Repository: UIHistories Project: Board of Trustees Minutes - 1954 [PAGE 1304]

EXTRACTED TEXT FROM PAGE:

1954]

UNIVERSITY OF ILLINOIS

130I

Now Therefore Be It Resolved, that the Continental Illinois National Bank and Trust Company of Chicago be and it hereby is designated as the depositary and safekeeping agency, in which bonds, stocks, securities, and other properties acquired from the estate of the said George A. Miller, or purchased or otherwise acquired from funds received from said estate or from the proceeds of the sale of or income from such bonds, stocks, securities, or other properties, which are the property of the University, may be deposited by the University's officers, agents, and employees, and Be It Further Resolved, that H. O. Farber, Comptroller, and A. J. Janata, Secretary of the Board of Trustees, acting jointly, be authorized, as approved by this Board or its committees acting under due authority, and upon such terms and conditions as to them shall seem proper: 1. To deliver to and deposit with the Continental Illinois National Bank and Trust Company of Chicago for safekeeping, custody, or other purposes any such funds, bonds, stocks, securities, or other properties, and in connection therewith to open and maintain with said Continental Illinois National Bank and Trust Company of Chicago a safekeeping or custody account or accounts and to make the initial deposit therein and from time to time to make other and additional deposits therein, and to sign orders and issue instructions to said Continental Illinois National Bank and Trust Company of Chicago for the conduct of said account or accounts, and 2. T o cause to be withdrawn on the responsibility of, and at the risk of the University, and to sign orders and issue instructions for the handling, transfer, registration, sale, substitution, exchange and delivery of, any such funds, bonds, stocks, securities, and other property and the proceeds thereof, delivered to, deposited with, or otherwise held by said Continental Illinois National Bank and Trust Company of Chicago for the account of the University. Such withdrawals, substitutions, exchanges, and deliveries, whether subject to payment or not and whether pursuant to sale, exchange, or other transaction, may be made also by the bearer of any order, receipt, or request so signed, and 3. To purchase with such funds, bonds, stocks, securities, and other property and to sign orders and issue instructions in connection with the purchase, payment, and registration thereof, and 4. To sell, pledge, transfer, assign, exchange, deposit with any reorganization committee, bondholders protective or other committee or otherwise dispose of any such bonds, stocks, securities, and other property belonging to or standing in the name of the University or its nominee or held by the University for the account of others, and to sign orders and issue instructions regarding the handling of any matters connected with such transactions, and 5. To identify and guarantee assignments, transfers, and endorsements for transfer on such bonds, stock certificates, interim, participation, and other certificates and to identify and guarantee signatures on bond and stock powers of attorney pertaining thereto, and 6. To waive presentment, demand, protest, and notice of dishonor or protest and to give instructions in regard to the handling or delivery of any negotiable or non-negotiable documents received from said estate or deposited in said account, and 7. To sign reconcilements and certify to the correctness of statements pertaining to said account and approve and authorize adjustments therein, and 8. To act for the University in the transaction of business pertaining to said account and to sign orders and issue instructions to the Continental Illinois National Bank and Trust Company of Chicago in connection with funds received from the estate of George A. Miller, and from the income therefrom and the proceeds of the sale of assets thereof, and Be It Further Resolved, that the Continental Illinois National Bank and Trust Company of Chicago shall receive customary and reasonable compensation for the services specified herein, and Be It Further Resolved, that A. J. Janata, Secretary of the Board of Trustees, be authorized to delegate to Everett G. Smith, Executive Clerk in the President's Office, and Maude Archdeacon, Chief Clerk in the Board of Trustees' Office, authority to sign his name to any and all documents necessary to effect the purchase, sale, or transfer of securities in the herein provided depositary and safekeeping agency and to instruments of assignment required to transfer such securities to the purchaser thereof, as approved by this Board or its committees acting