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LAWS AND REGULATIONS
CONCLUDED UPON AT A Meeting of THE PROPRIETORS, ON THE SECOND of noveMBER, 1798.
I. THE land and buildings shall be invested in TEN TRUSTEES, to be named by the subscribers at large, who shall stand possessed thereof for the purposes in these rules and regulations contained; and as often as the number shall be reduced to three, by death or resignation, or by residing upwards of ten miles from Liverpool; the surviving trustees shall convey over to as many more new trustees, to be named as aforesaid, as with such surviving trustees shall make up ten in number; and so from time to time, as often as occasion may require. The following gentlemen are appointed TRUSTEES for this purpose, viz.
JOHN RUTTER, M.D.
II. All proprietors having subscribed their names to these regulations, shall have an equal right and power in this iustitution; and any subscriber may transfer the whole, but not any part, of his right and interest in the institution, according to the form to be prescribed in the deed of trust, to any person who will assent to and subscribe these laws.
III. The first annual subscription having become due on the first day of July, 1798, the subsequent payments shall be made on the first day of July, in each successive year; and if any subscriber neglect to pay his subscription for a longer period than three months after the same may become due, a fine of One Shilling shall be levied for every month, that such Subscription shall continue in arrear; and if he neglect to pay up his arrears for two years, due notice having been given him thereof, he shall forfeit his share and interest in the institution. The names of those proprietors who neglect to pay their subscriptions for three months after they become due, shall be posted up in the News-room, copies of this law having previously been sent to the defaulters.
IV. An annual meeting of the subscribers shall be held on the first Tuesday in July, of which seven days' notice at least shall be given in the Liverpool newspapers, and a notice sent to each subscriber. At this meeting all new laws shall be made for the government of the institution; nor shall any motion be made for the repeal of an established law at any other meeting. All questions that may come before this meeting shall be determined by a majority of the subscribers present. But no alteration shall be made in the number of proprietors, in the amount of the annual subscription, or in the appropriation of the same to the different objects of the institution, without the consent of three-fourths of the subscribers present, after fourteen days' public notice in the Liverpool newspapers, previous to the annual meeting, of such intended alteration: And no subscriber shall vote by proxy on any question, nor be entitled to more than one vote, whatever number of shares he may hold.
V. The income shall be appropriated as follows, viz. After the necessary expences of the institution are paid, a sum, not exceeding one-third of the neat income, shall be laid out in the purchase of News-papers, Reviews, Magazines, Pamphlets, and other periodical works; of the then remainder of the annual income, a part, not exceeding one-third of such remainder, may be applied to the purchase of books in the foreign or learned languages; and the balance shall be expended in purchasing books in our own language.
VI. The institution shall be under the direction of a Committee of twenty-one members, chosen from the subscribers at large; any five of whom may act. Seven of the number shall go out by lot on the first day of July, 1799, and seven new committee-men be appointed at the annual meeting of the subscribers. At the end of the second year, seven of the fourteen former members shall go out in like manner, and seven new Committee-men be chosen. And afterwards the remaining seven of the Committee shall go out by rotation, after having served three years, and seven new Committee-men shall be aunually appointed; but no subscriber, who has served this office, shall be eligible again for one year to come.—At every annual meeting, three members of the Committee shall be appointed to inspect the ballots given in for the election of new Committee-men, and in case that two or more persons shall have an equal number of votes, the three gentlemen so appointed, shall determine by lot, upon whom the election is to fall.
VII. The committee shall meet at the committee-room on the first Tuesday after the annual meeting, when they shall elect from among themselves a President, Vice-President, Treasurer, and Secretary; and their future meetings shall be held on the second Monday of every succeeding month, to transact the business of the institution; unless some other day shall be found more convenient by the Committee.-All the officers and servants of the institution to be elected by ballot,