Repository: UIHistories Project: Board of Trustees Minutes - 1902 [PAGE 74]

EXTRACTED TEXT FROM PAGE:

1901]

PROCEEDINGS OF THE BOARD OF TRUSTEES

55

WHEREAS, it is also believed to be equally desirable and good policy to acquire the influence, connections, strength, and good will of existing schools of denistry, in so far as these may be so acquired at reasonable cost, and, WHEREAS, The Board of Directors of the Illinois School of Denistry, of Chicago, a corporation organized under the laws of the State of Illinois, and a well-established and reputable college, with a standard curriculum, a moderate equipment of the value of about $7,000, a reputable faculty, including several excellent teachers, and an enrollment of more than 100 students at present in attendance upon its instruction, are willing to surrender its charter, sell its equipments, transfer its students, and to lead its best teachers to accept places in the faculty of a new school of dentistry of the College of Medicine of the University of Illinois with reasonable compensation therefor, and, WHEREAS, the College of Physicians and Surgeons, a corporation existing under the laws of the State of Illinois, and the Illinois School of Dentistry, after full investigation and consideration believe that the interests of both institutions and of the University of Illinois, as well as the interests of public education, will be greatly furthered and promoted by the establishment of a department of denistry in the College of Medicine and the taking over thereto of the Illinois School of Denistry as a beginning and nucleus of the proposed Dental School of the University of Illinois. Now, therefore, to fulfill the purposes of the College of Physicians and Surgeons and the Illinois School of Dentistry, and to increase the usefulness and greatness of the University of Illinois, the parties hereto have entered into the following agreement: Subject to its approval and acceptance by the Board of Trustees of the University of Illinois, and subject to the successful transference of the West Division High School to the ownership of the College of Physicians and Surgeons on or about July 1, 1901. 1. It is mutually agreed that there shall be organized a department of dentistry of the College of Medicine of the University of Illinois; that it shall have all the rights, privileges, and advantages enjoyed by the other departments of the said College of Medicine and shall be equipped and opened for instruction to classes in dentistry on or about the first of October, 1901. It shall be understood and advertised as strictly a new school and shall be known as the School of Dentistry of the University of Illinois. 2. The said Illinois School of Dentistry agrees to transfer its equipment, franchises, memberships, and good will to the College of Physicians and Surgeons in furtherance of the above expressed purposes, and to accept therefor, and for its services in transferring its interest intact to the proposed School of Dentistry of the University of Illinois, the sum of $17,000.00, payable in 6 per cent, interest bearing bonds of the College of Physicians and Surgeons, the same to be delivered on or about the second day of July, 1901, and the said College of Physicians and Surgeons on its part, in furtherance of the above named purposes, agrees to pay to the Illinois School of Dentistry for said equipment, franchises, memberships, and good will, and for its services in transferring its membership and good will to the proposed School of Dentistry of the University of Illinois, the said sum of $17,000.00, payable in said bonds, the same to be delivered on or about the second day of July, 1901. 3. The said Illinois School of Dentistry agrees to transfer its lease to the premises now occupied by it and to assign its contracts with its teachers to the College of Medicine of the University of Illinois, which transfer and assignments are to take effect on the 15th day of May, 1901, and the said College of Physicians and Surgeons agrees to assume for the benefit of the College of Medicine the obligations of the said lease and the contracts with the said teachers. The said lease herein referred to, for which the College of Physicians and Surgeons becomes responsible, dates from May 15, 1901, and expires May 1, 1904, at a stipulated annual rental of $3,500. The contracts with teachers for which the College of Physicians and Surgeons becomes liable are for the services of persons during specified time as follows: Dr. D.