Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 380]

EXTRACTED TEXT FROM PAGE:

1947]

UNIVERSITY OF ILLINOIS

379

loo shares of Pacific Gas & Electric Company common stock and has the right to subscribe to one share of stock for each 10 shares of stock held, and Whereas, the Board of Trustees has approved the sale of such stock rights in its meeting of May 27, Now, therefore, be it resolved by the Board of Trustees of the University of Illinois that Lloyd Morey, Comptroller, and H . E. Cunningham, Secretary, be authorized to execute any and all documents necessary to complete such sale. The University often receives rights to subscribe to common stock held and very often the Investment Counsel recommends that such rights be sold. The selling price is usually nominal. In order to complete sale of such rights, a resolution of the Board is necessary, and present procedures are such that a separate resolution must be approved for each such sale. It is requested that the Board approve a blanket resolution authorizing the Comptroller and Secretary of the Board to execute all documents necessary to complete the sale of stock rights so received. This authority is requested with the limitation that it is to be used only for the sale of stock rights after such sale has been recommended by the Investment Counsel and approved by the Finance Committee of the Board and only in those cases where the amount to be received as the result of such sale does not exceed

$1,000.

If such action is authorized, the following blanket resolution should be approved: Whereas, the Board of Trustees of the University of Illinois, as the owner of shares of stock of corporations, becomes the recipient of rights issued to stockholders of such corporations to subscribe to other shares of stock in such corporations, and Whereas, the Board of Trustees wishes to delegate to its Secretary and Comptroller the authority to sell such rights to subscribe, Therefore, be it resolved, that any of the persons now or hereafter holding the offices of Secretary and Comptroller of the Board of Trustees of the University of Illinois be, and they hereby are, fully authorized and empowered to transfer, endorse, sell, assign, and deliver any and all rights to subscribe to shares of stock now or hereafter standing in the name of or owned by the Board of Trustees of the University of Illinois, and to make, execute, and deliver, under the corporate seal of this Corporation, any and all written instruments of assignment and transfer necessary or proper to effectuate the authority hereby conferred. O n m o t i o n of M r . W i l l i a m s o n , t h e s e r e s o l u t i o n s w e r e a d o p t e d a n d authority given as r e c o m m e n d e d . ADDITIONAL STATE BUILDING APPROPRIATION REQUESTS (27) A recommendation that the amounts provided in the schedule of revised capital appropriation requests approved April 24, 1047 (Minutes, page 339), for the addition to the Research and Educational Hospital and Equipment ($5,800,000) and Experimental Research Building ($500,000) on the Chicago campus be reconsidered and distributed as follows: Chronic Illness and Geriatrics Research Hospital and Equipment, $2,500,000; Cancer Detection, Treatment, and Research Hospital and Equipment, $3,800,000. The total remains the same. Dr. Ivy discussed this recommendation. O n m o t i o n of M r . F o r n o f , t h e c h a n g e s in t h e s c h e d u l e w e r e a p p r o v e d a s r e c o m m e n d e d , a n d t h e t o t a l r e q u e s t s w e r e reaffirmed. PURCHASE OF SECURITIES M r . Williamson presented the following report. The Finance Committee of the Board of Trustees reports the following transactions involving securities, which are investments of endowment funds: Purchases Price U.S. Series G 2j4% Bonds U.S. Treasury, par value $ 19 200 00 U.S. Gypsum common stock •— 35 shares 2 151 50 Burlington Mills 4 % preferred — 100 shares 10 722 80 E. I. DuPont de Nemours common — 25 shares 4 553 28 Houston Light and Power Company common—50 shares.. I 875 00