[1.].†After the passing of this Act exclusive privileges and rights in burghs to cease; and in lieu of the stamp duties now payable on admission a duty of 5s. shall be paid.
2. Incorporations still to retain their corporate character, and their names and titles.
3. Incorporations may make bye laws relative to application of its funds, &c. subject to the approbation of the Court of Session. Such bye laws, when sanctioned by Court of Session, to be valid.
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