Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 405]

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402

BOARD O F TRUSTEES

[June 19

T h e W a r Department agrees to pay the University $25,000 in twelve monthly installments to cover the expenses. Fifteen per cent of the contract price is allowed the University for overhead expenses. Immediate action on this proposal was required, since it was necessary to consummate the contract before June 30, 1943. I request confirmation of my action.

On motion of Mrs. Grigsby, the action of the President of the University in authorizing this contract was approved and confirmed.

URBANA COKE CORPORATION (25) The Board of Trustees of the University of Illinois owns all of the preferred stock of the Urbana Coke Corporation which was incorporated in 1925 under the laws of Delaware to develop and commercialize the P a r r process of coking coal, resulting from the discoveries of the late Professor S. W. P a r r and Dr. Thomas E. Layng, then of the Department of Chemistry. Under a contract executed December 9, 1925 (Minutes, page 495) the University assigned its rights in and patents of these discoveries to the Urbana Coke Corporation and received fifty shares ($50,000) par value six per cent cumulative preferred stock of the Urbana Coke Corporation. The stock of this corporation consists of $50,000 preferred and 250 shares of common (no par value) stock. The contract with the Urbana Coke Corporation provided that if the latter had not within five years spent as much as $50,000 in research, development, and patent expense, the corporation would assign to the Board of Trustees of the University for $1.00 all rights assigned to it by the Board (except foreign patents). In 1930 the Board of Trustees held that this section had been fulfilled and formally released the corporation from all obligation to reassign any rights under this section. The corporation has been inactive for many years but until recently Mr. Arba B. Marvin of the firm of Pennie, Davis, Marvin, and Edmonds, Counsellors at Law and Patent Attorneys, who is one of the principal common stockholders, has been paying the expenses incident to keeping the corporation intact. These annual expenses are as follows: services of United States Corporation Company, including its services as resident agent in Delaware, $50; annual franchise tax payable to the State of Delaware, $10; annual filing fee re Annual Report payable to the State of Delaware, $2. Mr. Marvin has notified the Secretary of the Urbana Coke Corporation that he will no longer be responsible for paying these expenses, and unless some other stockholder is willing to meet this expense the present officers and directors will have to resign. Notice of this is being sent to all common stockholders of record, as well as to the Board of Trustees of the University of Illinois, holder of all the preferred stock. T h e University has never received any dividends on its preferred stock in the Urbana Coke Corporation. I recommend that this matter be referred to the Committee on Patents.

This matter was referred to the Committee on Patents for recommendation.

APPOINTMENT OF DR. HERMAN G. JAMES AS SPECIAL UNIVERSITY LECTURER AND CONSULTANT IN LATIN-AMERICAN RELATIONS (26) A request for authority to appoint Dr. H e r m a n G. James, President of Ohio University (Athens, Ohio) as Special University Lecturer and Consultant in Latin-American Relations at a salary of $2,500 for a period of five months from July to December, 1943. T h e services would include a series of general University lectures on Latin-American affairs; lectures to regularly scheduled classes in History, Political Science, Sociology, and other courses, augmenting the instructional material offered in such courses; and consultations with members of the faculty and graduate students whose special interests are in the Latin-American field. Doctor James is an authority on Latin-American affairs and could render important services to the University in such a temporary position.