Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 515]

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UNIVERSITY O F ILLINOIS

513

2. That Hazen S. Capron be directed to do whatever may be needed to transfer to the Board of Trustees the full custody of all money, records, and securities in his custody, including the securities and safekeeping receipts relating to the deposits of University funds in the First National Bank of C h a m paign. 3. That Frank M . Gordon of Chicago be elected Treasurer of the Board of Trustees of the University of Illinois to serve out the unexpired portion of the term of Hazen S. Capron, to take effect when he has qualified by furnishing a satisfactory bond in the sum of $1,000,000, 4. That the Treasurer shall select a depository or depositories for his banking accounts and shall require such depository or depositories selected by him to deposit in trust from time to time United States Government bonds or other United States securities of such character and in such amount as will at all umes and under all conditions secure the funds so deposited at the current market value of such securities, under the following conditions: (a) The securities so pledged shall be deposited for safekeeping with the First Union Trust and Savings Bank of Chicago without expense to the Board of Trustees. (b) Substitutions and exchanges of securities of the type hereinbefore specified thus deposited m a y be made from time to time on the approval of the Treasurer or an authorized deputy. (c) N o withdrawal otherwise.than for concurrent substitution or exchange as hereinbefore specified shall be made except on the approval of the Treasurer and the Comptroller, or their authorized deputies,firstobtained, provided, that upon tender by a depository of the funds deposited with it, the Treasurer shall collect such funds and the securities deposited with the First Union Trust and Savings Bank for the security of the funds so tendered and collected shall be deliverable to such depository, and the Treasurer shall direct such delivery, provided that he shall first secure the concurrence of the Comptroller or his authorized deputy, which concurrence the Comptroller is directed to give. 5. That the Treasurer shall arrange with each depository selected by him for the payment of interest on deposited funds at such rate as shall be agreed upon by the Treasurer and such depository with the approval of the Board of Trustees, which interest shall accrue to the account upon which it is allowed. 6. That the funds received by the Treasurer and deposited by or for him in the depositories selected by him shall be drawn against only in the manner and by the persons from time to time authorized by the Board of Trustees. 7. That the Treasurer be directed to deposit with the First Union Trust and Savings Bank of Chicago, for safekeeping, securities n o w held or hereafter acquired representing the investment of permanent funds, upon the following conditions: (a) Such securities shall be held by said bank subject to the order of the Board of Trustees. (b) Said bank, so long as it holds said securities, shall collect the principal and income thereof and deposit the same in the depository selected by the Treasurer and to his credit as Treasurer of the Board of Trustees of the University of Illinois. (c)Said bank shall receive customary and reasonable compensation for these services. 8. That the Board of Trustees shall be subrogated to any and all of the rights and powers of the Treasurer in his capacity as Treasurer of the Board of Trustees of the University of Illinois. 9. That the proper officers of the University be instructed to proceed to January motion of Mr. Trees, this report was.E. .Trees, Chairman make n 28, 1932 O the necessary arrangements to carry out the adopted. W planBarrett above. George Williams M. W A. Barr E. J. outlined