Repository: UIHistories Project: Board of Trustees Minutes - 1930 [PAGE 553]

EXTRACTED TEXT FROM PAGE:

55°

B O A R D O F TRUSTEES

[March 21

of the Students' Mutual Benefit Hospital Fund and I recommend that the offer be accepted. O n motion of M r s . Evans, this gift w a s accepted.

LEAVE OF ABSENCE FOR PROFESSOR A. C. BENJAMIN

(6) A request from Assistant Professor A. C. Benjamin of the Department of Philosophy for a leave of absence without pay for the academic year 1930-31 in order that he may spend the year in travel and study abroad on a fellowship from the Guggenheim Foundation. The Head of the Department and the Dean recommend that this leave be granted and I concur. O n motion of M r . Armstrong, this leave w a s granted.

RETIREMENT OF RUDOLPH MESECK

(7) Mr. Rudolph Meseck, Janitor of the School of Pharmacy, requests to be retired as of February 1, 1930, because of il health. He has been in our service for twentyl eight years, has passed the minimum age of 65 years for retirement, and Doctor Camp of the College of Medicine reports that he is unable to do any work requiring physical exertion. Professor White recommends, Dean Day concurring, that Mr. Meseck be retired as of February 1, 1930, and that an appropriation of $420 be made from the Reserve and Contingent Fund to pay his retiring allowance from that date to September 1 next. I concur. O n motion of M r s . Evans, this recommendation w a s unanimously adopted, b y a vote of record, in answer to roll call. CONTRACT FOR LICENSE OF BUSWELL. PROCESS Mr. Armstrong, for the special committee on patents, presented the following report. The Special Committee appointed by the Board of Trustees to arrange a contract giving license for use of patent known as Cellulose Digestion Process, invented by Arthur M . Buswell and Clair S. Boruff, submit, with their approval, the attached agreement. J. W . Armstrong Chairman Laura B. Evans Merle J. Trees Walter T. Fisher Draft of 3/21/30 W. L. OPTION AGREEMENT Noble Board of Trustees of the University of Illinois, of Urbana, Illinois, a corporation, herein termed "The Board" hereby grants unto Francis N. Bard, party of the second part, an exclusive option to enter into license agreement as per the attached memorandum of agreement, this option to held for a period of sixty (60) days following the execution of this agreement. In consideration of this option, party of the second part agrees to make, at its own expense and within the above option period, an investigation of the patent situation relating to the process of Cellulose Digestion, which is the subject of the attached license agreement and to make a full report covering all itsfindings,to the Board. Party of the second part shall, within sixty (60) days of the date of exercise of this option, organize, or cause to be organized, a corporation, of a Capital Stock of $100,000.00, fully paid in or subscribed. If the subscriptions are not fully paid, in cash, then so long as the attached license agreement is in force neither the stockholders nor the corporation shall reduce the capital stock of the corporation, or take any other steps which will relieve them of liability for the amount of the initial subscription. A l s of the proposed stockholders shall be submitted to the Board for its it approval within ten (10) days following execution of this Option Agreement and the Board shall, withinfifty(50) days thereafter, state its approval or disapproval of said stockholders; otherwise, its right of approval or disapproval shall be considered