Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 545]

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1937]

UNIVERSITY OF ILLINOIS

543

General Assembly had not amended the State Finance Act requiring the deposit in the State T r e a s u r y of all moneys received by the University except endowment, trust, and Federal aid funds. T h e same act provides that " T h e General Assembly from time to time shall make appropriations payable from the University of Illinois Revolving Fund for the support, operations, and improvement of the University of Illinois." Since this legislation went into effect the General Assembly has appropriated the entire amount in the Revolving Fund for the use of the University. T h e General Assembly did not exempt the receipts from C.P.A. examination fees from the requirement of deposit in the State Treasury. Had the General Assembly intended to treat this fund as in any sense exceptional, it presumably would have exempted it from the provisions of the amendment at the time it listed certain other funds to be so excepted. T h e University Counsel advises that under principles of statutory construction this omission must be construed as having been deliberate and not inadvertent. This matter is being brought to the attention of the Board again at this time in view of the shortage of funds for various general purposes. Should the Board decide to assign the present balance and future accumulations in the Accountancy Fund to general purposes it would be advisable to retain in the fund a balance of approximately $10,000 for contingencies such as the expenses of possible litigation in connection with the administration of the law and to provide a reserve in case the income from examination fees at some future time should not be sufficient to cover the expenses of giving the examinations.

On motion of Dr. Meyer, the balance and the future accumulations in the Accountancy Fund, over and above $10,000 which is set up as a reserve for the Accountancy Fund, was reverted to the General Reserve Fund of the University.

PATENTS OF MECHANISM FOR TESTING BOILER WATER AND METHOD OF CHLORIDE CONCENTRATION (20) T h e Faculty Committee on Patents recommends that authority be given to Professor F . G. Straub to make application for two patents, (1) a mechanism for testing samples of boiler water to determine whether it would produce embrittlement, and (2) a method for maintaining suitable chloride concentration in boiler water to prevent embrittlement. O n m o t i o n of M r . M a y e r , P r o f e s s o r S t r a u b w a s a u t h o r i z e d t o m a k e a p p l i c a t i o n f o r p a t e n t s o n t h e s e d i s c o v e r i e s o n b e h a l f of t h e U n i v e r s i t y . SALE OF SECURITIES

Mr. Mayer, for the Finance Committee, reported as follows:

T h e Board has authorized the sale of certain securities representing the investments of University endowment funds. In order to conclude the sale it is necessary that the Board designate by formal resolution an officer to make assignments on behalf of the Board. Accordingly the following resolutions are offered: Whereas, at a regular meeting of the Board of Trustees of the University of Illinois held on September 27, 1937 (Minutes, page 489), the Board, on recommendation of the finance committee, authorized the sale of the following securities registered in the name of the Board of Trustees of the University of Illinois: $10,000 Corporate stock of the City of New York (to provide for dock improvements) issue of July 1, 1925, Be it hereby resolved that Lloyd Morey, Comptroller of the Board of Trustees, be and hereby is authorized to execute such assignment on behalf of this Board of Trustees as may be necessary to effect the transfer of the above securities for the purpose of sale.