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Caption: Board of Trustees Minutes - 1948
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8i6 BOARD OF TRUSTEES [September 26 SECTION 5. The University covenants that in case the Depositary at the time acting hereunder shall resign or be dissolved or shall be in the course of dissolution or liquidation or otherwise become incapable of acting hereunder, the University will forthwith appoint a successor Depositary which shall be a trust company or bank in good standing located in the State of Illinois and having a capital and surplus of not less than Five Million Dollars ($5,000,000), if there be such a trust company or bank willing, qualified and able to accept the appointment upon reasonable or customary terms. Every successor Depositary appointed hereunder shall execute, acknowledge and deliver to its predecessor and also to the University an instrument in writing accepting such appointment hereunder, and thereupon such successor Depositary, without any further act, deed or conveyance, shall become fully vested with all of the estates, rights, powers, duties and obligations of its predecessor, and every predecessor Depositary shall deliver all moneys and securities, together with a record of the amount and the numbers of the outstanding bonds, to its successor; provided, however, that before such delivery is required or made, all fees, advances and expenses of the retiring Depositary shall be paid in full. Any corporation into which the Depositary or any successor to it may be merged or converted or with which it or any successor to it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Depositary or any successor to it shall be a party, shall be the successor Depositary under this agreement without the execution or filing of any paper on the part of either of the parties hereto. SECTION 6. If there remain any funds in the hands of the Depositary after payment of all principal and all interest due on said bonds and the payment and discharge of said fees, charges and disbursements of the Depositary, said Depositary shall pay over any such surplus funds to the University of Illinois upon presentation to the Depositary of all bonds and coupons secured hereby marked or stamped "Paid" or "Cancelled", or upon presentation to the Depositary of other evidence satisfactory to the Depositary showing that all of such bonds and coupons have been paid or otherwise discharged. SECTION 7. Nothing in this agreement expressed or implied is intended or shall be construed to confer upon any person, form or corporation, other than the parties hereto and the holders of the said bonds and the coupons thereto appertaining, any right, remedy or claim, legal or equitable, under or by reason of this agreement or any covenant, condition or stipulation hereof. I N W I T N E S S W H E R E O F , said University of Illinois, acting by and through its Board of Trustees, has caused this agreement to be signed in its name by the President of the Board of Trustees and the Treasurer thereof and its corporate seal to be hereunto affixed and attested by the Secretary thereof, and said The Northern Trust Company has caused this agreement to be signed in its corporate name by one of its Vice Presidents and its corporate seal to be hereunto affixed and attested by one of its Assistant Secretaries, all as of the day and year first above written. UNIVERSITY OF ILLINOIS, By - President, Board of Trustees Treasurer, University of Illinois Secretary, Board of Trustees T H E NORTHERN ATTEST: ATTEST: TRUST COMPANY As Depositary - By Assistant Secretary vice President
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