Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 539]

EXTRACTED TEXT FROM PAGE:

1932]

UNIVERSITY OF ILLINOIS

537

(4) That Frank M. Gordon, Treasurer, be directed to demand and receive t'rom the Federal Reserve Bank of Chicago the securities represented by the aforesaid safe-keeping receipts, and to deposit all securities mentioned in sections 3 and 4 hereof in safe-keeping under the joint control of the Treasurer and the Comptroller or their authorized deputies, to be withdrawn by them only on the order of the Board of Trustees; (5) That the Treasurer and the Comptroller be and are hereby authorized 10 designate one or more persons to act as their deputies in effectuating the intent and purposes of the resolution relating to thefinancialsituation and the treasurership of the University adopted February 6, 1932, and of this resolution, said persons to be under suitable bond, and the names of said persons shall be filed with the Secretary of the Board. O n motion of D r . Noble, this resolution w a s adopted. CONTRACT WITH FIRST UNION TRUST AND SAVINGS BANK M r . Trees, for the Finance Committee, presented also the following resolution a n d form of contract, with the recommendation that the resolution be adopted and that the contract be approved.

RESOLUTION

W H E R E A S , the Board of Trustees of the University of Illinois has control of certain securities held in trust by it for educational purposes in connection with the operation of the University of Illinois and it is necessary that these securities be kept in a safe place, N O W , T H E R E F O R E , B E IT R E S O L V E D that a contract in substantially the following form be entered into with the First Union Trust and Savings Bank, Chicago, Illinois, and that the same be executed by the Comptroller and Secretary of the Board of Trustees in conformity with subsection II of (d) of Section 47 of Extracts from the Laws of the Board of Trustees of the University of Illinois, issue of 1926: FIRST UNION TRUST AND SAVINGS BANK First National Bank Building CHICAGO Deposit Agreement Concerning Securities Representing Permanent Investments Agreement of the First Union Trust and Savings Bank, First National Bank Building, Chicago, Illinois, concerning the deposit of securities which are owned by the Board of Trustees of the University of Illinois and represent investment of its trust funds. T H I S A G R E E M E N T , executed in duplicate, witnesseth that the Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, organized and existing under the laws of the State of Illinois, has this day deposited with the said First Union Trust and Savings Bank, Chicago, Illinois, for safe keeping the property described in Schedule A hereto attached and made a part hereof. The securities described in Schedule A shall be held by said First Union Trust and Savings Bank subject to the order of the Board of Trustees of the University of Illinois and until called for by it and shall be delivered at any time on demand to the said Board or to any person upon its order. The First Union Trust and Savings Bank shall, as long as it holds the said securities, collect the principal and income thereof and deposit the same in a depository selected and designated by the Treasurer of the Board of Trustees of the University of Illinois and to his credit as such Treasurer. The Board of Trustees of the University of Illinois, depositor hereunder, m a y at any time deposit additional property to be held by the First Union Trust and Savings Bank in accordance with the terms of this agreement. The said bank agrees to use reasonable diligence in the collection of the principal and income of the securities deposited, but shall not be liable for failure to collect the same.