 with said school. 



17. The said corporation shall in no case, out 

 of the profits arising from its business, declare and 



1 make a dividend of more than five per cent per 

 I annum, upon its actual incorporated capital paid 



