BOARD OF MANAGERS OF THE WILMINGTON INSTITUTE
AN ACT TO AMEND CHAPTER 344, VOLUME 11, LAWS OF DELAWARE RELATING TO THE COMPOSITION AND CERTAIN POWERS OF THE BOARD OF MANAGERS OF THE WILMINGTON INSTITUTE.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of the Members elected to each House concurring therein):
Section 1. Section 2, Chapter 344, Volume 11, Laws of Delaware, as amended, said Act being entitled "AN ACT TO INCORPORATE THE YOUNG MEN'S ASSOCIATION FOR MUTUAL IMPROVEMENT, OF THE CITY OF WILMINGTON" (the name of the corporation later having been changed to "The Wilmington Institute" by virtue of the enactment of Chapter 516, Volume 11, Laws of Delaware) is amended to read as follows:
Section 2. The control of the funds, property and estate and the direction and management of the concerns of said corporation shall be vested in a Board of eighteen managers, to consist of the president of the Levy Court of New Castle County, and of the mayor, president of City Council, three members of the finance committee of City Council, president of the Board of Public Education, and the superintendent of Public schools, all of the City of Wilmington, and ten other persons to be elected by the stockholders of The Wilmington Institute.
The power and authority to sell and convey the real estate of said corporation and to execute and acknowledge or to authorize the execution and acknowledgment of a good and sufficient deed or deeds therefor, free and discharged from any and all liens and trusts whatsoever, is hereby vested in and granted to said corporation.
Approved April 1, 1958.