University of Virginia Library

JOHN ALLAN LOVE TRUST

The President reported he had been in communication with Mr. John Allan Love of Clayton,
Missouri, who desires to establish a scholarship fund, the income of which is to be used to provide
a scholarship or scholarships to be awarded to some deserving undergraduate or graduate student
or students of the University of Virginia at Charlottesville, whose home is or homes are in
Missouri, in such amounts and upon such terms and conditions as the Board of Visitors of the University
of Virginia shall determine, provided, however, that the total amount of scholarship aid
awarded shall not exceed the net annual income derived from said trust. If there should be no
applicant for such a scholarship whose home is in Missouri, or if the University shall not award
such scholarship aid in any year for any other reason, the income from the scholarship fund derived
during such year shall be added to the principal thereof. In awarding the financial aid thus provided,
preference shall be given to applicants who reside in St. Louis and St. Louis County, Missouri,
with first preference to those residing in St. Louis County. Whenever feasible, preference shall
also be given to those graduate or undergraduate students, fulfilling the previous conditions, who
intend to enroll or who are enrolled in courses at the Woodrow Wilson School of Foreign Affairs of
the University.

A draft of the proposed trust agreement between Mr. Love and The Rector and Visitors, prepared
by the University's Special Counsel, Mr. Minor, was being submitted to Mr. Love for approval.

The President explained that the funds donated by Mr. Love were being deposited by Mr. Love in
the Prudential Savings & Loan Association, of Clayton, Missouri, of which Mr. Love is President and
that the Savings Association desired a resolution of this Board authorizing the proper officers of
the University to open an account, to make withdrawals therefrom, and to execute a proxy to be voted
at all annual and special meetings of the Association held when the University is not specially
represented. He then submitted for consideration a resolution and proxy in the forms desired by
the Savings Association.

After careful consideration and full discussion, upon motion, duly seconded, the following resolutions
were unanimously adopted by the Board

RESOLVED, that the proper officers of The Rector and Visitors of the University of Virginia are
hereby authorized to open either a passbook or a certificate share account, as to them seems preferable,
and to execute for and on its behalf, the proxy in the form submitted to this Board, and to
invest its funds from time to time with Prudential Savings & Loan Association, Clayton, Missouri, and
that said Association is hereby authorized to act without further inquiry in accordance with writings
bearing the signatures of either of such officers, unless and until it has been notified of any
change of officers and of further authorization for other individuals to so sign, together with a
specimen of the signature of each such individual. The officers so authorized are Edgar F. Shannon,
Jr., President, and Vincent Shea, Comptroller.

BE IT FURTHER RESOLVED, that the Board of Visitors of The Rector and Visitors of the University
of Virginia hereby desires to place on record its grateful appreciation and thanks to John Allan Love,
of Clayton, Missour, an alumnus of the Class of 1907, for his generous gifts to the University of
Virginia for the purpose of establishing a scholarship.