Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1328]

EXTRACTED TEXT FROM PAGE:

1962]

UNIVERSITY OF ILLINOIS

1325

T h e First National Bank of Chicago recommends sale of these securities. The Finance Committee has approved the sale of the Avnet stock. The Board has approved the sale of Standard Oil of New Jersey in previous dividends of this kind. The University of Illinois Foundation received one share of Owens-Corning Fiberglas Corporation common stock as a gift for the Faculty Center. The Executive Committee of the Foundation has approved the sale of this stock and applying proceeds to the purpose of the gift. Since the stock is registered in the name of "University of Illinois," it will be necessary to have authorization of the Board of Trustees for its sale. Submitted herewith are the resolutions required to authorize these transactions.

On motion of Mr. Swain, the following resolutions were adopted, without dissent.

Resolution WHEREAS, the Board of Trustees of the University of Illinois is the owner of 750 shares of J. C. Penney Company common stock, and WHEREAS, the Finance Committee of that Board has determined that it is advantageous to sell such security, Now, Therefore, Be It Resolved by the Board of Trustees of the University of Illinois that such security be sold and that H . O. Farber, Comptroller, and A. J. Janata, Secretary, be authorized to execute all documents necessary to complete such sale. Resolution WHEREAS, the Board of Trustees of the University of Illinois is the recipient of a gift of 175 shares of Avnet Electronics Corporation common stock in the name of the University of Illinois and owns 6 shares of Standard Oil of New Jersey common stock, and WHEREAS, the Finance Committee of said Board has determined that it is advantageous to sell the above securities, Now, Therefore, Be It Resolved by the Board of Trustees of the University of Illinois that these securities be sold and that H. O. Farber, Comptroller, and A. J. Janata, Secretary, be authorized to execute all documents necessary to complete such sales. Resolution WHEREAS, one share of Owens-Corning Fiberglas Corporation common stock is registered in the name of "University of Illinois," and WHEREAS, such stock was received as a gift toward a project of the University of Illinois Foundation, and WHEREAS, the Executive Committee of the University of Illinois Foundation has determined that it is advantageous to sell such security, Now, Therefore, Be It Resolved by the Board of Trustees of the University of Illinois that this security be sold and that H. O. Farber, Comptroller, and A. J. Janata, Secretary, be authorized to execute all documents necessary to complete such sale. INVESTMENT REPORT Report of the Finance Committee (40) The Finance Committee reported the following changes in investments of trust funds from October 1 through December 31, 1961:

URBANA-CHAMPAIGN

Endowment Funds Sale 500 shares Abbott Laboratories common stock $ 624 shares Continental Insurance common stock 10 shares Standard Oil Company of New Jersey common stock Subscription 13 shares Northern Natural Gas common stock

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