BE it enacted by the General Assembly of the State of North Carolina, and it is hereby enacted by the authority of the same, That Isaac Shugart, Nathaniel Newlin, James Jones, John Woody and John Newlin, shall and they are hereby declared to be a body politic and corporate to be known and distinguished by the name of "the managers of the prospect company," and by that name shall have perpetual succcsssion, and that they the said managers and their successors by the name aforesaid or a majority of them, shall be able and capable in law to take, demand, receive and possess all monies and chattels that shall be given for the use of the said company, and the same apply as they or a majority of them shall think fit, for the advantage of the said company, and by gift, purchase or devise, shall receive, enjoy and retain to them arid their successors forever, any lands, tenements or hereditaments in special trust and confidence that the same or the profits thereof be applied to and for the use of the said company
in the support of a Female Academy.

II. And be it further enacted, That the said managers, or a majority of them shall have full power and authority to make such laws and regulations for the government of the said Academy, and the preservation of order and good morals therein as they may deem necessary: Provided, that such laws and regulations be not inconsistent with the laws of this State.

III. And be it further enacted, That when any vacancy in the said company shall be occasioned by the death, resignation or removal of either of any of said managers, that in such case it shall be lawful for the remaining managers or a majority of them, from time to lime to appoint other managers to fill such vacancy or vacancies occasioned as aforesaid.

Approved: November 17, 1818

John Branch, Governor
Bartlett Yancey, Speaker of the Senate
James Iredell, Jr., Speaker of the House of Commons