time, so that the whole number of corporators may be kept at not less than
nine nor more than twelve.
Said corporation may hold and manage, invest and reinvest all property
which may be given or transferred to it for the charitable purposes indicated
in said letter, and shall, in so doing, and in appropriating the income accru¬
ing therefrom, conform to and be governed by the directions in said letter
contained; and such property and all investments and reinvestments thereof,
excepting real estate, shall, while owned by said corporation and held for
the purposes of said trust be exempt from taxation of any and every nature.
Sec. 2. Rutherford B. Hayes, of Ohio, shall be the first President of the
corporation, and it may elect such other officers and hold such meetings,
Avhether within or without this State, from time to time, as its by-laws may
authorize or prescribe.
Sec. 3. Said corporation shall annually file with the Librarian of this
State a printed report of its doings during the preceding year.
Sec. 4. This act shall take effect immediately.