Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 881]

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878

BOARD OF TRUSTEES

[February 24

the proportion of the year completed, and the extended disability leave of one week for each full year of service shall be available only after one full year of service has been completed. (6) In computing the annual salary of persons in those classifications whose compensation is fixed by reference t o local prevailing wages, a deduction of an amount equal t o five days salary a year shall be made. Any unused portion of the first five days for which a deduction has been made shall be cumulative and in addition to the allowance of one week a year made in paragraph ( 2 ) , but the combined accumulation shall not exceed ten weeks. (7) N o portion of the fifteen days annual sick leave shall be cumulative for those employees who are outside the prevailing rate group. (8) All employees receiving the full prevailing wage rate, no deductions being made, shall be entitled to only those vacation and disability benefits which are granted by those local employers paying the prevailing wage rate. (9) T h e University reserves the right to require acceptable evidence of disability before allowing any sick leave or disability leave of any kind whatsoever. The University Civil Service Committee

R. N . SULLIVAN, Chairman LLOYD MOREY, Executive Secretary

On motion of Mr. Jensen, these recommendations were adopted. On motion of Mr. Jensen, the President of the University was requested to give study to the coordination of the present rules governing disability leaves for the academic staff with the provisions of the Retirement System.

RESOLUTION REGARDING DISPOSITION O F STOCK RIGHTS RECEIVED O N ABBOTT L A B O R A T O R I E S , I N C . , COMMON S T O C K M r . McKelvey, for the Finance Committee, reported a recommendation that the following resolution be adopted. Whereas, the Board of Trustees of the University of Illinois is the owner of fifty (50) shares of Abbott Laboratories, Inc., stock and has received as a stockholder of record, February 17, 1944, the right to subscribe to additional common stock of Abbott Laboratories, I n c . ; and Whereas, it is recommended by the Finance Committee of the Board of Trustees that this right of subscription be not exercised but that such rights be sold at the prevailing market price; Now, therefore, be it resolved by the Board of Trustees of the University of Illinois: (1) That the sale of such rights be m a d e ; (2) That Lloyd Morey, Comptroller, and H . E. Cunningham, Secretary, be authorized to execute any and all documents necessary to complete such sale.

On motion of Mr. McKelvey, this resolution was adopted.

C H A N G E S IN INVESTMENTS

Mr. McKelvey, for the Finance Committee, reported also a recommendation that investments and changes in investments be approved as follows:

Increase the following items to $20,000 each: Chicago Union Station 1st 3^4%, 1963 ($5,000 now h e l d ) . Central Illinois Public Service 1st 3H% ($10,000 now h e l d ) . West Texas Utilities 1st 3%% ($10,000 now h e l d ) . Add the following item: $20,000 Chicago, Burlington & Quincy 1st 4 % , 1949, Illinois Division. Make the follozmng exchanges: Sell 10 shares Consolidated Natural Gas Co. stock, at market about 25^2. Buy 4 shares Standard Oil of New Jersey stock, at about 53^4. Sell $2,500 U. S. Treasury 2J4, 1956/54. Buy $2,500 U . S. Treasury 2 ^ , 1956.