All the money, stock, securities, investments, property, and estate of every kind and description, with the increment thereon, which has heretofore come into the possession of the City of Baltimore, or which hereafter may come into its possession, or which is now held by any agent, trustees, or board of trustees, heretofore created by any ordinance, and which has been or may hereafter be received under the bequests and devises contained in the will of John McDonogh, by the City of Baltimore, shall pass to and be invested in said Board of Trustees. City Code, 1879, art. 34, §2 1893, art. 34, §2 1927, art. 26, §2 1950, art. 20, §1 1966, art. 1, §60 1976/83, art. 1, §55 Ord. 1868-068

The number of Trustees shall not be less than 7 nor more than 9. If at any time they shall be reduced to a less number than 7, by death, resignation, or removal out of Baltimore City, or otherwise, it shall be the duty of the remaining Trustees to fill each vacancy within 30 days after its occurrence. If they do not fill such vacancy within said period, it shall be the duty of the President of the Board to notify the Mayor of the City of Baltimore of the fact of said vacancy, and thereupon it shall be the duty of the Mayor to appoint some person to fill such vacancy or vacancies as often as they may occur in manner aforesaid, and the person so appointed shall be and become one of the Trustees to all intents and purposes. City Code, 1879, art. 34, §3 1893, art. 34, §3 1927, art. 26, §3 1950, art. 20, §2 1966, art. 1, §61 1976/83, art. 1, §56 Ord. 1868-068

A majority of said Trustees shall have power, from time to time, to enact and make bylaws and rules and regulations for the management and government of said Fund and Institute. They shall also have power:to remove any one of their own number who in the opinion of the majority of said Trustees may be negligent of his duty, or otherwise conduct himself improperly; to elect annually a president, secretary, and agent, fix their salaries, and prescribe their respective duties, and to remove them at pleasure; and to appoint such other officers and servants as they may deem necessary and proper, according to such rules and bylaws as may be prescribed by them. Any officer or officers, or agent, who shall be appointed to receive and disburse the money of said Fund and Institute, shall, before he proceeds to act as such, enter into bond with such penalty and conditions as may be prescribed by said Trustees. City Code, 1879, art. 34, §4 1893, art. 34, §4 1927, art. 26, §4 1950, art. 20, §3 1966, art. 1, §62 1976/83, art. 1, §57 Ord. 1868-068

The said Trustees may:sell all the real estate situate in the City of Baltimore, heretofore purchased by the Trustees of the McDonogh Educational Fund and Institute; and invest the proceeds in real estate in the vicinity of Baltimore, of such dimensions and at such distance from said City as to them may seem most judicious for the purpose of establishing a school farm, as directed under the will of the said John McDonogh, which real estate shall be in fee simple and adapted to agricultural purposes. In addition to the proceeds arising from the sale of the real estate aforesaid, the said Trustees are authorized to use all the interest which may accrue from the investment of the sum of $500,000, in the purchase of said real estate and erection of such buildings and improvements thereon as may be necessary for such school farm, until the purchase money of the land and the erection of said buildings shall have been fully paid. Provided, nevertheless, that the principal sum of said fund shall at no time be less than $500,000, which the said Trustees are required to have well secured at all times. City Code, 1879, art. 34, §5 1893, art. 34, §5 1927, art. 26, §5 1950, art. 20, §4 1966, art. 1, §63 1976/83, art. 1, §58 Ord. 1868-068

So soon as the purchase of the real estate and the erection thereon of the buildings mentioned in § 4-4 shall have been completed and paid for, the said Trustees shall apply the interest issuing from said funds, as well as the interest which may be derived from all other property devised to the City of Baltimore by the said John McDonogh, to the support and maintenance of said school farm, and the expenses incident to the proper instruction and education of the youth directed by said will of said John McDonogh. City Code, 1879, art. 34, §6 1893, art. 34, §6 1927, art. 26, §6 1950, art. 20, §5 1966, art. 1, §64 1976/83, art. 1, §59 Ord. 1868-068

It shall be the duty of the Board of Trustees to exhibit to the Mayor and City Council of Baltimore, annually, a full report in writing of their proceedings during the year, and of the state of the Institute, showing the number and condition of the scholars and all matters necessary to the full understanding of the affairs and situation of the Institute, which shall be certified by oath or affirmation of the president, secretary, and agent, and at least 1 of the Trustees. It shall be accompanied by an account or statement, certified in like manner, showing the receipts and expenditures for the year, and the assets and pecuniary condition of the Institute. Said reports shall be addressed to the Mayor at least 10 days before the annual meeting of the City Council in each and every year. City Code, 1879, art. 34, §7 1893, art. 34, §7 1927, art. 26, §7 1950, art. 20, §6 1966, art. 1, §65 1976/83, art. 1, §60 Ord. 1868-068

The records, books, accounts, papers, grounds, and buildings of the said Institute shall at all times be open to the inspection and examination of the Mayor. The City Council shall always have power, by resolution or otherwise, to appoint committees of their body to inquire into the affairs of said Institute. City Code, 1879, art. 34, §8 1893, art. 34, §8 1927, art. 26, §8 1950, art. 20, §7 1966, art. 1, §66 1976/83, art. 1, §61 Ord. 1868-068

The Trustees of The McDonogh Educational Fund and Institute shall have power with respect to all property which may have been heretofore or which may hereafter be granted, transferred, delivered to, or otherwise vested in the Mayor and City Council of Baltimore for the Trustees of The McDonogh Educational Fund and Institute or in said McDonogh Fund and Institute to invest and reinvest the same and to change the investments thereof, with full power to sell or otherwise dispose of any of such property or investments from time to time so held, said powers to include, but not by way of limitation, the power to invest monies in their control or possession in the securities of the United States, of states, counties, and municipalities, in mortgages, corporate bonds, notes, or other securities, real estate, and ground rents. They shall make the selection in such manner as will in their judgment afford safe productive investments for the funds in their hands. City Code, 1950, art. 20, §8 1966, art. 1, §67 1976/83, art. 1, §62 Ord. 44-077 Ord. 85-470