Repository: UIHistories Project: Board of Trustees Minutes - 1900 [PAGE 267]

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1900.]

AGREEMENT

PROCEEDINGS OF THE BOARD OF TRUSTEES.

247

BETWEEN THE COLLEGE OF PHYSICIANS AND SURGEONS O F CHICAGO, AND THE UNIVERSITY OF ILLINOIS.

Witnesseth: That, Whereas. The College of Physicians and Surgeons of the City of Chicago, and the University of Illinois, did, upon the first day of April, 1897, enter into an agreement whereby the property and effects of the College of Physicians and Surgeons were leased to the University of Illinois for the period of four years from the twenty-first day of April, 1897, and whereby the said College became the School of Medicine of the said University; and, Whereas, The arrangement set forth in said agreement has proved satisfactory to* the parties and mutually advantageous to the institutions named and to the interest of medical education; and, Whereas, The earnings of the School of Medicine under the arrangement have exceeded the expenses thereof, and it is deemed that each of the two institutions is equitably entitled to share in the surplus sum arising in the manner and for the purposes hereinafter set forth; and, Whereas, The stockholders of the College of Physicians and Surgeons, being members of the medical profession practicing" in the City of Chicago, invested their money in founding a medical college for the advancement of the interests of their profession, which money has never been repaid to them; and, Whereas, The surplus earnings of the College of Physicians and Surgeons under the management of the University of Illinois for a term of twenty-five (25) years or thereabouts, now promise to assure the repayment of the money so put into a new and uncertain enterprise, together with a reasonable compensation for the use thereof, and at the same time to clear the property of said institution of liens, incumbrances and indebtedness; and, Whereas, The stockholders of said College of Physicians and Surgeons recognize the equitable interest and claim of the University of Illinois in and to a part of the surplus earnings, and Whereas, The College of Physicians and Surgeons desire after such reimbursement and the compensation herein provided for and in consideration thereof, to make over and transfer all of its property to the University of Illinois, upon the performance of the contingencies and conditions named herein, and also earnestly desire to secure the permanent stability and vigorous growth of the School of Medicine along the most scientific lines, to the end that it may in the largest measure realize the great and beneficent end*? for which the College of Physicians and Surgeons was founded, and believe that any equities of the University of Illinois will be met and the purposes of the stockholders of the College of Physicians and Surgeons be most fully accomplished by the agreement hereinafter set forth looking to the ultimate permanent transfer of the property and good will of the College of Physicians and Surgeons to the University of Illinois, believing as said stockholders do that the State of Illinois and the University of Illinois will exercise their great power in the premises without regard to the interest of individuals, parties, or classes, and for the uplifting of medical science and the good of our common humanity. Now, therefore, to fulfill the purposes of the College of Physicians and Surgeons and the University of Illinois the two said corporations do enter into the following agreement, to-wit: 1. This indenture is made this ninth day of February in the year of Our Lord One Thousand Nine Hundred, between the College of Physicians and Surgeons, a corporation duly incorporated and existing under and by virtue of the laws of the State of Illinois, party of the first part, and the University of Illinois, a corporation duly incorporated and existing under and by virtue of the laws of the State of Illinois, party of the second part,— 2. That the said party of the first party, for and in consideration of the covenants and agreements hereinafter mentioned, to be kept and performed by the said party of the second part, has demised and leased to the said party