Chapter 312.
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CHAP. 312.— An act to authorize the establishment of an academy and gallery of art in the District of Colombia.July 28, 1892. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,National Academy of Art incorporated. Incorporators. That there is hereby ordained, created, and constituted a body corporate and politic under and by the name and style of the “National Academy of Art,” with Mrs. Levi P. Morton, Charles Stewart Smith, Kate Field, Phebe A.
Hearst, Arthur McArthur, Charles M. Ffoulke, Jefferson Chandler, Francis Colton, John Armstrong Chanler, Charles J. Singer, E. F. Riggs, T. E. Waggaman, W. H. Phelps, George M. Pullman, James J. Hill, Mrs. Thomas Lowry, and Mrs. Bellamy Storer, their associates and successors, as incorporators thereof, who shall have perpetual succession. Sec. 2. That the above named persons shall be and constitute aBoard of regents. board of regents of such corporation for and during the term of one year from the date of the passage of this act, and until their successors shall have been duly appointed and qualified.
Sec. 3. That said persons named shall have power to select their associatesOrganization. and successors, to organize and elect officers, and said corporation may from time to time make such rules and bylaws as shall be deemed appropriate by said corporation for the government and management of the business thereof, and to provide for the appointment or election of the officers and agents of said corporation and for the government and prosecution of all of its business. Sec. 4.
That the said corporation, under the name and style aforesaid,To establish an academy and museum of art. shall have power to establish within the District of Columbia an academy and museum of art, with full power and authority to collect and assemble therein all the works and products of art of every kind and character whatsoever, and to that end shall have power to receive donations, contributions, bequests, and subscriptions of all kinds, and to take, acquire, and hold, by donation or purchase, all the real and personal property necessary therefor, which shall not be taxed, and shall have the power to issue such publications as are by said corporation deemed necessary and pertinent to the business of said corporation, and to give exhibitions anywhere of art and the treasures thereof, as may by said corporation from time to time be deemed appropriate, and shall have all power to fully carry into execution the object and purposes of this corporation.
Sec. 5. That said corporation shall have power, if it becomes necessaryMay mortgage real estate. so to do in the opinion of said corporation, to mortgage the real estate which it may hereafter own, and may give therefor such evidences of indebtedness as such incorporation may decide to give: 320 *Provided*, That this act shall not permit said corporation to take or hold*Proviso*. Not to hold land for speculation. real estate in the District for speculative purposes, and only such as issued and held for the corporate purposes aforesaid.
Sec. 6. Congress reserves the right to alter, amend or repeal this act.Amendment, etc. Approved, July 28, 1892.