Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 555]

EXTRACTED TEXT FROM PAGE:

I932]

UNIVERSITY OF ILLINOIS

553

ommendation that the Secretary of the Board be authorized to execute the agreement on behalf of the Board. O n motion of M r . Williams, this recommendation was concurred in.

AGREEMENT

A G R E E M E N T between the Board of Trustees of the University of Illinois, party of thefirstpart, hereinafter called the University, and the Utilities Research Commission, Inc., party of the second part, hereinafter described as the Commission, a corporation with principal offices in Chicago, concerning the assignment and commercial development of a discovery by Dana Burks, Jr., concerning Means and Method of Freezing a Clear Block of Ice, under United States Patent Office Application Serial No. 462,221. 1. The University agrees to assign to the Commission any rights i may have t in any discovery which has been protected by a patent application or a patent or patents, and which was made in the course of the investigation concerning Means and Method of Freezing a Clear Block of Ice, Patent Office Application No. 462,221. 2. The Commission agrees, when and i an assignment is made as hereinf before outlined, that i will make such substantial outlay as may be warranted t for the purpose of developing the discovery, or discoveries. The Commission will pay annually to the Universityfiftyper cent of any and all royalties, license fees or compensation of any sort whatsoever which i may receive under any t and all agreements of license, made with persons,firmsor corporations, other than the corporations represented by the Commission, which latter corporations shall have free use of such discovery. The Commission will not enter into any such licensing or royalty agreement for the use or development of the discoveries withoutfirstconsulting with the Board of Trustees of the University or with its Committee on Patents. 3. The Commission agrees that i i wilfully or without just cause neglect f t to take appropriate action to develop commercially the possibilities of this discovery, the University may cancel this agreement and demand a reassignment to i of all rights and interests which may have been assigned to the Commission t pursuant to this agreement, and the Commission agrees to execute such reassignment promptly upon demand. In case of such demand and reassignment this agreement shall forthwith terminate. Approved: BOARD OF TRUSTEES OF THE UNIVERSITY OF ILLINOIS Secretary AMENDMENTUTILITIES R EARTICLE HI C O M M I S S I O N , INC. OF BY-LAWS, S E A R C O n motion of Dr. By Noble, Article I of _ the By-Laws of the Board was amended to read as follows: ARTICLE I—MEETINGS Section 1. The Board of Trustees shall hold an annual meeting on the second Tuesday of March, unless the date of such meeting be changed by the Board. The Board shall hold other regular meetings on the second Wednesday of each month except March; the date of any meeting may be changed by vote of the Board or by order of the President thereof; any monthly meeting may be omitted by vote of the Board or by order of the President thereof, in case i t appears that the amount and nature of the business to be presented is not sufficient to justify a meeting.

By University Counsel