Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 1039]

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1036

BOARD OF TRUSTEES

[April 25

Mrs. Pierce died on March 3, 1956. T h e Northern T r u s t Company has notified the beneficiaries that it is ready to make distribution of the assets of the trust remaining after payment of the $25,000 to Johns Hopkins University and certain fees and expenses of the Trustee. T h e Trustee has indicated that, if the beneficiaries approve, it will insofar as possible make distribution of the assets in kind. A list of the stocks and bonds comprising the trust estate has been submitted to the First National Bank of Chicago which has recommended that the University's share of the assets thus held be accepted in kind, insofar as possible, with only a small balancing payment in cash. T h i s recommendation has been approved by the Finance Committee and the Northern Trust Company has been so advised. The Company requires from the Board of Trustees a resolution accepting the University's share of the,trust estate upon the terms set forth in the trust indenture and authorizing the Comptroller and the Secretary to execute and deliver to the Trustee a receipt for the University's share of the trust estate and its release and discharge of the Trustee from any further obligation to the University. It appears advisable to include in the same resolution the designation of the officers of the University who are to determine the nature and manner of the research to be financed by the income of the trust. Accordingly, the Legal Counsel and the Comptroller recommend the adoption of the following resolution, and I concur: Resolution WHEREAS, under the terms and conditions of a trust indenture entered into between Dr. Norval H . Pierce, since deceased, and the Northern Trust Company, of Chicago, Illinois, as trustee, bearing date of March 5, 1929, the University of Illinois is now entitled to receive, for the use of its College of Medicine, four-ninths (4/9) of the assets of the "Norval H . Pierce Trust" presently held by the Northern T r u s t Company as trustee after the payment from all of said assets of the sum of $25,000.00 to Johns Hopkins University and the termination and distribution fee of said trustee, which said share of the assets of said estate remaining after the making of said payments therefrom is presently valued at the sum of approximately $142,000.00; and WHEREAS, under the terms of said trust indenture, the Northern Trust Company may, in its discretion, distribute and transfer to the University of Illinois the latter's said share of said assets in kind or in cash, or partly in kind and partly in cash, and said trustee is willing and desires, and it is in the best interests of the University, that the University's share of said assets be distributed and transferred to it in kind, or partly in kind and partly in cash; and WHEREAS, under the provisions of said trust indenture, the principal of the University's share of said trust estate is required to be kept intact, and safely and securely invested and reinvested by the proper officers of the University and the income therefrom is required to be devoted to research in and by the College of Medicine of the University "in such practice of Medicine and generally in such manner as the Settlor may in his lifetime, at any time and from time to time, designate in writing, and in default of such designation, for such research as the Trustees or other proper officers of the University of Illinois may in their discretion deem best," and the Settlor did not at any time make any such designation: Therefore, it is hereby resolved by this Board of Trustees of the University of Illinois that it accept, for the use of the College of Medicine of the University, said four-ninths share of the assets of said Norval H . Pierce remaining in the hands of said trustee after the making of said hereinabove mentioned payments from all of said assets upon the terms, conditions, and for the purpose set forth in said trust indenture; that the Comptroller of the University be, and he is hereby authorized, to accept and receive distribution, transfer, and payment to the University of Illinois of its said share of the assets of said trust from the Northern Trust Company either in kind or partly in kind and partly in cash; that, upon receipt by the University of its said share of the assets of said trust estate, either in kind or partly in kind and partly in cash, from said trustee, the Comptroller and the Secretary of this Board be, and they are hereby, authorized to execute and deliver, on behalf of the University of