§ 1-12 — Charter in effect

This charter shall take effect, whenever the two corporations hereby united shall, at a meeting duly warned, vote to accept the same, and to surrender and relinquish to the corporation, hereby created, all the property belonging to them, whether real or personal, and all the rents, profits, and income therefrom arising, including said proceeds from the sale of the land scrip, for the purpose, and subject to all the rights, trusts, and conditions as in this charter provided; and it shall be the duty of each of the corporations to cause a copy of the record of such votes, duly certified by the secretaries of their respective corporations, to be left for record and duly recorded in the office of the Secretary of State; whereupon, by virtue of such votes, such property, rents, profits, and income shall become the property of the corporation hereby created, for the purposes and subject to the rights, trusts, and conditions aforesaid, and the property, and the property hereafter acquired by the corporation hereby created, shall be subject to all the conditions, immunities, and exemptions now pertaining to the property now held by the University of Vermont.