Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 238]

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236

BOARD OF TRUSTEES

[May 14

hereinbefore stipulated, and invested in income producing securities selected by the Board or by its duly constituted representative, but without obligation to make such investment in compliance with the technical rules of law concerning the investment of trust funds. It is understood that i or when the principal and income of the trust fund prof vided herein shall be exhausted, through payments therefrom in conformity with the provisions of this trust instrument, or through other causes without the fault of the trustee, all obligations and payments hereunder shall forthwith come to an end. Kendric C. Babcock January 11, 1931 ASSIGNMENT OF TRUST I hereby assign, set over, sell, and transfer to the Board of Trustees of the University of Illinois all the securities, choses in action, instruments and things of value listed on Exhibit A attached hereto and made a part hereof, to have and to hold the same forever for the uses and purposes of the trust proposal made by myself to the Board of Trustees of the University of Illinois and by them accepted. The trustee under the aforesaid instrument is empowered to make all necessary endorsements for the purpose of effectuating transfers, conversions, and in general carrying out the intent and purpose of the trust. Dated this twentieth day of M a y , 1931. Kendric C. Babcock REVOCATION OF TRUST To Newton M. Harris and Hazen S. Capron, Trustees Gentlemen: Please take notice that I hereby revoke the trust instrument dated December i, 1930 by the terms of which you became trustees with authority to hold and invest certain securities and to pay the income thereof to certain specified purposes. I hereby direct you upon demand to deliver all of the securities held by you and such as are described in Exhibit A attached to the above mentioned trust instrument, and all accrued interest and income thereof, to the Board of Trustees of the University of Illinois, upon demand of a duly authorized officer or agent of such Board of Trustees. This revocation shall take effect immediately and as of the date of this instrument. Dated this twentieth day of M a y , 1931, at Urbana, Illinois. Kendric C. Babcock AUTHORITY TO RECEIVE TRUST SECURITIES Urbana, Illinois M a y 10, 1931 Mr. Lloyd Morey, Comptroller of the University of Illinois

My dear Mr. Morey:

O n December 1, 1930, I executed a trust instrument naming Newton M . Harris and Hazen S. Capron as trustees to hold and administer certain securities for the effectuation of objects and purposes specified in the trust instrument. I assigned the securities to the trustees named for the purposes designated. You are authorized by this instrument to call upon the above named trustees and demand of them and to receive from them for and in behalf of the Board of Trustees of the University of Illinois and for its use as trustee all of the instruments, securities and things of value described in the trust instrument aforesaid, together with all accrued and unpaid interest and income thereunder. Very truly yours, Kendric C. Babcock O n motion of Dr. Noble, the trust fund offered by Dean Babcock was accepted on behalf of the University, for the purposes for which i t was given, and the Comptroller was authorized and instructed to take possession of the securities and other things of value pertaining thereto.