Repository: UIHistories Project: Board of Trustees Minutes - 1922 [PAGE 117]

EXTRACTED TEXT FROM PAGE:

1920]

UNIVERSITY O r ILLINOIS

111

On motion of Mr. Blair, this bill was ordered paid, the money to be transferred from the Reserve and Incidental fund. The vote was as follows: Aye, Mr. Blair, Mrs. Blake, Mrs. Busey, Mr. Carr, Mrs. Evans, Mr. Herbert, Mr. Hoit; no, none; absent, Mr. Abbott, Mr. Lowden, Mr. Trimble, Mr. Ward. The Secretary was directed to ask Holabird and Roche for a statement of their account in full, to be presented at the December meeting. At this point, Mr. Abbott took his seat with the Board.

S T U D E N T LOAN F U N D S (12) A memorandum of proposed regulations concerning the collection of loans made from student loan funds. (a) Loans shall continue to be made under the arrangements now existing, excepting that students receiving loans shall sign their promissory notes at the bank of the University Treasurer, or some local bank designated by him. (b) Form of note to be hereafter used shall be a judgment note providing for small payments at frequent intervals as follows:

$

. Urbana, Illinois , 19 after date FOR VALUE RECEIVED WE PROMISE TO PAY TO T H E ORDER OF T H E BOARD OF TRUSTEES OF T H E UNIVERSITY OF ILLINOIS DOLLARS with interest at the rate of per cent, per annum from date, until paid, interest to be paid annually. If this note is not paid when due, we promise to pay a reasonable attorney's fee if collection is made without suit, and if suit is brought on this note, judgment shall be rendered in favor of the payee of this note or the holder thereof for the amount due on this note and reasonable attorney's fees. And we hereby authorize and empower any attorney of any Court of Record, at any time after the date hereof, to appear in any Court of Record of this State, or the United States, either in term or in vacation, and enter our appearance in any such Court, and for us and in our name and stead, waive process and service of process and confess judgment on this note in favor of the payee or holder thereof, and against such makers for the amount of the principal sum of this note and all interest thereon, less all credits of payment indorsed on the back hereof, and ten per cent of the principal sum of this note to be added as attorney's fees and made a part of the judgment.

No

Due

19

(c) It shall be the duty of the Treasurer to collect these notes when due and to report to the Comptroller and the Deans of Men and Women on the first of each month the collections he has made during the preceding month. (d) The Treasurer shall call on the Legal Counsel of the University for advice and assistance in the collection of these notes whenever in his judgment it is necessary, provided that he shall first secure the approval of the Dean of Men or the Dean of Women, as the case may be, before instituting such proceedings.

On motion of Mr. Herbert, these regulations were adopted.