Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 380]

EXTRACTED TEXT FROM PAGE:

1924]

U N I V E R S I T Y O F ILLINOIS

377

One Thousand (1000) shares of seven percent ( 7 % ) cumulative dividend preferred capital stock of Illinois Power and Light Corporation, a corporation organized and existing under and by virtue of the laws of the State of Illinois, to be evidenced by certificates of stock issued by said corporation, which said certificates are to be issued pursuant to the assignment of present outstanding certificates for One Hundred Thousand ($100,000) Dollars par amount of said preferred stock, which the Donor hereby agrees to cause to be assigned for reissuance to the said Board of Trustees. It is agreed that when the said certificate, or certificates, for said One Hundred Thousand ($100,000) Dollars par amount of said preferred capital stock are issued to and in the name of said Board of Trustees of the University of Illinois, the said certificates shall be forthwith deposited with the Trevett-Mattis Banking C o m p a n y of Champaign, Illinois, and by said bank held in escrow as custodian thereof for the period of ten (10) years from this date, and at the end of said ten year period, the said certificates shall be by said Trevett-Mattis Banking C o m p a n y delivered to the Board. 2. In consideration of the gift above described, the Board shall create and establish for the purpose of teaching the subject of "Economics of Public Utilities" in the University of Illinois, a chair to be occupied and held by a Professor (or Professor and assistant) employed by the Board, and the income from said gift shall be used for the purpose of paying the salary of the Professor (or Professor and assistant) w h o shall be appointed or employed by said Board to occupy said chair and professorship so created. 3 It is stipulated that the Board shall, if possible, keep the income from said gift at Seven Thousand Dollars ($7,000) per annum, to be used in paying the salary (or salaries) aforesaid. 4. In the event any of said preferred stock shall be redeemed or retired, the Board shall reinvest all moneys realized therefrom in other good interest bearing securities. If such retirement or redemption shall occur within said ten year period the securities purchased with the moneys realized from such redemption or retirement shall be likewise deposited with the Trevett-Mattis Banking C o m p a n y in escrow for the remainder of said ten year period. 5. N o part of the principal of said gift or any reinvestment thereof, but only the income derived therefrom, shall be expended by the Board. 6. It is understood that the control of said gift and its income shall remain permanently with the Board of Trustees of the University of Illinois, or its successors (except only the physical possession of said securities while held in escrow with said Trevett-Mattis Banking C o m p a n y ) , regardless of any legislative act concerning the deposit of any money or property of the University of Illinois either in the State Treasury or elsewhere. 7. If at any time the salary of the Professor and/or assistant shall be less than the annual income from said gift, the balance shall accumulate as a fund for the future support of said chair and professorship. 8. If at any time the said chair and/or professorship shall be discontinued or changed from its original purpose, the principal and any subsequently accruing income thereon, and the securities evidencing the same shall revert to the Donor, if living; or if such discontinuance or change shall occur after the Donor's death, then all right, title, and interest in said gift, principal, and income, shall immediately revert to the heirs or legatees of the Donor. I N W I T N E S S W H E R E O F , the Donor has hereunto affixed his signature and attached his seal, and the Board of Trustees of the University of Illinois, by its duly authorized President, has affixed its signature hereto, and caused its corporate seal to be hereon impressed, attested by its Secretary this n t h day of December, A. D. 1923. William B. M c K i n l e y [Seal] Board of Trustees ofVV. L. University Secretary of said Board of Trustees Attest: E. Cunningham H. of Illinois By the Noble Its President