Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 842]

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UNIVERSITY OF ILLINOIS

839

(d) The Trustee shall not be accountable for the use of any Bonds authenticated or delivered hereunder or of any of the proceeds of such Bonds paid out conformably herewith. The Trustee may become the owner of Bonds secured hereby with the same rights which it would have if not Trustee. ( e ) The Trustee shall be protected in acting upon any notice, requisition, request, consent, certificate, order, affidavit, letter, telegram, or other paper or document believed by it to be genuine and correct and to have been signed, sent or delivered by the person or persons by whom such paper or document purports to have been signed, sent or delivered, and the Trustee shall not be bound to recognize any person as a holder of any Bond or to take any action at his request until the title thereto shall be established to its reasonable satisfaction. ( f ) The Trustee shall be under no responsibility to make any investigation or analysis of any statement or information which may be certified to the Trustee in the manner provided by this Indenture. (g) Except as othewise expressly provided herein, the Trustee shall not be compelled to do any act hereunder, or to take any action toward the execution or enforcement of the trusts hereby created or to institute, appear in, or to defend any suit in respect to the Bonds or the Indenture unless requested so to do in writing by the specified number of bondholders as herein provided and unless indemnified from time to time to its satisfaction against any loss, cost, liability, and expense connected therewith. (h) Except as otherwise expressly provided in this Indenture, the Trustee may in relation to this Indenture act upon the opinion or advice of any attorney, valuator, surveyor, engineer, accountant or firm of accountants, or other expert, as to matters within the respective fields in which they are experts, whether retained or selected by the Trustee, the Government, or the Foundation, and shall not be responsible for any loss resulting from any action or nonaction in accordance with any such opinion or advice. (i) The Trustee shall not be liable for any mistake of judgment or other mistake of itself or its agents or employees, but shall be liable only for its wilful or fraudulent misconduct. (j) The Trustee shall not be required to take notice, or be deemed to have notice of any default hereunder, unless the Trustee shall be specifically notified in writing of such default by the holders of one or more of the Bonds hereby secured and then outstanding, and all notices or other instruments required by this Indenture to be delivered to the Trustee must, in order to be effective, be delivered at the office of the Trustee. (k) The Trustee shall not be personally liable for any debts contracted by it, or for damages to persons or to personal property injured or damaged, or for salaries, or for nonfulfillment of contract, during any period in which the Trustee may be in the possession of or managing the Trust Property or the Pledged Estate as in this Indenture provided. (1) At any and all reasonable times the Trustee, and its duly authorized agents, attorneys, experts, engineers, accountants, and representatives, shall have the right (but not the duty) fully to inspect any and all of the Trust Property and the Pledged Estate, including all records, books, papers, and contracts of the Foundation and to take such memoranda from and in regard thereto as may be desired. (m) The Trustee shall not be required, except as otherwise in this Indenture provided, to give any bond or surety with respect to the execution of the trusts and power conferred hereby, or otherwise with respect to the premises. (n) Notwithstanding anything elsewhere in this Indenture contained, the Trustee shall have the right, but shall not be required, to demand, with respect to the withdrawal of any cash, or to the taking of any action by it whatsoever within the purview of this Indenture, any showings, certificates, opinions, appraisals or other information, or affidavits or evi-