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thereupon by virtue of this act, be a body politic and corporate by the name stated in such certificate, and by that name they and their successors shall and may have succession, and shall be persons in law capable of suing and being sued ; and they and their successors may have and use a common seal, and the same may alter and change at pleasure ; and they and their successors, by their corporate name, shall in law be capable of taking, receiving, purchasing and holding real estate for the purpose of their incorporation, and for no other purpose, to an amount not exceeding fifty thousand dollars in value, and personal estate for like purposes to an amount not exceeding the sum of seventy-five thousand dollars in value, but the clear annual income of such real and personal estate shall not exceed the sum of ten thousand dollars ; to make by-laws for the management of its affairs, not inconsistent with the Constitution and laws of this State or of the United States ; to elect and appoint the officers and agents of such society for the management of its business, and to allow them a suitable compensation. 
   SEC. 3.- The society so incorporated may annually elect from its members its trustees, directors, or managers, at such time and place an in such manner as may be specified by its by-laws, who shall have the control and management of the affairs and funds of said society, a majority of whom shall be a quorum for the transaction of business, if not otherwise provided in the by-laws, except that no such purchase, lease or sale of real estate shall be made unless two-thirds of the whole number are present at the meeting at which it is ordered ; and whenever any vacancy shall happen among such trustees, directors or managers by death, resignation or neglect to serve, such vacancy shall be filled in such manner as shall be provided by the by-laws of such society. (As amended 1853, chap. 487, sec. 1.)

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   SEC. 4.- In case it shall at any time happen that an election of trustees, directors or managers shall not be made on the day designated by the by-laws, said society for that cause shall not be dissolved, but it shall and may be lawful on any other day to hold an election for trustees, directors or managers, in such manner as may be directed by the by-laws of such society. 
   SEC. 5.- The provisions of this act shall not extend or apply to any association or individuals who shall, in the certificates filed with the Secretary of State or with the county clerk, use or specify a name or style the same as that of any previously existing incorporated society in this State. (As amended 1861, chap. 239, sec.2.)
   SEC. 6.- Any corporation formed under this act shall be capable of taking, holding or receiving any property, real or personal, by virtue of any devise or bequest contained in any last will or testament whatsoever, the clear annual income of which devise or bequest shall not exceed the sum of ten thousand dollars ; provided, that no person having a husband, wife, child, or parent shall, by his or her last will or testament, devise or bequeath to such institution or corporation* "in trust or otherwise, more than one-half part of his or her estate after the payment of his or her debts ; and such devise or bequest shall be valid to the extent of one-half and no more," and no such devise or bequest shall be valid in any will which shall not have been made and executed at least two months before the death of the testator. (As amended 1860 chap. 360.)
   SEC. 7.- The trustees of any company or corporation organized under the provisions of this act, present at any meeting authorizing the contraction of any debt, and acquiescing in the passage of any resolution or order authorizing the same, shall be jointly and severally liable for any such debt ; provided a suit for the collec-

Transcription Notes:
---------- Reopened for Editing 2023-12-22 15:39:47 corrected "mana-gers" to "managers" corrected "chap. 236" to "chap. 239" corrected "holiday" to "holding" corrected "prop-erty" to "property" corrected "be-queath" to "bequeath" corrected "execu-ted" to "executed" ---------- Reopened for Editing 2023-12-23 18:07:39 ---------- Reopened for Editing 2023-12-27 14:28:00