 | Board of Visitors minutes September 26, 1941 |  |
LOAN TO ZETA CHAPTER OF KAPPA SIGMA FRATERNITY:
The President submitted to the meeting a form of agreement under date of September 2, 1941, between
the University and E. H. Copenhaver, F. D. G. Ribble, and Lyttleton Waddell, Trustees for Zeta
Chapter of Keppa Sigma Fraternity, in which recitals appear to the effect that in September, 1911, the
University rented to Bologna Society of the University a lot described as Site C, on plat of Warren H.
Manning, of the eastern slope of Carr's Hill, upon which lot the Fraternity had been erected, that the
University had made said Bologna Society a loan of $10,000; that said Bologna Society went out of
existence several years ago, forfeited its charter, and default has been made by it in the payment of
installments due upon said loan, and that the balance of said loan is now $6,500.00, all principal;
that an additional sum of $3,500.00 is now needed for improvements and repairs to said Fraternity
House, and it is proposed that the University make a new loan for $10,000 to said Zeta Chapter of
Kappa Sigma Fraternity, which amount shall bear interest at the rate of 5% per annum and be paid in
installments of $88.00 beginning on the first day of October, 1941, such payments to continue thereafter
on the first days of each month from October to June, inclusive of each year until the whole sum of
$10,000, principal and interest, has been fully paid, said indebtedness to be evidenced by the bond
of said Zeta Chapter of Kappa Sigma Fraternity executed on behalf of said Chapter by its Grand Master,
without personal liability to him.
By said form of agreement the lot upon which said Chapter House is located is leased to
said Fraternity for a term of ninety-nine years from the 2nd day of September, 1941, with privilege of
renewal as therein set out, and the loan of $10,000 is made a charge against all the rights and interests
of said Fraternity under said lease.
After a discussion of the situation, it was
RESOLVED, that the loan of the additional sum of $3,500 to Zeta Chapter of Kappa
Sigma Fraternity, upon the terms as set out in said proposed agreement, be and is hereby
approved and ordered made, and said lease of Site C on Carr's Hill to said E. H. Copenhaver,
F. D. G. Ribble, and Lyttleton Waddell, and their successors as Trustees for said Zeta Chapter
of Kappa Sigma Fraternity is hereby approved, and the Rector is hereby requested to execute
and deliver said lease in the form presented to this meeting, E. I. Carruthers, Secretary, being
hereby authorized and directed to affix the corporate seal thereto and attest the same.
Furthermore, said E. I. Carruthers, Bursar of the University, shall accept the bond of said
Zeta Chapter of Kappa Sigma Fraternity for $10,000.00 after the same has been properly executed on behalf
of said Fraternity, and shall pay over the additional sum of $3,500.00 to said Trustees, E. H. Copenhaver,
F. D. G. Ribble, and Lyttleton Waddell, to be used by them for improvements and repairs to said Fraternity
House
Said lease, when properly executed and acknowledged on behalf of the University and of said
Zeta Chapter of Kappa Sigma Fraternity, shall be recorded in the Clerk's Office of the Circuit Court
of Albemarle County, and the lease to Bologna Society hereinbefore referred to, if it has any free at the
present time, is hereby cancelled.
| Board of Visitors minutes September 26, 1941 | |