"William B. Rogers, James M. Beebe, E. S. Tobey, S. H. Gookin, E. B. Bigelow, M. D. Ross, J. D. Philbrick, F. H. Storer, J. D. Runkle, C. H. Dalton, J. B. Francis, I. C. Hoadley, M. P. Wilder, C. L. Flint, Thomas Rice, John Chase, J. P. Robinson, F. W. Lincoln, Jr., Thomas Aspinwall, J. A. Dupee, E. C. Cabot, their associates and successors, are hereby made a body corporate, by the name of Massachusetts Institute of Technology, for the purpose of instituting and maintaining a society of arts, a museum of arts, and a school of industrial science, and aiding generally, by suitable means, the advancement, development, and practical application of science in connection with arts, agriculture, manufactures and commerce; with all the powers and privileges, and subject to all the duties, restrictions and liabilities, set forth in the sixty-eighth chapter of the General Statutes."