 | Board of Visitors minutes June 10, 1960 |  |
VINCENT ESTATE
The President reported that the University has a one-third interest in remainder in the Vincent
Estate located in Louisiana. Under the terms of a resolution adopted by the Board in December 1956
(Minutes, Board of Visitors, University of Virginia, No. 11, 8 December 1956, Page 489), Judge Wayne
G. Borah was empowered to act for the University in giving written consent to any transaction involving
selling, assigning, or transferring of any and all stocks, bonds, evidences of interest or
indebtedness, rights, and options, upon receipt of a telegram of approval signed by either the Rector,
the President, or the Comptroller of the University.
The President reported further that the Comptroller, Mr. Vincent Shea, had informed him that,
under this arrangement, the University is spending a considerable amount of money for telegrams covering
many routine authorizations, such as the disposal of stock rights received by the estate. The
Comptroller had discussed this problem over the telephone with Judge Borah who is willing, on behalf
of the University, to give consent in writing to any transaction not in excess of $1,000 without receiving
telegraphic authorization from a University official, provided that the resolution of 8
December 1956 is amended to that effect.
The President proposed and the Board adopted the following resolution
RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia that
the resolution adopted by the Board at its meeting on 8 December 1956 relating to the Vincent Estate
be amended to read as follows
WHEREAS, under the will of the late Hugh E. Vincent, which was probated April 24, 1951, in the
Vincent, his widow, was named as Usufructuary, and the University of Virginia, Tulane University
and Trinity Church were named as Naked Owners of certain assets, including certain securities,
which in accordance with the will have been lodged in the custody of the Whitney National Bank
of New Orleans, and
WHEREAS, by an agreement executed, in counterparts, by the said four parties in interest
(Counterpart by the University of Virginia being executed by Vincent Shea), which agreement became
effective by the lodgment of counterparts signed by all four parties in Whitney National Bank on
June 7, 1956, a method of handling those securities was formulated and agreed upon, and
WHEREAS, the said agreement provides for the consent of the four parties in interest to the
reinvestment of capital resulting from the maturity of securities, and also for the consent of
all four parties to the disposal of securities in the estate, and the reinvestment of the proceeds
of those securities, and
WHEREAS, because of the rapid movement in the securities market, it is essential that these
consents be given without unnecessary delay, and
WHEREAS, by resolution of this Board adopted December 12, 1952, and still in force, the
Rector or President or the Comptroller of this corporation is authorized and empowered to sell,
assign and transfer any and all stocks, bonds, evidences of interest or indebtedness, rights,
and options, to acquire or to sell same and all other securities, corporate or otherwise, standing
in the name of, or belonging to, this corporation in any capacity, and
WHEREAS, as a courtesy to this institution the Honorable Wayne G. Borah has agreed to act
for this institution in the matter giving the written consent of this institution, to any such
transaction upon receipt by him of a telegram signed by either the Rector, the President or
the Comptroller of this institution,
NOW, THEREFORE, BE IT RESOLVED that upon receipt by him of a telegram signed by any one of
said officials authorizing such consent, the said Wayne G. Borah is hereby authorized, empowered,
and directed on behalf of this institution, to consent in writing to any of the above described
transactions made under the said agreement of 7 June 1956, provided that the other three parties
in interest have already consented to such transactions, provided further, however, that, in the
case of any transaction involving a sum not in excess of $1,000, the said Wayne G. Borah is
hereby authorized, empowered, and directed on behalf of this institution to consent in writing
to any such transaction made under said agreement of 7 June 1956, provided that the other three
parties in interest have already consented to such transaction, without the necessity of receiving
telegraphic authorization approving such transaction signed by either the Rector, the
President, or the Comptroller of this institution.
| Board of Visitors minutes June 10, 1960 | |