Ser.3 Stockholders of Swarthmore College, 1862-1910
Scope and Contents
Includes the records which document the preliminary fund-raising for the establishment of Swarthmore College by the Friends Educational Association in 1864, and continue until 1911, with the Stockholders of Swarthmore College, and the issuing of stock subscriptions and later, the surrender of stock certificates to the College, as a result of the elimination of the stockholders’ provision of Swarthmore College by amendment to the College Charter in 1910 . The records include the Minutes of the Board of Managers of the Friends Educational Association, the Minutes of the Stockholders of Swarthmore College, listings of stockholders, stock certificates, and notices of stockholders’ annual meetings.
Conditions Governing Access
Permission to this material is restricted and requires the permission of the President of Swarthmore College or the Chairman of the Board of Managers of the College. Contact the repository for details. Where available, access is through microfilm.
Biographical / Historical
Under the terms written by the Incorporators in the Swarthmore College Charter, all current members of the Friends Educational Association automatically became stockholders of the new Swarthmore College Corporation. At its last annual meeting on December 6, 1864, the Friends Educational Association approved a formal resolution to confirm this merger. Other individuals could become new stockholders of Swarthmore College by a subscription of $5.00 towards the capital of the Corporation. Each stockholder was entitled to one vote at the annual meeting of the Corporation. The Stockholders of Swarthmore College met annually, following the annual meeting of the Board of Managers of the Swarthmore College Corporation. The primary function of the Stockholders was to elect members of the Board of Managers.
On April 14th, 1870, the Pennsylvania State Legislature approved an amendment to the Act of Incorporation of Swarthmore College in which the College was authorized to increase capital stock to $500,000 and allow the Board of Managers to borrow up to $100,000 for the purposes of the College. The amendment also included a requirement that 16 of the 32 members of the Board of Managers were to be women, a formalization of the de-facto Board membership.
On December 1, 1908, in order to qualify for funds under the Carnegie Foundation program for faculty pensions, the College secured a revision of its Charter eliminating the requirement that members of the Board of Managers be members of the Religious Society of Friends. This action eliminated the only official link to Quakerism.
In 1910 application was made to the Court of Common Pleas of Delaware County for a revision of the Charter, to annul stock support of the Swarthmore College Corporation. On October 22, 1910, the decision of the Court to this effect was issued, thus changing the character of the Corporation. This revision required the return of stocks held by the Stockholders of Swarthmore College to the Swarthmore College Corporation and declared the College as an Educational Corporation under full control of a self-perpetuating Board of Managers, numbering thirty-two members. The last meeting of the Stockholders of Swarthmore College took place on December 6th, 1910, at which time the stockholders’ association was dissolved. All shares of stock were then surrendered to the Swarthmore College Corporation.
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