Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 614]

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UNIVERSITY OF ILLINOIS

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CHANGE IN CONSTITUTION A N D BY-LAWS OF UNIVERSITY OF ILLINOIS FOUNDATION (8) A report that at a special meeting of the Board of Directors of the University of Illinois Foundation the constitution and by-laws of the Foundation (see Minutes of October 25, 1935, page 441) were amended as follows: 1. The following Article I I I was added to the by-laws:

ARTICLE III

AMENDMENT OF ARTICLES OF INCORPORATION AND OF B Y - L A W S

SECTION I. T h e Articles of Incorporation of the Foundation may be amended by a two-thirds vote of the Board of Directors at any regular or special meeting; and the by-laws may be amended at any meeting by a majority vote of the Board of Directors. 2. Article I, Section 4b of the constitution, and Article 2b of the Articles of Incorporation were amended so as to read as follows: To receive, hold, and administer such gifts with the primary object of serving purposes other than those for which the State of Illinois ordinarily makes sufficient appropriations; to act without profit as trustee of educational, or charitable t r u s t s ; to administer gifts, grants, or loans of money or property, real or personal, whether made by or for the benefit of public governmental bodies, state or national, or by or for the benefit of corporations or natural persons, and whether in the form of conventional express trusts or otherwise; to become a party to contracts, trust instruments, and agreements of any type or description, and to execute negotiable obligations, as trustee or otherwise, in order to effectuate either the creation or organization of trusts, or the execution of the purposes thereof. W h e r e the terms and conditions imposed by the donors of any forms of gifts or bequests make immediate transfer to the University of Illinois right and proper, the Foundation shall transfer absolutely and in full right, title to and interest in such property, real and personal, transferred, assigned, or conveyed by any and all persons whatsoever, whether such property be in the form of money, manuscripts, works of art, or otherwise, for the use and benefit of the University of Illinois, subject to said terms and conditions of said donors and subject also to the right of the Board of Trustees of the University of Illinois to refuse such proffered gifts, if conditions attached thereto be deemed unsatisfactory or unacceptable. Whenever such gifts or bequests, when made as memorials, involve maintenance, provision for such maintenance shall be included in the gift unless this requirement is waived by the University Board of Trustees. 3. Article 3 of the Articles of Incorporation of the University of Illinois Foundation was amended to read as follows: The management of the aforesaid University of Illinois Foundation shall be vested in a Board of twelve Directors. The Board of Directors may appoint from their own number an Executive Committee and delegate to this Committee power to transact corporate business in accordance with the objects as above outlined. Until otherwise provided by the constitution or the by-laws of the University of Illinois Foundation, an Executive Committee of three Directors may be appointed by the Board of Directors, which Committee shall have all the powers of the Board of Directors except that such Executive Committee shall have no power to encumber or convey the real property of the University of Illinois Foundation otherwise than by lease, unless expressly authorized by such Board of Directors.

This report was received for record.

DELEGATION O F SIGNATURE O F P R E S I D E N T O F BOARD O F T R U S T E E S (9) In order to handle promptly the volume of transactions which go through the Business Office, it is necessary to secure the delegation of the signature of the President of the Board of Trustees to one other member of the staff. Accordingly the following resolution is submitted: