Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 609]

EXTRACTED TEXT FROM PAGE:

1932]

UNIVERSITY OF ILLINOIS

607

A N D W H E R E A S , the foregoing proposal was delivered to the Board of Trustees on June 9, 1932: N O W , T H E R E F O R E , B E I T R E S O L V E D by the Board of Trustees of the University of Illinois that the Board will interpose no objection to the execution of the Creditors' Agreement, referred to in the foregoing proposal, by Hazen S. Capron, and/or such person or persons as may be required, and the Board, without prejudice to its legal rights as against any and all persons under the Treasurer's bond, except as herein expressly waived, agrees that Hazen S. Capron, and/or the President and Secretary of the Board of Trustees of the University of Illinois, if the signature of the latter be required in order to expedite the reorganization, be, and they are hereby, authorized to execute the Creditors' Agreement, but only and solely in order that it be possible to proceed with the plan for the reorganization of the First National Bank and the re-opening of the same. B E I T F U R T H E R R E S O L V E D that this assent and authorization are made upon the further condition and with the further understanding that the action of the Board in assenting to this proposal and in authorizing the signing of the Creditors' Agreement aforesaid, does not in any manner affect the rights of the Board to proceed against the Principal and the Sureties on the Treasurer's bond and to enforce any and all its rights on account of any failure on the Treasurer's part in the performance of his duties and until he has fully accounted as such Treasurer, otherwise than to postpone proceedings under said bond in order to enable the receiver in charge of the First National Bank of Champaign, or any and all persons duly authorized thereto, to realize as much as possible on the assets trusteed in accordance with the plan of reorganization, and to apply the amount so realized in reduction of the amount due from said First National Bank to Hazen S. Capron as Treasurer of the Board of Trustees of the University of Illinois; and it is further understood that the obligation of the Sureties and of the Principal to pay whatever balance remains unpaid after the proceeds, if any, of the assets of the suspended Bank, received by the receiver or the private trustees for this purpose, pursuant to the Creditors'Agreement and the plan of reorganization, have been received by the Board of Trustees of the University of Illinois and applied in reduction of the amount found to be due from Hazen S. Capron as Treasurer of the Board of Trustees of the University of Illinois, will continue in full force against the Principal and his Sureties aforesaid. B E I T F U R T H E R R E S O L V E D that this assent and authorization shall not become effective until the Principal and the Sureties above named have, in writing, indicated their agreement with and concurrence in the stipulations and conditions of this resolution, and filed the same with the Secretary of the Board. T h e resolution given above w a s adopted by the following vote: A y e , M r . Armstrong, M r . Barr, M r . Barrett, M r s . Grigsby, D r . Noble, M r . Trees; no, n o n e ; absent, M r . Blair, M r . E m m e r s o n , M r s . Hopkins, M r . Williams. REPORT ON STATUS OF PETTY CASH FUNDS IN FIRST NATIONAL B A N K OF CHAMPAIGN (10) W h e n the First National Bank of Champaign closed on January 16, 1932, there was a balance in the Bursar's and others' petty cash fund, carried on the books of the bank as "The Business Office, University of Illinois Petty Cash Fund," of $14,545.01; and in the petty cash fund of the Dairy Department for use in the operation of the Creamery, carried on the books of the bank as "The University of Illinois Creamery Fund," a balance of $1,027.15. These moneys were on deposit under the rules of the Board authorizing the Treasurer and the Comptroller to select depositories for petty cash funds. The selection a part Morey, was made by in accordance with that former Capron as Treasurer Lloyd of the general funds of theHazen S. Capron, rule. These depositsand Mr. wasthis bank Comptroller, Mr. University for which Mr. Treasurer, are not of responsible.