Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 155]

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152

B O A R D OF TRUSTEES

[ M a r c h 13,

above manner, shall be paid out of the gross earnings of said Trust Farms, but the amount so paid shall not exceed for any ten year period an amount in the aggregate equal to approximately ten per centum of such gross earnings each year. Said Gran. tors realize that in some years, due to poor climatic or farming conditions, or to larger outlays for improvements of the soil or of the buildings, the net earnings of said Trust Farms may be very light, but that over such a period of years, said net earnings will aggregate a very substantial sum which would make a yearly average approximately a reasonable rental return on the value of said Trust Estate: 10. The net proceeds from said Trust Farms, as well as the net returns from any of said Trust Property, shall be used to Aid Worthy Young Young People While Students at the University of Illinois, in the manner hereinafter provided: 11. T o any student who has been at least one year a student in the University of Illinois, not including any high school or preparatory Department thereof, and who is studying chiefly in any of the Mechanical, or Engineering, or Agricultural, or Natural History, or Chemical, or H o m e Economics, Courses of said University of Illinois—these terms being used in this Trust in their broadest sense—and whose future seems promising and whose habits and character are above reproach, said Grantees are hereby authorized to loan, out of the net income from said Trust Estate, a sum of money, not exceeding Five Hundred Dollars ($500.00) per annum, in such sums and for such times and in such manner, and upon such terms and security as said Grantees m a y prescribe, but there shall not be loaned to any one student a sum in the aggregate exceeding T w o Thousand Dollars ($2,000.00): 12. Said Grantees shall cause accruing interest on all such loans to such students, together with the principal of all such loans, to be collected, as near as may be, at maturity; and all moneys so collected, shall be merged with said net proceeds from said Trust Farms, and shall be controlled and used by said Grantees, in the same manner and for the same purpose that said net proceeds from said Trust Farms shall be controlled and used. Said Grantors desire said Grantees to keep in reasonably active use, for said Trust Purposes, all accrued and accruing net income from said Trust Estate: 13. The Judge of the Circuit Court of said County of Champaign, in the State of Illinois, shall be the Arbiter of any disputes concerning this Trust. Said Circuit Court is hereby authorized and requested to see that this Carter-Pennell Trust is faithfully administered. If, at any time, any member of said Trust Committee shall refuse to serve, or, if, for any reason, cannot serve as a Member of said Committee, then said Circuit Court shall appoint to serve in such capacity, some other member of the Faculty from the same College or Department of said University of Illinois, to which said member, not serving, belonged: 14. Said Board of Trustees of the University of Illinois, and their successors in office, said Grantees herein, are herein intended to be, and shall be, the Corporate Body authorized by law to accept gifts, bequests and devises for and in behalf of said University of Ilunois: such Corporate Body shall be, at all times, the Corporate Body, by whatever name known, which the General Assembly of the State of Illinois, m a y designate for such purpose: 15. Until said Carter-Pennell Thust is fully established and in practical working operation, said Grantees and the members of said Committee, if they should require legal advice or counsel in the carrying out of the declarations of said Trust, or in the execution of the powers created and granted herein, are requested by said Gran. tors to consult and advise with their Counsel, Arthur R. Hall, of Danville, Illinois, who is an alumnus and loyal friend of the University of Illinois, and who is in sympathy with, and has an intimate knowledge of, their views and wishes respecting said Carter-Pennell Trust: 16. Should conditions ever arise, in the distant future, which would make the strict carrying out of the terms of this Trust contrary to, or incompatible with, the publicor parts, ofby said Grantees for Court, said be held Committee, ofproper and part, of the Grantees Trust Farms, then, requestCircuit in violation m a County such policy, to be or welfare of said Circuit seems prices obtainable, said order of cation policy sold so find, this State, asthe bestto full hearing and upon ythe public Champaign should said herein, and upon the if after of said Court orafter such appli-