Publisher's Synopsis
Excerpt from Transactions of the Academy of Science of Saint Louis, 1856-1860, Vol. 1
The property and effects now belonging to the asso ciation aforesaid shall, on acceptance of this charter, thereby be come vested in the corporation herein created, and all property owned or held by this corporation shall be exempt from taxation so long as the same shall continue to be held and used in good faith for the objects and purposes aforesaid; but whenever any real estate of the corporation shall be leased to any other person or persons, the leasehold interest therein shall be taxable to the lessee or lessees thereof, as in other cases.
Sec. 4. The members of this association acquire no individual property in the real estate, cabinets, library, or other effects there to belonging, which are hereby declared to be fully vested in the corporation as such; but the interest of the members therein shall be usufructuary merely, and shall not be transferred, assigned hypothecated, or otherwise disposed of, than as hereinbefore pro vided.
Sac. 5. Whenever this corporation shall have failed to answer the purposes for which it was created, or shall su?'er its charter to be forfeited by the law of the land, its cabinet collections and library shall revert to and become vested in the City of St. Louis, to be deposited with some public institution in said city, for gen eral use and inspection, under such regulations as the said City may prescribe.
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