Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 159]

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156

BOARD OF TRUSTEES

[November 28

QUARTERLY REPORT OF THE COMPTROLLER

(12) The Comptroller presents his quarterly report to the Board as of September 3°, 1956.

This report was received for record and a copy has been filed with the Secretary of the Board.

BEQUEST OF EDWARD H. SCHLADER (13) T h e will of the late Edward H . Schlader, Class of 1916, of Beloit, Wisconsin, who died October 17, 1956, includes the following bequest to the University: „. "All of the rest, residue and remainder of my property and estate, either real or personal, that I may own at the time of my death, or that my estate may be entitled to by reason of my death, I give, devise and bequeath to the Board of Trustees of the University of Illinois at Urbana, Illinois, I N T R U S T , and IN T R U S T , O N L Y , for the following uses and purposes— "A. T o invest said estate in those types of investments as are permitted by law for the investment of trust funds and to use the income therefrom and so much of the principal as in the judgment of the Trustees shall be deemed necessary or advisable, for the following uses and purposes— " 1 . T o establish a Scholarship Fund to be known as the Schlader Memorial Scholarships in Engineering, in memory of Theodore H . Schlader, Class of 1885. "2. T o use said fund for scholarships for Junior and Senior Engineering students in the University of Illinois. "3. Said scholarship awards to be made annually in amounts of not less than $200.00 by the Committee of Special Undergraduate Scholarships on proper recommendations of the College of Engineering. "It is my wish that awards be made annually as follows (1) T o a student in Architecture a n d / o r Architectural Engineering. (2) To a student in Electrical Engineering. (3) T o one or more students in any branch of Engineering. "It is my wish that the amount of each award be in the discretion of the Board of Trustees, but each award shall not be less than $200.00, and that at least 80% of the income from said trust estate be used annually. "In creating this trust it is my desire that said annual awards be made to worthy students on the basis of their scholastic ability, their character and their financial need. «. 4 "I hereby nominate and appoint T h e Second National Bank of Beloit, Wisconsin, as the executor of this my last will and testament, and I hereby give and grant to said executor full power and authority to sell and dispose of any and all real or personal property which I may own at the time of my death and to give deed or deeds of conveyance to said real estate with the same force and effect as I might do if living, all without leave or' authority of any court or tribunal whatsoever. "I hereby direct the executor of this my said last will and testament to inform the trustee herein named of the terms and conditions of the trust herein provided for, in writing within thirty days of its appointment as such executor, and I direct said trustee to inform said executor of its intention to accept or reject the gift, devise and bequest in writing within six months of the date the said trustee was so advised of the terms and conditions of the trust herein provided for, and in the event said trustee named shall fail, refuse or decline to act as said trustee, or so to advise the executor herein named that they will accept the gift, devise, and bequest, then and in that event I give, devise and bequeath all of the rest, residue and remainder of my property and estate, either real or personal that I may own at the time of my death, or that my estate may be entitled to by reason of my death to the University of Illinois Foundation at Urbana, Illinois." I recommend that the Board accept the bequest upon the terms and conditions specified and that it authorize its Comptroller and Secretary to execute such documents as may be necessary as evidence of such acceptance.