This chapter shall be under the control of future legislatures to alter or amend as the public good may require, and shall take effect on March 1 next. The first annual meeting of the Bradford Academy and Graded School District shall be held at the Bradford Academy and shall be warned by the Clerk of the School District Number 12 by posting a notice in due form of law on the outside door of the Academy at least seven days before the time for holding the meeting.