Upon the transfer and acceptance of the Academy buildings and property, the powers and duties of the Trustees of the Bradford Academy shall cease and the Bradford Academy and Graded School District shall be entitled to such equal share of the income of the grammar school lands of Orange County, as the aforesaid Bradford Academy was entitled to receive before the passage of this chapter, and also those funds granted in common with other academies and grammar schools in this State, so long as the School District shall maintain, in connection with their schools, a good English high school, not less than 30 weeks each year, and shall in addition thereto, teach therein ancient and modern languages and higher mathematics and sciences to the extent necessary to prepare students entering at the beginning of the regular course in common American colleges, and shall employ as the principal thereof a teacher who is a graduate of some college of good reputation.