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Caption: Board of Trustees Minutes - 1974 Version B This is a reduced-resolution page image for fast online browsing.
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EXTRACTED TEXT FROM PAGE:
390 BOARD O F T R U S T E E S [October 17 duly adopted at a duly called meeting of the said Board, held on October 17. 1973, a quorum being present, and are set forth in the minutes of the said meeting; that I am the keeper of the corporate seal and of the minutes and records of the University; and that the said resolutions have not been rescinded or modified: Be It Resolved, that Citizens Bank of Mt, Morris Mt, Morris. Illinois (hereinafter sometimes referred to as the "Bank") be and hereby is designated a depositary in which the funds of the University may be deposited by its officers, agents, and employees, and that such officers, agents, and employees shall be and each of them hereby is authorized to indorse for deposit or negotiation any and all checks, drafts, notes, bills of exchange, and orders for the payment of money, either belonging to or coming into possession of the University. Indorsements for deposit may be by the written or stamped indorsement of the University without designation of the person making the indorsement; Be It Further Resolved, that the funds deposited to the credit of the University may be withdrawn only by bank transfer to a designated depositary of the University upon order or direction of either the Director of Business Affairs of the Medical Center campus or the Vice President for Financial Affairs o'f the University. Be It Further Resolved, that each of the foregoing resolutions shall continue in force until express written notice of its rescission or modification has been received by the Bank, but if the authority contained in them should be revoked or terminated by operation of law without such notice, it is resolved and hereby agreed for the purpose of inducing the Bank to act thereunder, that the Bank shall upon its request, be insured against any loss suffered or liability incurred by it in so acting after such revocation or termination without such notice. On motion of Mr. Swain, the foregoing resolution was adopted. I, the undersigned, Do Hereby Certify, that the following is a complete, true and correct copy of certain resolutions of the Board of Trustees of the University of Illinois, a public corporation duly organized and existing under the laws of the State of Illinois, hereinafter called "University," which resolutions were duly adopted at a duly called meeting of the said Board, held on October 17. 1973. a quorum being present, and are set forth in the minutes of the said meeting; that I am the keeper of the corporate seal and of the minutes and records of the University; and that the said resolutions have not been rescinded or modified: Be It Resolved, that Durand State Bank. Durand, Illinois, (hereinafter sometimes referred to as the "Bank") be and hereby is designated a depositary in which the funds of the University may be deposited by its officers, agents, and employees, and that such officers, agents, and employees shall be and each of them hereby is authorized to indorse for deposit or negotiation any and all checks, drafts, notes, bills of exchange, and orders for the payment of money, either belonging to or coming into possession of the University. Indorsements for deposit may be by the written or stamped indorsement of the University without designation of the person making the indorsement; Be It Further Resolved, that the funds deposited to the credit of the University may be withdrawn only by bank transfer to a designated depositary of the University upon order or direction of either the Director of Business Affairs of the Medical Center campus or the Vice President for Financial Affairs of the University. Be It Further Resolved, that each of the foregoing resolutions shall continue in force until express written notice of its rescission or modification has been received by the Bank, but if the authority contained in them should be revoked or terminated by operation of law without such notice, it is resolved and hereby agreed for the purpose of inducing the Bank to act thereunder, that the Bank shall upon its request, be insured against any loss suffered or liability incurred by it in so acting after such revocation or termination without such notice.
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