The Vermont Statutes Online

Title 16 Appendix : Education Charters and Agreements

Chapter 001 : UNIVERSITY OF VERMONT AND STATE AGRICULTURAL COLLEGE

• § 1-11. Vacation of charter

  If at any time, the corporation hereby created shall fail substantially to carry out the provisions and requirements of this charter, the Supreme Court of this State may, at any stated session thereof, having first given due notice to this corporation, annul and vacate this charter, and in such case, or in case the corporation shall otherwise be dissolved, the Supreme Court may, on application, order and decree that the income thereafter to be derived from the proceeds of the sale of said land scrip, in the hands of the State Treasurer as aforesaid, together with such amount as may have been paid over by the Treasurer for the purpose of an experimental farm, shall revert to the Vermont Agricultural College, and all the other property and effects which, at the time of the union, belonged to the other institution, shall revert to and be the property of the other institution or institutions which shall have been united and incorporated by, or in pursuance of this charter, and in case more than one such other institution shall have been thus united, such other property shall revert to them separately, such specific property to each, as the Court shall adjudge and decree, having reference in making such decree to what was originally owned or contributed by each; provided, that in respect to any property or funds hereafter acquired by the new corporation, by gift, grant, bequest, or otherwise, the same shall be awarded and distributed to each of the institutions hereby incorporated or hereafter united, in such manner as the Court shall deem just and equitable, having reference to the manner the same was acquired, and to any specific trusts, or expressed intention of any donors, made at the time the same was acquired. And for the purposes aforesaid, as well as for all other purposes, the several corporations, which shall have been united by virtue of this charter, shall be deemed and treated as having continued in life, and the several Trustees which shall have been elected by each at the time they were united, and their successors shall be deemed and treated to have been, since the time of their elections, the Trustees of their respective institutions, as well as Trustees of the united corporation, and, as such Trustees may receive the property and effects which may revert to their respective corporations by such decree of Court, and they and their successors, whom they may thereafter appoint, may continue and manage the affairs of their respective corporations thereafter, in the same manner as the Trustees of each might have done before they were united as aforesaid.