 | Board of Visitors minutes June 9, 1943 |  |
NEW YORK & HARLEM RAILWAY STOCK — EXCHANGE FOR BONDS:
Mr. Perkins called the Board's attention to a resolution adopted at a meeting of this
Board held on April 6, 1943, dealing with the exchange of New York and Harlem Railroad preferred
stock which passed to the University under the will of the late Graham F. Blandy, for Second Mortgage
4% One Hundred Year Bonds of Harlem Railroad, guaranteed by New York Central Railroad
Company, such bonds to be issued in the ratio of $125.00 face value of said bonds for each share
of New York and Harlem Railroad $50.00 Preferred Stock.
Under the resolution referred to the President was authorized to accept these bonds in
exchange for the 771 shares of preferred stock of Harlem Railroad held by the University.
We are now advised by Mr. Rayford W. Alley, the attorney who has been handling the matter
for the University in New York, that a formal written consent to the exchange will be sent us in
the near future, which consent must be executed on behalf of the University, and in order that there
may be no delay with reference to execution and delivery of this consent, a resolution should be
adopted specifically authorizing the President to execute and deliver the consent in question. It
was, thereupon unanimously
RESOLVED, that the President be and he is hereby authorized, in the name and on
behalf of The Rector and Visitors, of the University of Virginia, to execute formal written
consent to exchange of the 771 shares of preferred stock of New York and Harlem
Railroad Company of the par value of $50.00 per share for New One Hundred Year Non-Callable
4% Mortgage Bonds of New York & Harlem Railroad Company, guaranteed by New York
Central Railroad Company on the basis of $125.00 principal amount of said bonds for each
share ($50.00 par value) of preferred stock of New York & Harlem Railroad Company): and
that the President be and is further hereby authorized to deliver such consent on behalf
of the Rector and Visitors of the University of Virginia, and to do whatever may be necessary
to complete said exchange.
| Board of Visitors minutes June 9, 1943 | |