Repository: UIHistories Project: Board of Trustees Minutes - 1946 [PAGE 488]

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1945]

UNIVERSITY OF ILLINOIS

485

On motion of Mr. Davis, this appropriation was made as recommended, by the following vote: Aye, Mr. Davis, Mr. Fornof, Mrs. Grigsby, Mr. Livingston, Mr. McKelvey, Mr. McLaughlin, Dr. Meyer, Mr. Williamson; no, none; absent, Mr. Green, Dr. Luken, Mr. Nickell.

REVISION O F TRUST INVESTMENT STATUTE (3) On May 17, Governor Green signed House Bill 280, which revises the conditions under which trustees may make investments of trust funds effective July 1, 1945- T h e old law limits trust investments to specific items listed in the law, unless a donor had relieved the trustee of that restriction. This has meant a considerable handicap to the Finance Committee in making investments of University trust funds. For that reason .University officers, on the advice of the Finance Committee, supported House Bill 280. A copy of the new law is attached.

This report was received for record.

BEQUEST OF EDWARD C. EARL (4) The University has recently received a communication from the Deputy Public Administrator, County of New York, that there has been filed in the Surrogate's Court a will of the late Edward C. Earl, which includes the following bequest to the University of Illinois: "I, E d w a r d C. Earl of Washington, in the District of Columbia, do hereby make publish and declare this as and for my last Will and Testament. "First. I give devise and bequeath to T h e University of Illinois, Urbana, Illinois for the sole use of the Architectural Department of the University, the interest from this bequest to be used for small prizes for superior architectural work in the various undergraduate classes of the Architectural Department. Absolutely and in fee simple, all of the Estate of which I may die seized or possessed. "Second. I nominate constitute and appoint the Professor of Architecture and the Business Agent of the University of Illinois of Urbana Illinois executors of this my will. Dated August 26, 1931." Mr. Earl is an alumnus of the University of Illinois, having attended the College of Engineering from 1890 to 1893. The estate consists of the following securities: 100 shares Northern Pacific R. R. Co. 100 shares Wabash R. R. Co. Class A Preferred 150 shares Wabash R. R. Co. Common 100 shares New York Central R. R. Co. 100 shares Great Northern R. R. Co. Preferred 300 shares Pennsylvania R. R. Co. $100 bond Pennsylvania R. R. Co. $500 face value U. S. bonds The Legal Counsel is taking steps to have this estate probated. Since the proceedings for probate and administration of the estate must be in New York, he requests authority to employ Mr. A r t h u r L. Barton of Clark, Sickels, and Barton, 51 East 42nd Street, New York, as special counsel for the University in this matter. Mr. Barton is an alumnus of the University and is a lawyer of high standing in New York. T h e Legal Counsel also recommends that the Comptroller of the University be authorized to serve as executor of this estate. The Legal Counsel states that the "Professor of Architecture" (i.e., Professor L. H . Provine, H e a d of the Department) is prepared to renounce his nomination by the testator since it is expedient to have only one University officer serve in such capacity. I concur in these recommendations.

Mr. Janata presented this matter for the President. On motion of Mr. Davis, these recommendations were adopted; with the specification that if it be found that the laws of New York forbid the appointment of a nonresident as executor, the services of Mr. Chester R. Dewey, of the Grace National Bank of New York, be secured if possible.