Title

An Act to encourage Literature and the useful Arts and Sciences

Creator

Maine State LegislatureFollow
William King

Preview

Document Type

Text

Contributing Institution

Maine State Archives

Identifier

322428

Description

Inscription of the text:

An Act to encourage Literature and the useful Arts and Sciences.
SECT. 1. BE it enacted by the Senate and House of Representatives in Legislature assembled, That there be and hereby is granted to the President and Trustees and Overseers of Bowdoin College, the sum of three thousand dollars annually from and after the fourteenth day of February which shall be in the year of our Lord eighteen hundred and twenty four, until the term of seven years therefrom, shall be complete and ended, to be paid in semi-annual payments out of the Treasury of this Stale from monies arising from the tax on certain Banks not otherwise appropriated.
SECT. 2. Be it further enacted, That the sum of one thousand dollars annually, be, and hereby is granted to the Maine Literary and Theological Institution from and after the fourteenth day of February which shall be in the year of our Lord one thousand eight hundred and twenty-one, for the term of seven years, to be paid out of the Treasury of this State in the manner provided in the first section of this Act.
SECT. 3. Be it further enacted, That at least one fourth part of the sums to be received by said College and said Literary and Theological Institution, shall be appropriated for and towards the partial or total reduction of the tuition fees of such Students not exceeding one half the number of any class who may apply therefor, according to the judgment of the said Corporations respectively.
SECT. 4. Be it further enacted, That the President, Directors and Company of the Cumberland Bank, and, President, Directors and Company of the Bank of Portland, shall pay the sums reserved to be paid as a tax on said Banks, to the State of Maine, into the Treasury of this Stale to create a fund for the purposes aforesaid, for the term of seven years from the 24th day of February, Anno Domini eighteen hundred and twenty-four, and so long as the present Charters of said Banks, and the tax thereon may by law continue.
SECT. 5. Be it further enacted, That the President, Directors and Company of the Waterville Bank, shall pay the sums reserved to be paid as a tax on said Bank to the State of Maine, into the Treasury of this State to create a fund for the purposes aforesaid from and after the passing of this Act, until the fourteenth day of February which shall be in the year of our Lord eighteen hundred and thirty-one, and so long as the present Charter of said Bank and the tax thereon may by law continue : Provided however, That if the said sums shall be so paid by said Banks, the sums hereby granted shall be paid by the Treasurer of the State to said College and said Literary and Theological Institution respectively as above granted, in satisfaction of the grants aforesaid : Provided also, That this grant shall be null and void whenever the sum of four thousand dollars, shall not be annually received from the Banks aforesaid into the Treasury thereof from the tax upon them as aforesaid.

[This Act passed June 28, 1820.]

Exact Creation Date

6-28-1820

Language

English