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1Author:  University of Virginia Board of VisitorsAdd
 Title:  Board of Visitors minutes  
 Published:  1940 
 Subjects:  University of Virginia Library, Text collection | UVA-LIB-Text | UVA-LIB-BoardOfVisitorsMinutes 
 Description: A special meeting of the Rector and Visitors was held on this date at 10:30 o'clock in the office of the President. There were present the Rector, R. Gray Williams, Visitors James H. Corbitt, Christopher B. Garnett, Miss Bessie C. Randolph, Hollis Rinehart and Beverley D. Tucker, Jr., and President Newcomb. I am writing in the name of the Rector and Board of Visitors of the University of Virginia to request you to authorize them to create a deficit in the sum of $25,000 for the construction of the West Extension of the University of Virginia Hospital, putting this additional $25,000 as a recommended appropriation in your Budget to the General Assembly of 1940. This means that the Legislative Appropriation of $250,000 for the construction of this building would be increased to $275,000. Mr. Frederic W. Scott became chairman of the Finance Committee of this Board in 1921 and continued in that position until his death in October, 1939. During this long period of eighteen years Mr. Scott gave his great ability and large experience to the investment and management of the funds of the University that are under the control of this Board. You asked me last Friday to send you and each member of the Finance Committee of the University of Virginia Board of Visitors a copy of a portion of a letter written by me last August 18th to Mr. Fred W. Scott in which I summarized certain figures in regard to the handling of the Endowment Funds of the University in past years. I am, therefore, quoting below all of the letter which I read you that concerns the above matters omitting only certain personal matters contained at the end of my letter. At the request of the Rector, I am submitting herewith a statement upon the subject of the authority, duties, and liabilities of the Board of Visitors in connection with investment of funds belonging to the University, primary consideration being given to the question of whether the Board of Visitors shall be confined in making investments of University funds to so-called "lawful investments" or whether, in the exercise of a sound discretion, the Board may, without liability to its members, place the funds of the University in securities not included within the list of such "lawful investments" as defined by Section 5431 of the Code of Virginia.
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