Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 52]

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1954]

UNIVERSITY OF ILLINOIS

49

Resolution WHEREAS, the Board of Trustees of the University of Illinois, a public corporation, incorporated under the laws of the state of Illinois, owns 150 shares of Chrysler Corporation common stock, as an investment of endowment funds, and WHEREAS, Article I V (Committees of the Board) of the By-Laws of the Board of Trustees of the University of Illinois (1941) reads as follows: "At the annual meeting in March of each year, the Board shall elect two members of an 'Executive Committee,' consisting of three members, the President of the Board to be Chairman ex-omcio, which members shall hold office for one year, or until their successors have been elected. "Said Committee shall possess all the powers of the Board when in session, provided that it shall not overrule, revise, or change the previous acts of the Board, or take from regular or special committees any business referred to them by the Board. "It shall not have power to lease, sell, or purchase real estate unless previously authorized by the Board in session or a majority of the members individually, in writing.", and WHEREAS, the Finance Committee of the Board of Trustees has recommended to the Executive Committee that it is to the best interest of the University to dispose of the said 150 shares of Chrysler Corporation common stock, Now, Therefore, Be It Resolved by the Executive Committee of the Board of Trustees of the University of Illinois, in a duly constituted meeting on the 31st day of August, 1954, at Chicago, Illinois, that said common stock be sold at this time at the best price obtainable, and that H . O. Farber, Comptroller, and A. J. Janata, Secretary, be authorized to execute any and all documents necessary to complete such sale. On motion of Mr. Livingston, this resolution was adopted. The Executive Committee adjourned.

A. J. JANATA Clerk P A R K LIVINGSTON FRANCES B. W A T K I N S

H . B. MEGRAN,

Chairman

REPORT OF FINANCE COMMITTEE O N INVESTMENTS

Mr. Livingston, for the Finance Committee, submitted the following report of changes in investments of trust funds:

, Endowment Funds—General u rur chases 150 shares Cutler Hammer, Inc. common stock $ 8 Si2,ooo LI.S. 2.76 per cent Savings Bonds Series K due July 1, 1966... 12 $30,000 U.S. 2.76 per cent Savings Bonds Series K due August 1, ig66.. 30 Sales $9,000 U.S. 3*4 per cent Treasury Bonds due June 15, 1083/1978 10 $18,000 Firestone Tire and Rubber 3 per cent Bonds due 1961 18 p , Endowment Funds — Miller Estate 145 64 000 00 000 00 035 00 315 00

400 shares General American Transportation Corp. common stock $22 012 14 500 shares Commonwealth Edison Co. common stock 20 112 20 Sale $39,000 U.S. 2^6 per cent Treasury Certificates Series D due August IS, 1954 39 134 06 r- 1 Student Loan Funds $40 300 00 $40,000 U.S. 2 per cent Treasury Bonds due December 15, 1954

City Purchase °^ Chicago Escrow Accounts $48,000 U.S. \i/t per cent Treasury Notes due February 15, 1959 $48 172 SO Sale $48,000 U.S. 2$/% per cent Certificates of Indebtedness Series E due September 15, 1954 48 225 00