Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 643]

EXTRACTED TEXT FROM PAGE:

1972]

UNIVERSITY OF ILLINOIS

633

On motion of Mr. Swain, this recommendation was adopted by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Hughes, Mr. Karnes, Mr. Neal, Mr. Pogue, Mr. Swain; no, none; absent, Dr. Bakalis, Governor Ogilvie, Mr. Steger.

SELECTION OF FIRST NATIONAL BANK OF ROCKFORD, ILLINOIS AS A DEPOSITARY

(32) The Vice President and Comptroller recommends the selection of the First National Bank of Rockford, Illinois as a depositary for a University checking account. The account so established will be used primarily to deposit receipts from the Medical Service Plan of the Office for Family Practice of the Rockford School of Medicine. I concur and recommend the adoption of the attached resolutions: Resolutions Be It Resolved, That First National Bank and Trust Company of Rockford be and is hereby designated a depositary of the funds of this corporation and that any officer of this corporation be and is hereby authorized for and on behalf of this corporation, to open and maintain an account or accounts with said Bank and make such arrangements for the conduct thereof as to him shall seem proper; and that any officer, employee or agent of this corporation be and is hereby authorized to deposit the funds of this corporation therein and endorse for deposit negotiable instruments and orders for the payment of money, which endorsements may be made in writing or by a stamp with or without designation of the person so endorsing; in the absence of any such endorsement, said Bank be and is hereby authorized to make such endorsement itself for deposit in the name of this corporation, and that on all such items deposited, all prior endorsements are guaranteed by this corporation whether or not an express guaranty is incorporated in such endorsements. And Be It Further Resolved that any TWO of the following:

RICHARD C. PETERS L. P. JOHNSON ROBERT L. EVANS

are hereby authorized to sign any and all checks, drafts, and orders, including orders or directions in informal or letter form withdrawing funds from any account of this corporation, and said Bank is hereby authorized and directed to honor and pay any and all checks, drafts or orders so signed and drawn and charge them to the account or accounts of this corporation, without inquiry as to the circumstances of their issue or the disposition of their proceeds, whether such checks be payable to the order of or endorsed or negotiated in their individual capacities, or deposited to the individual credit of any officer or person signing them, or any other person or officer, and without inquiry in regard to the use of said checks, drafts or orders, or the proceeds thereof by such officers or persons. And Be It Further Resolved that all prior resolutions heretofore adopted by this corporation authorizing the maintenance of its accounts and the transaction of its business with said Bank, be and the same hereby are revoked and cancelled. And Be It Further Resolved that each of the foregoing resolutions shall continue in force until express written notice of its rescission or modification has been received by the said Bank, but if the authority contained in them should be revoked or terminated by the operation of law without such notice, it is resolved and hereby agreed for the purpose of inducing the said Bank to act thereunder, that the said Bank shall be saved harmless from any loss suffered or liability incurred by it in so acting after such revocation or termination without such notice.