Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 156]

EXTRACTED TEXT FROM PAGE:

1923]

UNIVERSITY OF ILLINOIS

153

extensive advertisement, and the proceeds from such sale to be re-invested by said Grantees in other good real estate, of equal value, to be owned and handled by said Grantees, in the same manner and for the same purpose, as hereinabove provided, or, if that cannot be done, then to be invested by, and in the name, of said Grantees in some safe and stable income producing securities. The net income from such new investments shall be controlled and used by said Grantees in the same manner and for the same purpose that said net income from said Trust Farms, hereinabove described, shall be controlled and used: 17. Should the net income from said Carter-Pennell Trust become, at some time in the remote future, so unreasonably large as to make it impracticable to use all of such income for loans to students, as hereinabove provided, then, if said Circuit Court of said County of Champaign should sofind,said Circuit Court of said County, after full hearing and upon the application of the Grantees herein, and upon the request of said Committee, m a y order such surplus income to be used by said Grantees for the purpose of carrying on, by and through said University of Illinois, such Agricultural Research W o r k and H o m e Economics Research W o r k , as will be of real and lasting benefit and service to the people of Illinois: 18. If, for any unforseen and extraordinary cause, such as another World War, the income from the property retained by said Grantors for their own use, should shrink until such income should prove to be insufficient for the personal needs of said Gran. tors, or either of them, then, in that case, said Grantors, or either of them, reserve the right to claim and receive from said Grantees such portions of said net income from said Trust Estate as m a y be sufficient for such personal needs, uponfirstgiving said Grantees reasonable notice of their desire to make such reservation: 19. Subject to the foregoing provisions in paragraphs 16 and 17, this grant is made on the express condition that said Corporate Body, to w h o m saidrealestate is herein conveyed, shall never sell nor convey to other parties the real estate herein granted and conveyed to it, but that said Corporate Body shall hold said lands, as a public trust, forever, for the educational purposes hereinabove described. In Witness Whereof, the Grantors herein have hereunto affixed their hands and seals on this 12th day of March, A. D. 1913. Joseph Carter (seal) Jane P. Carter (seal) State or Illinois 1 V ss. Vermilion County J I, Arthur R. Hall, a Notary Public in and for the said County, in the State aforesaid, do hereby certify that Joseph Carter and Jane P. Carter, husband and wife, jointly and severally, and each as spouse of the other, personally known to m e to be the same persons whose names are subscribed to the foregoing Instrument, appeared before m e this day in person and acknowledged that they signed, sealed and delivered the said Instrument as their free and voluntary act, for the uses and purposes therein set forth, including the release and waiver of the right of homestead. Given under m y hand and official seal this 12th day of March, A. D. 1923. (seal) Arthur R. Hall, Notary Public. THE UNIVERSITY OF ILLINOIS URBANA-CHAMPAIGN S T A T E O F ILLINOIS By Resolution, legally adopted by vote of its Members present, at its regular meeting held at the University of Illinois, in Urbana, Illinois, on the 13th day of March, A. D. 1923, the Board of Trustees of the University of Illinois, formally received from the creators and donors, Joseph Carter and Jane P. Carter, the attached and foregoing Deed creating the Carter-Pennell Trust for educational purposes, and accepted the Trust therein created, with all its benefits, powers, duties