erees to be

the second, by the lessees, under the provisions Three ref of this section, of this act, and the third, by the appointed. two referees thus chosen, (or in case either or both of the parties shall neglect to choose such referee or referees, or said referees shall neglect to choose an umpire,) the general assembly, Their duty. at its next session, shall appoint such number of referees, not exceeding three, as the case may require; which referees shall meet within a reasonable time, to be agreed on between them, at the town of Athens, and then and there determine on and declare the medium price per bushel of the article of wheat; which determination shall be grounded on a calculation of the Continued. average price of said article at the town of Marietta, for the five preceding years; which declaration shall be made in writing; and entered of record on the books of the corporation; and at the commencement of each and every succeeding period of twenty years thereafter, the amount of rent for such period shall be fixed on and determined by referees, to be chosen upon the principles herein before directed, from a comparison of the aforesaid recorded price of wheat, with its average price at Marietta, for the five years, which shall have been then last past; in which leases shall be reserved

tress. etc.,

to be reserved in the leases.

Proviso.

Right of dis- a right of distress and of re-entry for non-payment of rent, at any time after it shall have been due two months: Provided always, That the said corporation shall have power to demand a further yearly rent on the said lands and tenements, not exceeding the amount of the tax imposed on property of like description by the state, which rents shall be paid at such time and place to such person and collected in such manner as the corporation shall direct.

Trustees to lay off the town of Athens, etc

And have the plat recorded.

To give notice and sell lots at public auction.

Sec. 13. And be it further enacted, That the trustees shall lay off the aforesaid town of Athens, conformably to a plan made out by Rufus Putnam and others, in pursuance of a resolution of the territorial legislature of the eighteenth of December, one thousand seven hundred and ninety-nine, with such variations, however, as they may find it expedient to make; and the same being thus laid off and a plat of the same, with a designation of the uses of the several parts recorded in the office of the recorder of the proper county, and six weeks previous notice given, in at least two of the newspapers of this state, may proceed to sell, from time to time, at public auction, such of the house and out-lots as they may think proper, for which lots, on payment being made or satisfactory security given according to the conditions of

such sale, they shall execute to the purchasers respectively, leases for the term of ninety years, renewable forever on an annual rent, equal to and not exceeding, six per centum of the amount of the purchase money, which lots, with the improvements which may be made on the same, shall be subject to such further yearly rent as may be equal to the tax imposed from time to time, on property of like value and description by the state; and they are likewise authorized, to deliver a reasonable compensation for the improvements which have been made on lands within the town of Athens, to be paid out of the funds of the university.

Appropria

tion of rent

and profits.

Sec. 14. And be it further enacted, That the clear annual rents, issues and profits, of all the estate, real and personal, of which the said corporation shall be seized or possessed, in their corporate capacity, shall be appropriated to the endowments of the said university, in such manner as shall most effectually promote the end of the institution: Provided nevertheless, Provise. That any donation which shall hereafter be made and received for particular purposes, relative to the design of this institution, shall be applied in conformity to the intention of the donor or donors.

Treasurer to give bond to

Sec. 15. And be it further enacted, That the corporation. treasurer of the said corporation shall, before he enters upon the duties of his office, give bonds to the said corporation, in such sum and with such sureties as they shall approve, conditioned for the faithful discharge of the duties of the said office, and for the rendering a just and true account of his doings therein, when required; and also, for the delivering over to his successor in office, all monies, securities and other property, that shall belong to the president and trustees of the said university, together with all the books and papers in which his proceedings, as treasurer, shall be entered and kept, that shall be in his hands at the expiration of his office; and all money that shall be recovered by virtue of any suit of law upon such bond, shall be paid over to the president and trustees aforesaid, and be subject to the appropriations above directed in this act.

Corporation power to

the erec

tion of

buildings, etc.

Sec. 16. And be it further enacted, That the contract for said corporation shall have full power from time to time, to contract for and cause to be erected, such building or buildings as they shall deem necessary, for the accommodation of the president, professors, tutors, pupils and servants, of said university; as also, to procure the neces

sary books and apparatus, for the use of said university, and shall cause payment therefor to be made out of the funds of the university, and shall reserve such lot or lots in said town of Athens, as they may deem necessary for the purposes aforesaid, and for the erection of buildings for the use of the town and county.

Land and

buildings

townships

Sec. 17. And be it further enacted, That the lands in the two townships, appropriated and in the two vested as aforesaid, with the buildings which are or may be erected thereon, shall forever be exempted from all state taxes.

exempt taxes.

from state

A member

of the trus

tees to pretain cases.

side in cer

Sec. 18. And be it further enacted, That until a president of the said university shall be elected, and shall have entered upon the duties of his office, and also, in all cases of a vacancy or the absence of the president, the said trustees shall appoint one of their members to preside in their meetings, and all the doings and acts of the trustees, while acting under such circum- Proceedings stances, shall be considered in law as the doings and acts of the corporation, as fully and completely as when the president of the university shall be in office and preside.

valid.

fix the time

Sec. 19. And be it further enacted, That it Governor to shall be the duty of the governor to fix the time for holding the first meeting of the said corpora

for holding meeting.

the first