Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 801]

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798

BOARD OF TRUSTEES

[December 18

Member who is a Registered Public Accountant and also Certified Public Accountant THOMAS J. REEDY, 105 South LaSalle Street, Chicago. Mr. Reedy is a partner in the firm of Ashman, Reedy, and Currier. H e holds the Illinois C.P.A. certificate. H e is a member of the American Institute of Accountants and the Illinois Society of Certified Public Accountants. H e has been active in the affairs of the Society. H e served until a year or two ago as Chairman of its Committee on Legislation. Member who is a Registered Public Accountant and is entitled to receive C.P.A. certificate under Section 4, subsection (a) (2), i.e., obtained his P.A. certificate by written examination JOSEPH A. KOVAC, 128 North Wells Street, Chicago. Mr. Kovac is in public practice as Joseph A. Kovac and Company. H e is Vice-President of the Public Accountants Association of Illinois and a member of the Board of Directors of that Association. All of these men are willing to serve if appointed. It should be noted again that these five examiners are to be appointed by the University with the approval of the Department of Registration and Education. Consequently, any action taken by the Board of Trustees should be contingent on the approval of the Director of the Department of Registration and Education. I concur in the recommendation of the Committee. On motion of Mr. Davis, the Secretary was instructed to notify the Committee on Accountancy that the nominations of Mr. Bourke, Mr. Reedy, and Mr. Kovac were accepted, and to reqiiest the Committee to make, through the President of the University, other nominations for the two remaining places. Urbana Coke Corporation—Patents T h e Secretary presented the following letter from Mr. M. D. Jackson, Secretary of the Urbana Coke Corporation (see Minutes, June 19, 1943, page 402). November 16, 1943 Mr. H. E. Cunningham, Secretary of The Board of Trustees of the University of Illinois, Urbana, Illinois

DEAR M R . CUNNINGHAM:—

Referring to your letter of June 26, 1943 and to the request for information which I received from Mr. Lloyd Morey, Comptroller of the University of Illinois, dated July 6, 1943, I would like to know what conclusion you have reached with regard to assuming the responsibility of paying for future disbursements incident to keeping the Urbana Coke Corporation alive. I have now received the statement in the amount of $50.00 for services of the United States Corporation Company as resident agent in Delaware for the year ending November 27, 1944. At the Annual Stockholder's Meeting to be held on the 26th of this month I think it would be appropriate for the corporation to assign to the Board of Trustees of the University of Illinois all of the patents owned by the Corporation, to be held by the Board of Trustees of the University of Illinois as Trustee for all of the stockholders and with power to act with respect to these patents as though it were acting as the corporate officers, and the rights of all stockholders with respect to any proceeds to be the same as they would have been if the acts done pursuant to the trust agreement had been performed by officers of the corporation. I am sending a copy of this letter to each of the Common Stockholders and I would appreciate hearing from you before the 26th as to whether the Board of Trustees of the University would be willing to follow this plan. This should make it unnecessary to continue the expenses incident to keeping the corporation alive. Yours very truly,

M. D. JACKSON

On motion of Mr. Davis, the Secretary was instructed to notify Mr. Jackson that the Board was not willing to undertake to become a trustee for the stock-