Repository: UIHistories Project: Board of Trustees Minutes - 1930 [PAGE 468]

EXTRACTED TEXT FROM PAGE:

1929]

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

465

4. For the purpose of accounting, the year shall be divided into quarterly periods beginning on thefirstdays of January, April, July, and October of each year. T h e party of the second part shall deliver to the party of thefirstpart withinfifteendays after the close of each quarterly period a complete report, sworn to, if requested, by the Comptroller, setting forth the total quantity of the solution manufactured pursuant to this agreement during the quarter immediately preceding such report and also the quantity sold or distributed during said period. Payment in full for all royalties due for the period shall accompany the report. The party of the second part agrees to keep its records in such form as will be acceptable to the Comptroller of the first party. 5. The party of the second part agrees to market and distribute the solution herein described in full conformity with all the laws of the United States and of the State of Illinois n o w in force or hereafter enacted. 6. The party of the second part agrees to use all reasonable efforts to promote the manufacture and sale and distribution of the solution described, and for failure to use such reasonable effort the first party m a y terminate this agreement at any time. 7. Thefirstparty shall have the right to terminate this agreement if the second party fails or refuses fully to comply with any of the terms thereof. In case the first party desires to terminate this agreement because of default of the second party, the first party shall serve notice in writing upon the second party, stating the nature of such default and its intention to terminate this agreement. The second party shall then have thirty days within which to comply with the terms of this agreement, and in case of failure to do so the agreement shall ipso facto be terminated. 8. This agreement shall become operative when approved by thefirstparty and shall continue for a period ending December 31, 1930, unless sooner terminated as herein provided. At the end of the period of this agreement the parties will review the circumstances and determine whether to continue the agreement for a further period, and if so, on what terms. By I N W I T N E S S W H E R E O F , the parties hereto have caused this agreement to Attest:be executed by their proper officers in their official capacity and the corporate sea! hereunto attached at Urbana, Illinois, this day of December, 1929. URBANA LABORATORIES

BOARD OF TRUSTEES OF THE By Approved: Sveinbjorn Johnson

Legal Counsel

UNIVERSITY OF ILLINOIS

On motion of Dr. Noble, this contract was approved and the proper o f c r of the Board were authorized to execute it. fies MESSAGE FROM ETA KAPPA NU

(11) A letter from the President of the National Executive Council of the Eta K a p p a N u Association (Honorary Electrical Engineering Society) requesting m e to express to the Board of Trustees the appreciation of the Association for the permission given them to place a marker on the campus on the occasion of their Twenty-fifth Anniversary to commemorate the founding of this organization at the University. T h i s report w a s received for record.

REPORT OF COMMITTEE ON ACCOUNTANCY

(12) The annual report of the Committee on Accountancy for the year July 1, 1928, to June 30, 1929.