154 



Annals of Horticulture. 



"All other business and affairs of the corporation, including its financial 

 management, shall be under the control of the whole Board of Managers, 

 which shall consist of the aforesaid ex officio members and of the mayor of 

 the city of New York, the president of the Board of Commissioners of the 

 Department of Public Parks, and of at least nine other managers to be 

 elected by the members of the corporation. 



' ' The first election shall be by ballot, and held on a written notice of ten 

 days, addressed by mail to each of the above-named incorporators, stating 

 the time and place of election, and signed by at least five incorporators. 

 Three of the managers so elected shall hold office for one year, three for 

 two years, and three for three years, The term of office of the managers 

 elected after the first election, save those elected to fill vacancies in unex- 

 pired terms, shall be three years ; and three managers and such others as 

 may be needed to fill vacancies in unexpired terms shall be elected annually, 

 pursuant to the by-laws of the corporation. The number of elective man- 

 agers may be increased by vote of the corporation, whose terms and election 

 shall be as above provided. 



"The Board of Managers shall elect from their number a President, 

 Secretary, and Treasurer, none of whom, or of the Board of Managers, 

 save the Secretary, shall receive any compensation for his services. 



"Sec. 5. Whenever the said corporation shall have raised, or secured 

 by subscription, a sum sufficient in the judgment of the Board of Com- 

 missioners of the Department of Public Parks in the city of New York for 

 New York successfully establishing and prosecuting the objects aforesaid, not less, 

 Botanic however, than $250,000, within five years from the passage of this act, the 

 a 11 said Board of Commissioners is hereby authorized and directed to set apart 

 and appropriate, upon such conditions as to the said board may seem ex- 

 pedient, a portion of the Bronx Park, not exceeding 250 acres, for establishing 

 and maintaining therein by the said corporation a Botanical Garden and 

 Museum, including an Herbarium and Arboretum, and for the general pur- 

 poses stated in the first section of this act. And the said Board of Com- 

 missioners is thereupon hereby authorized and directed to construct and 

 equip within the said grounds so allotted, according to plans approved by 

 them and by the said Board of Managers, a suitable fireproof building for 

 such Botanical Museum and Herbarium, with lecture rooms and labora- 

 tories for instruction, together with other suitable buildings for the care 

 and culture of tender or other plants, indigenous or exotic, at an aggregate 

 cost not exceeding the annual interest upon the bonds hereinafter authorized 

 to be issued by the city of New York; the use of said buildings upon com- 

 pletion to be transferred to said corporation for the purposes stated in 

 this act. 



' ' And for the purposes of providing means therefor, it shall be the duty 

 of the comptroller of the city of New York, upon being thereto requested 

 by said commissioners, and upon being authorized thereto by the Board of 

 Estimate and Apportionment, to issue and sell at not less than their par 

 value, bonds or stock of the Mayor, Aldermen and Commonalty of the city 

 of New York, in the manner now provided by law, payable from taxation, 

 aggregating the sum $500,000, bearing interest at a rate not exceeding three 

 per cent, per annum, and redeemed within a period of time not longer than 

 30 years from the date of their issue. 



