Repository: UIHistories Project: Board of Trustees Minutes - 1900 [PAGE 119]

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1899.]

PROCEEDINGS OF THE BOARD OF TRUSTEES.

99

said University and of good character, upon such reasonable and uniform terms as may hereinafter be fixed by said second party for the government thereof, but such loans shall only be made as aids to such students in completing their education at said University upon the recommendation of the Council of Administration of said University: Provided, that should any considerable sum of said funds at any time be not in demand for said purpose, loans from said fund may be made for other purposes, but in no case shall such loans stand in the way of giving the aid above provided for when proper candidates apply therefor. Said second party hereby further covenants and agrees to and with the first party, that it will pay to the first party, during his natural life and after his •death to his wife, the said Mary S. Snyder, should she survive him, interest upon said sum, or upon parts thereof as paid in, at the rate of 5 per cent per annum, to be paid semi-annually on the first days of April and October, of «ach year, at the office of its Treasurer, but at the death of both said Edward Snyder and Mary S. Snyder, such payments shall cease and all obligations of said second party herein assured, except the administration of the trust above named, shall be at an end. In witness whereof, the said Edward Snyder and Mary S. Snyder have (hereto set their hands and seal and the said University of Illinois, by its President of the Board of Trustees, has affixed its name and by its Secretary ihas affixed the seal, on the day above written.

[Signed,] £SEAL OF UNIVERSITY] EDWARD SNYDER, MARY STODDARD SNYDER, ALEXANDER MCLEAN, [SEAL] [SEAL]

President Board of Trustees. We recommend that said document be received and approved by the Board, &nd that the President and Secretary of the Board be authorized to execute the same on the part of the University, and that one copy be returned to Professor Snyder and the other filed with the Secretary of the Board and duly recorded. 2. That whenever payments are received from Professor Snyder, the same •shall be made to the Treasurer of the University and his receipt given thereior. 3. That the Council of Administration shall receive applications for loans to deserving students from this fund, and shall recommend to the Finance •Committee of the Board of Trustees such students as said Council deems worthy of benefit therefrom. The Council shall give preference to students who are farthest advanced in the University, and shall also take into account scholarship and assiduity in work. It is advised that said fund shall in no case be loaned to any person to induce him to attend the University, nor to any person in his freshman or sophomore year of study. 4. The Finance Committee of the Board shall formulate plans for the management of the fund and determine the conditions upon which said fund shall be loaned, so far as security therefor is concerned, or otherwise. 5. If said fund shall accumulate in the treasury to any extent, the Finance ^Committee shall report to the Board what, in its judgment, shall be done in the premises. Respectfully submitted,

THOMAS J. SMITH, ALFRED BAYLISS, A. S. DRAPER,

Committee. T h e r e c o m m e n d a t i o n s of this p a p e r were adopted, a n d it was o r d e r e d t h a t t h e deed of gift b e p r i n t e d a n d also entered in t h e record book. P r e s i d e n t D r a p e r r e p o r t e d verbally t h a t h e h a d h a d D r . G r e g o r y ' s p o r t r a i t framed, as directed b y t h e B o a r d at its m e e t i n g of M a r c h 14-, 1899.