Charter of the
Washington and Lee
University
(a) The name of the
Corporation is The Washington and
(b) The principal office of the Corporation is located at
(c) The purpose of
the Corporation is to promote, maintain, and conduct a college and university
for academic, scientific, and professional education and learning, with all the
rights, privileges, and powers necessary, proper, usual and customary for such
institutions, including the right to receive, hold, and use gifts, legacies,
and bequests, and to accumulate endowment funds and properties and property
rights and interests, and to invest and reinvest the same; to award academic,
scientific, professional, and honorary diplomas and degrees; to promote
educational, scientific, and professional research, investigation and progress;
to conduct laboratories, and all such business enterprises as may be incident
to or proper for the general purposes of the Corporation; to borrow money,
execute notes and bonds and secure the same by a lien upon its real estate or
by pledge of collateral; to sell and issue annuity bonds for the benefit of the
Corporation; to guarantee and become surety for the obligations of
organizations of the faculty and of the students of the Corporation to the
extent that the same is deemed to be for the benefit of the general purposes
and affairs of the Corporation, or of any other person, firm, corporation, or
association, for the purpose of promoting the interests of the Corporation; and
to have and execute all powers and rights conferred by the laws of Virginia on
corporations of similar kind and character. The foregoing enumeration of powers
and purposes shall be construed in furtherance of, and not in limitation of the
general powers of the Corporation.
(d) The Corporation shall be managed and controlled by a
Board of Trustees. The President of the University shall be a member of the
Board, ex officio. The terms of office of all Trustees shall be four years. The
Trustees shall elect their own successors, but the Board may make provision in
its by-laws for the nomination of Trustees by the Washington and Lee Alumni
Association. The Board may make reasonable provisions in its by-laws for the
removal and retirement of Trustees.
(e) The Trustees shall elect one of their own number as presiding officer, with the title of Rector, and
shall also elect a President of the University, who shall be President of the
Corporation, a Secretary, and a Treasurer of the Corporation, and such other
officers, agents, and employees as may be provided for by the by-laws.
(f) The period for the duration of the Corporation shall be
unlimited.
(g) The amount of real estate to which the holdings of the
Corporation shall at any time be limited is one hundred thousand acres.
(h) The Board of Trustees, by by-law or by resolution
passed by a vote of the majority of Trustees in office, may designate two or
more of their number to act as an Executive Committee, and the Executive
Committee, to the extent provided for in such by-law or resolution, shall have
and exercise the powers of the Board of Trustees in the management of the
business affairs of the Corporation, provided, however, that no real estate of
the Corporation forming a part of its campus or within one-half mile thereof
shall be sold, nor shall the Rector, the President, any Trustee or professor
with tenure be elected, except by a vote
of a majority of Trustees in
office. By a vote of the majority of Trustees present at any meeting at which a
quorum is present, the Board may appoint such other committees as it may deem
proper.
Adopted
Effective November 22, 2002
through Issuance of Articles of
Amendment from State Corporation
Commission
I:/bylaws/CHARTERdec2002final.