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Caption: Board of Trustees Minutes - 1938
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566 BOARD OF TRUSTEES PASTEUR M O N U M E N T [November 10 Mrs. Plumb made a report of progress on the matter of the Pasteur monument. This report was received for record, and the Committee was continued. ILLINOIS PRESS ASSOCIATION Mr. Karraker presented a resolution adopted by the Illinois Press Association requesting the University to assign a member of the staff of the School of Journalism to act as permanent Secretary of the Association, who should maintain his office at the University. The President of the Board was requested to get more information on this matter and report to the Board. MATTERS PRESENTED BY PRESIDENT WILLARD The Board resumed consideration of matters presented by the President of the University. APPROPRIATION FOR BUILDING STUDIES (20) A recommendation that an assignment of $6,ooo be made from the General Reserve Fund to the Physical Plant Department for building studies on the Chemistry and Agricultural Laboratories Buildings. Mr. Havens commented on this matter. On motion of Mr. Cleary, this appropriation was made as recommended, by the following vote: Aye, Mr. Cleary, Mrs. Freeman, Mr. Karraker, Mr. Mayer, Mr. Moschel, Mrs. Plumb, Mr. Wieland; no, none; absent, Mr. Adams, Mr. Horner, Dr. Meyer, Mr. Pogue. LA VERNE NOYES F O U N D A T I O N (21) For a number of years the estate of the late La Verne Noyes, who died July 24, 1919, has been paying the tuition, in whole or in part, of deserving and needy students who are citizens of the United States and who were in the military service of the United States in the World War, or who are blood descendants of such veterans. The total amount of scholarships thus paid by this estate to date for students of the University of Illinois is $12,464.75. By his will Mr. Noyes established, as a first charge upon his estate, life annuities in favor of certain private individuals. His will directs that within twenty-one years after his death (that is, prior to July 24, 1940) the trustees of his estate shall set up a separate trust out of the principal of his estate for the payment out of the income therefrom of all annuities falling due thereafter, and shall distribute the remainder of the principal and the accumulated income to such universities and colleges as they may select, to be held by such institutions in perpetuity as a separate trust fund under the name "LaVerne Noyes Foundation," the income to be used for scholarship aid for students qualifying under the conditions mentioned above. On the death of the last annuitant all of the property constituting the separate trust estate shall likewise be distributed to the same universities and colleges for the benefit of students. The trustees of the estate now offer the University of Illinois securities and funds to be held in trust under certain conditions, viz., that the Board of Trustees of the University in turn pledge the securities to the trustees of the estate as further security for the annuities created by the will, the income from the securities thus pledged to be subject to annuity requirements and expenses only to the extent of any deficiency in the income from the property placed in the separate trust for annuitants, the balance of income from securities to be paid to the University annually. On the death of the last annuitant the securities assigned to the University of Illinois would be delivered to it free of the pledge, together with a like proportion of any other property held in separate trust.
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