Repository: UIHistories Project: Board of Trustees Minutes - 1914 [PAGE 133]

EXTRACTED TEXT FROM PAGE:

1912]

PROCEEDINGS OF THE BOARD OP TRUSTEES.

131

a separate fund, to be known as 'educational fund,' and that said 'educational fund shall be held in trust by my said trustee, subject to the provision in regard to the same, hereinafter contained in paragraph seventh of this, my will "Paragraph Seventh: In regard to said educational fund, provided for in and by this, my will, I direct that the same shall be held by said trustee upon, and subject to, the following trusts, towit: "I direct that all of said educational fund shall be held by my said trustee in trust, and applied from time to time to aid the education of worthy and meritorious persons, needing such aid, said persons to receive annually out of said educational fund not more than six hundred dollars ($600) each, and for no longer time than until they shall respectively become twenty-five (25) years of age, and I direct that the amounts, so to be applied in aid of their education, shall, in the case of minors, be paid over by my said trustee to their legal guardians, or to such other persons, acting for them, as may be appointed by a court or courts of competent jurisdiction, to be applied by such legal guardians, or by such other persons so appointed respectively, to said purpose. "I direct that no descendant of mine shall ever become a beneficiary under said educational fund "I further direct that, at any time, and from time to time; a majority of my children then living (and after the death of all my children, then a majority of my adult grandchildren then surviving.) shall have the right, subject to the provisions hereinbefore made, to designate in writing to' my saM trustee the persons to receive aid out of said educational fund, and to determine and state in writing to said trustee the annual sum, not exceeding six' hundred dollars ($600) in amount, to be paid to each of said persons, and' for how long a time said annual sum shall be paid to each of said persons, until he or she arrives at the age of twenty-five (25) years. "I further direct that if, for any reason, a majority of my then living dhildren (or after the death of all my children a majority of my adult grandchildren then surviving) shall at any time fail to so designate the persons to receive aid out of said educational fund, or so to; determine and state in writing to said trustee the annual sum, not exceeding six hundred dollars ($600), in amount to be paid to each of said persons, or tor how long a time said annual sum shall be so paid to him or her until he or she arrives at the age of twenty-five (25) years, then, and in that case, and also in the further case that all of my children and grandchildren are dead, my said trustee shall select the persons to receive aid from said educational fund, and shall determine the amount (not exceeding six hundred dollars per year) to be paid to each of said persons so selected, and for how long a time,, until he or she arrives at the age of twenty-five years, said amount shall be so. paid, and shall without unnecessary delay, pay the same, in semi-yearly or quarterly payments, to such beneficiaries. "I further direct that at least two of the persons who shall be ;in receipt of aid, in each year, from said educational fund, shall be residents of Walworth County, Wisconsin. "I further direct that, the respective receipts of the legal guardians, or other persons appointed by any court or courts as mentioned in this paragraph seventh of this, my will, for any moneys paid to them respectively by my said trustee, under the provisions hereof, shall effectually and fully discharge my said trustee therefrom, and from being bound to see to the application, or being answerable: for the loss or misapplication thereof. "In case any minor be designated, under the provisions hereof, to receive any aid out of said educational fund, and have no legal guardian to whom moneys can be paid under the provisions hereof, I direct my said trustees to expend, out of said educational fund, such sum, not exceeding fifty dollars ($50) as may be necessary to procure the appointment of such guardian by any court of competent jurisdiction. "Said trustee shall use and apply, in carrying out the objects of this paragraph seventh of this, my will, the principal of said educational fund, as well as any interest that may accumulate thereon from any temporary investment thereof, which said trustee may have made prior to the application of the same to the objects herein provided "In my original will, bearing date of June 17, 1907, I provide and create an educational fund. I now, by this codocil, will and direct that no part of said educational fund shall be used in obtaining what is called a classical education, said fund being intended to aid the beneficiaries thereof in obtaining a practical, literary, scientific, mechanical, or business education in western or southern State universities, colleges or schools, where the charge for tuition is less than in eastern colleges "

In connection with the foregoing communication from the Trustees of the Henry Strong Educational Fund, President James presented the following statement and recommendation:

In pursuance of the above communication I laid the matter before the University Council of Administration and indicated to the trustees of the fund the willingness expressed by the council to follow the suggestions made in regard to the administration of the fund. The Committee on the Snyder Loan Fund was asked to nominate students to benefit by the above allotment. The recommendation of the committee, approved by the Council of the University, is that the $500 be accepted and that the following persons be recommended to the trustees of the Henry Strong educational fund, as persons suitable to receive a grant of $100 apiece: H. H. Cochran, Senior—College of Science. Glenn Christy, Junior—College of Engineering.