Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 844]

EXTRACTED TEXT FROM PAGE:

1936]

UNIVERSITY OF ILLINOIS

84I

by the Foundation shall thereupon, and without further act on the part of any person, cease to act as Trustee hereunder and the successor Trustee so appointed by the holders of a majority in principal amount of the Bonds, shall succeed as Trustee hereunder. _ Such new Trustee shall always be some competent trust company, or bank with trust powers, having a paid-up capital and surplus aggregating at least $500,000, if there be such a trust company or bank willing and able to execute the trust upon reasonable or customary terms. Section 11.06. T h e recital by any successor in trust in any instrument executed by it, in its official capacity as aforesaid, of the sickness, death, resignation, refusal to act, removal, disqualification or other inability or incapacity to act of the original Trustee or any successor in trust, shall be sufficient evidence thereof when recorded in the office of the Recorder of Deeds of said Cook County, Illinois. Section 11.07. Every successor Trustee appointed hereunder shall execute, acknowledgeand deliver to its predecessor, and also to the Foundation, an instrument in writing accepting such appointment hereunder, and thereupon such successor Trustee, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties, and obligations of its predecessor; but such predecessor shall nevertheless, on the written request of the Foundation, execute and deliver an instrument transferring to such successor Trustee all the estates, properties, rights, powers, and trusts of such predecessor hereunder; and every predecessor Trustee shall deliver all contracts, securities and moneys held by it to its successor, provided, however, that before any such delivery is required or made, all fees, advances and expenses of the retiring or removed T r u s t e e shall be paid in full. Should any conveyance, assignment or instrument in writing from the Foundation be required by any successor Trustee for more fully and certainly vesting in such Trustee the estates, rights, powers, and duties hereby vested or intended to be vested in the predecessor Trustee, any and all such conveyances, assignments and instruments in writing shall, on request, be executed, acknowledged and delivered by the Foundation. T h e resignation of any Trustee, and the instrument or instruments removing any Trustee and appointing a successor Trustee hereunder, together with all deeds, conveyances and other instruments provided for in this Article, shall, at the expense of the Pledged Estate, be forthwith filed in the office of the Recorder of Deeds of Cook County, Illinois. Section 11.08. Any corporation into which the Trustee, or any successor to it in the trusts created by this Indenture, may be merged or converted or with which it, or any successor to it, may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee, or any such successor to it, shall be a party, shall be the successor Trustee under this Indenture without the execution or filing of any paper or other act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. Section 11.09. So long as the Government shall be the registered owner of any Bonds or shall notify the Trustee that it is an owner of any Bonds, the Trustee agrees to furnish to it at Washington, D. C, on or before the ist day of February in each year beginning with the ist day of February next succeeding the Completion Date, a statement certified by it showing: (1) The moneys received by the Trustee from the Foundation during the preceding year ending on the preceding December 3 1 ; (2) T h e disbursements, during said period, of the Trustee from the moneys received by it from the Foundation during said preceding year; and (3) The balance of moneys then held by or to the credit of the Trustee hereunder. The Trustee further agrees that it will at any time upon written request furnish a copy of such last prior statement to any holder of any of the Bonds.

ARTICLE X I I CANCELLATION

Section 12.01. If and when the Bonds secured hereby shall have become due and payable in accordance with their terms or through redemption proceedings