Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 379]

EXTRACTED TEXT FROM PAGE:

376

board or trustees

[January 12,

EXECUTIVE C O M M I T T E E MEETING, D E C E M B E R 21, 1923 The Secretary presented for record the minutes of a meeting of the Executive Committee: A meeting of the Executive Committee was held at one o'clock p. m. on Friday, December 21, 1923, at the Chicago Athletic Club. Dr. W . L. Noble, Chairman, and Mr. M . J. Trees were present. In consideration of the fact that Senator W . B. McKinley, in donating $100,000 of stock to endow a professorship of the economics of public utilities, desired the endowment to become effective as of January 1, 1924, the President and the Secretary of the Board were authorized to sign a release of the interest payment due December 31, 1923, in case the stock should have been transferred on the books of the company before that date. A n expense account of the President of the University for #50.14, for October 14-16, 1923, was approved for payment.

H. E. Cunningham, C M

JJ; );$££• Chmrman

These minutes were received for record. Mr. Blair offered a motion that i i the opinion of the Board t s that in the future a l actions of the Executive Committee should be l referred to the Board for approval. Mr. Blair's motion was lost by a tie vote. O n motion of Mr. Trees, the President of the University was directed to get the opinion of the Legal Counsel on this matter. MATTERS PRESENTED BY PRESIDENT KINLEY The Board considered the following matters presented by the President of the University. THE HONORABLE WILLIAM B. McKINLEY'S ENDOWMENT O F PROFESSORSHIP (1) A report of the acceptance of the gift of Senator McKinley to endow a chair of the Economics of Public Utilities, this making thefieldof endowment somewhat broader than originally intimated, altho including thefieldatfirstsuggested (see minutes November 3, 1923, page 356). Accordingly M r . McKinley through his attorney has sent m e the following Deed of Gift: T H I S I N D E N T U R E , made this n t h day of December, A. D. 1923, between William B. McKinley of Champaign, Illinois, hereinafter called the "Donor," and the Board of Trustees of the University of Illinois, a corporation, hereinafter called the "Board." W I T N E S S E T H : T h e Donor is greatly interested in the "Economics of Public Utilities," and holds high regard for the University of Illinois as an educational institution, and desires to make provision for special instruction in that subject at the University of Illinois. Pursuant to negotiations between the Donor and the Board, agreement has been reached between said parties for carrying into effect the desires of the Donor, upon and according to plans, terms, and conditions, in this agreement contained and set forth.

NOW, THEREFORE,

I. In consideration of the premises above and herein recited, the said William B. McKinley (Donor), for the purpose of endowing a chair and professorship in the field of "The Economics of Public Utilities" in the University of Illinois, does hereby give, grant, and deliver to the Board of Trustees of the University of Illinois (Board), the following securities of the par amount of O n e Hundred Thousand ($100,000) Dollars, n o w yielding an annual income of Seven Thousand ($7000) Dollars, payable quarterly, namely: