e act itself treats the old
corporation as at an end, and, going on the ground that all its
functions have ceased, it provides for the first meeting and
organization of the new corporation. It expressly provides, also, that
the new corporation shall have and hold all the property of the old; a
provision which would be quite unnecessary upon any other ground, than
that the old corporation was dissolved. But if it could be contended
that the effect of these acts was not entirely to abolish the old
corporation, yet it is manifest that they impair and invade the rights,
property, and powers of the trustees under the charter, as a
corporation, and the legal rights, privileges, and immunities which
belong to them, as individual members of the corporation.
The twelve trustees were the _sole_ legal owners of all the property
acquired under the charter. By the acts, others are admitted, against
_their_ will, to be joint owners. The twelve individuals who are
trustees were possessed of all the franchises and immunities conferred
by the charter. By the acts, _nine_ other trustees and _twenty-five_
overseers are admitted, against their will, to divide these franchises
and immunities with them.
If, either as a corporation or as individuals, they have any legal
rights, this forcible intrusion of others violates those rights, as
manifestly as an entire and complete ouster and dispossession. These
acts alter the whole constitution of the corporation. They affect the
rights of the whole body as a corporation, and the rights of the
individuals who compose it. They revoke corporate powers and franchises.
They alienate and transfer the property of the college to others. By the
charter, the trustees had a right to fill vacancies in their own number.
This is now taken away. They were to consist of twelve, and, by express
provision, of no more. This is altered. They and their successors,
appointed by themselves, were for ever to hold the property. The
legislature has found successors for them, before their seats are
vacant. The powers and privileges which the twelve were to exercise
exclusively, are now to be exercised by others. By one of the acts, they
are subjected to heavy penalties if they exercise their offices, or any
of those powers and privileges granted them by charter, and which they
had exercised for fifty years. They are to be punished for not accepting
the new grant and taking its benefits. This, it must be confessed, is
rat
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