Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 154]

EXTRACTED TEXT FROM PAGE:

1923]

UNIVERSITY OF ILLINOIS

151

2. Said Grantors have mutually agreed to convey, and have hereby conveyed, said real estate to said Grantees, to constitute a Trust Fund, for all time, for a twofold educational purpose: (a) For the Education of Young M e n and Young Women, as hereinafter set forth; and (b) For the Improvement of the Agriculture of Illinois, by Example and by Experiment, as hereinafter set forth: 3. Said real estate, which consists of the above described two separate farms, shall forever remain intact and be under the direction, control and management of said Grantees, the Board of Trustees of said University of Illinois, and their successors in office; and said Board of Trustees shall delegate the power to, and make it the duty of, the following named persons, and their successors in office, acting in their official capacity, and constituting a Trust Committee to represent, and to act for, said Board of Trustees, to cause the provisions of said Carter-Pennell Trust to be carried out in good faith, viz.: The President of the University of Illinois; The Dean or Head of the College of Agriculture of the University of Illinois; The Dean or Head of the College of Engineering of the University of Illinois;

The Dean or Head of the Department of Home Economics

of the University of Illinois; 4. N o compensation to said four officials of said University of Illinois for such Committee service shall be paid from funds arising from said Trust Farms. Said Committee shall, however, have power to compensate, from the earnings of this Trust Estate, the Dean of said College of Agriculture of said University of Illinois, or any other responsible and competent Member of said College of Agriculture who shall be recommended by said Dean of said College of Agriculture, for making any necessary trips to said Trust Farms for inspection or supervision, and for taking such other action as may be necessary in order to carry out the instructions.of said Committee in administering said Carter-Pennell Trust. In the administering of such Trust, especially in the management of said Trust Farms, said Grantors desire that great weight be given to the advice and counsel of the Dean or Head of said College of Agriculture: 5. Said Committee shall manage said Trust Farms in the best way to make the largest permanent income during the centuries. Said Committee shall try all of the time, by the use of proper scientific methods, to preserve the greatest fertility to these Trust Farms and, if possible, to increase the fertility of said lands. Said Committee shall keep the buildings, fences, roadsides, ditches and all appurtenances of said Trust Farms in good repair and in sightly condition, and, when necessary, said Committee shall erect new buildings on, and add new improvements to, said Trust Farms: 6. Said Committee shall so manage said Trust Farms that they will be of the most benefit, educationally andfinancially,that is reasonably practical; and the whole of the proceeds from said Trust Farms shall go to said Grantees herein who shall, after the payment of the necessary expenses of administering said Carter-Pennell Trust, apply such proceeds for the purposes declared in such Trust: 7. All reports of every kind, nature or description which said Committee may deem necessary shall be made on forms prescribed by said Committee. If anything sufficiently useful is ascertained and determined from said management 0/ said Trust Farms, as tenant farms, or otherwise, which will be generally beneficial in the management of other farms of Illinois, either as tenant farms, or otherwise, said Committee shall cause such information to be disseminated to the public: 8. So far as feasible, said Trust Farms shall be conducted in the most scientific manner The shall managing,ofand condition as to be models, TrustTrust and the necessary cost and be keptfarmers of Illinois:maintaining said both for landlords,the for tenants, ofof to the inconducting and this Carter-Pennell Farms, in and neighborhoods tenant farms,such to be examples of good husbandry to their respective 9. and necessary cost administering