Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 235]

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232

BOARD OF TRUSTEES

[December 17

University by the Trustee on written request of the University together with the schedule of the Bonds not paid or redeemed and thereupon the holder of any of the Bonds or coupons entitled to receive such payments, shall thereafter look only to the University for the payment thereof; provided, however, that the Trustee before being required to make such repayment, shall at the expense of the University, effect publication once a week for two successive weeks in a daily newspaper published in the English language, and having a general circulation in the City of Chicago, State of Illinois, and also by a similar publication in the Borough of Manhattan, in the City and State of New York, a notice to the effect that said moneys have not been so applied and that after a date named in said notice, any unclaimed balance of said moneys then remaining, will be returned to the University. N o Bond or appurtenant coupon shall, after the maturity thereof either according to its terms or through call of such Bond for earlier redemption, be deemed to be outstanding provided that moneys in the requisite amount for the payment thereof shall have been deposited with the Trustee, as trust funds, and are available for payment of such Bond or coupon upon demand. SECTION 12.04. Execution of Documents by Bond Holders. Any request, declaration or other instrument which this Resolution may require or permit to be signed and executed by Bond holders may be in one or more instruments of similar tenor, and shall be signed or executed by Bond holders in person or by their attorneys-in-fact appointed in writing. Except as otherwise herein expressly provided, the fact and date of the execution by any Bond holder or his attorney-in-fact of such request, declaration or other instrument or writing appointing such attorney-in-fact may be proved by the certificate of any notary public or other officer authorized to take acknowledgments of deeds to be recorded in the State in which he purports to act, that the person signing such request, declaration or other instrument or writing acknowledged to him the execution thereof, or by an affidavit of a witness of such execution, duly sworn to before such notary public or other officer. Except as otherwise herein expressly provided in this Resolution, the amount of Bonds transferable by delivery held by any person executing such request, declaration or other instrument or writing as a Bond holder, and the numbers thereof, and the date of his holding such Bonds, may be proved by a certificate, which need not be acknowledged or verified, satisfactory to the Trustee, executed by a trust company, bank, investment banker, dealer, broker or other depositary wherever situated, showing that at the date therein mentioned such person exhibited to or had on deposit with such depositary the Bonds described in such certificate. Continued ownership after the date of deposit stated in such certificate may be proved by the presentation of such certificate if the certificate contains a statement by the depositary that the Bonds therein referred to are in fact held on deposit by such depositary and will not be surrendered without the surrender of the certificate to the depositary. T h e Trustee may nevertheless in its discretion require further or other proof in cases where it deems the same desirable. The ownership of registered Bonds and the amount, maturity, number and date of holding the same shall be proved by the registry books. Any request, declaration or other instrument or writing of the owner of any Bond shall bind all future owners of such Bond in respect of anything done or suffered to be done by the University or by the Trustee hereunder in good faith and in accordance therewith. SECTION 12.05. Waiver of Personal Liability. No officer, agent or employee of the University shall be individually or personally liable for the payment of the principal of or interest on the Bonds; but nothing herein contained shall relieve any such officer, agent or employee from the performance of any official duty provided by law. SECTION 12.06. Official Publication. Any publication to be made under the provisions of this Resolution in successive weeks may be made in each instance upon any business day of the week and need not be made on the same day of any succeeding week nor in the same newspaper for any or all of the successive publications, but may be made in different newspapers. SECTION 12.07. Partial Invalidity. If any one or more of the covenants or agreements, or portions thereof, provided in this Resolution should be contrary to law, then such covenant or covenants, such agreement or agreements or such