Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 612]

EXTRACTED TEXT FROM PAGE:

1951]

UNIVERSITY OF ILLINOIS

709

protect the University's experimental work from oil developments on all areas surrounding the field. The agreement will be in effect for two years and as long thereafter as oil or gas or either is produced by the Texas Oil Company on any part of the surrounding property. The Director of the Agricultural Experiment Station and the Comptroller recommend execution of this agreement. I concur.

On motion of Mr. Megran, this agreement was authorized.

ESTATE OF ALICE V. B. CLARK

(17) On January 13, 1949, a report was made to the Board of Trustees of certain provisions of the will of Mrs. Alice V. B. Clark, widow of the late Dean Thomas Arkle Clark. The Comptroller reports there has now been received the final report of the executor of her estate, and the payment of $41,387.90 as the first and final distribution. This will be carried in two funds: Alice V. B. Clark Endowment. The interest on this fund of $5,000 is to be applied toward the maintenance of the equipment and the library of the Thomas Arkle Clark Recreation Room of the McKinley Hospital. Alice V. B. Clark Loan Fund. The principal of this fund of $36,387.90 is to be loaned to undergraduate students, and the interest accruing on such loans is to be used for the equipment and maintenance of the McKinley Hospital. Since there is at present no demand for loan funds under the terms specified in the will, such funds will be invested in United States Government Bonds, and the interest will be used as stipulated in the will. The University has agreed to assume and pay from the above funds, any additional income taxes, inheritance taxes, estate taxes, or personal property taxes which may be assessed against the estate. Such payments, if necessary, will be charged against the principal of the loan fund. There was also received from the executor an instrument transferring to the University all rights to have and receive all refunds on account of income tax, or other taxes heretofore paid and which are refundable to the estate of Alice V. B. Clark, deceased, and all right, title, and interest in and to a certain royalty agreement between Thomas Arkle Clark, deceased, and the George Banta Publishing Company, which was an asset of the estate.

This report was received for record.

BEQUEST O F BENJAMIN F. HUNTER

(18) It is necessary that the University enter its formal appearance in the Boone County, Indiana, Circuit Court with respect to the estate of Benjamin F. Hunter. As previously reported to the Board, the law firms of Monroe and McGaughey, Decatur, and Parr, Parr, and Parr, Lebanon, Indiana, have been retained to represent the Illinois and the Indiana executors of the Hunter estate. I recommend that these attorneys, along with Mr. Ralph F. Lesemann, Legal Counsel-elect, be authorized to enter a special appearance of the Board of Trustees of the University of Illinois in this matter.

On motion of Mr. Herrick, authority was given as recommended.

RELEASE O F INVENTION OF COMPUTER DEVICE

(19) Dr. G. H. Fett, Professor of Electrical Engineering, and Mr. George Chafaris, a graduate student in the Department of Electrical Engineering, report the invention of an electronic device which may have some utility in connection with automatic control systems and in certain types of computers. In the judgment of the University Research Board the invention is so specialized and so unlikely to become an article of mass production that the University would not be justified in expending money on securing a patent and on development work. Accordingly, the Research Board recommends that the invention be released to the discoverers. I concur.

On motion of Mr. Johnston, this patent was released as recommended.