University of Virginia Library

McINTIRE TRUSTS

The President presented a letter from C. Venable Minor, Special Counsel of the University,
relating to the matter of the two trusts established by Paul Goodloe McIntire with United
States Trust Company, of New York, Trustee, dated December 5, 1923, under which, after the
death of his daughter, Charlotte Virginia McIntire, the University is named as remainder
beneficiary. This letter discussed a proposed compromise agreement between the parties
in interest under said trusts, which, when executed, would end the litigation in connection
with these trusts now pending in the Supreme Court of the State of New York, and recommended that
the compromise agreement dated March ---, 1954, be ratified and approved by the Board with
the exception of paragraph Sixth thereof, it being Mr. Minor's recommendation that paragraph
Sixth, dealing with payments by the University from the income of said trusts, to Hilda Hall
McIntire, widow of Paul Goodloe McIntire, during the remainder of her life, should she
survive Charlotte Virginia McIntire, the life tenant, be eliminated from the agreement since
under no construction of said trusts would Mrs. McIntire have any interest in the trusts
after the death of Charlotte Virginia McIntire

After discussion and consideration of Mr. Minor's letter and the text of the proposed
compromise agreement dated March ---, 1954, upon motion, duly seconded and carried, it was

RESOLVED, that the Board of Visitors of the Rector and Visitors of the University of Virginia
ratifies and approves the compromise agreement dated March ---, 1954, to be entered into by
all of the parties in interest under the two trusts established by Paul Goodloe McIntire with
United States Trust Company of New York, Trustee, dated December 5, 1923, with the exception of
paragraph Sixth thereof

FURTHER RESOLVED, that the proper officers of the Rector and Visitors of the University
of Virginia, be, and they hereby are, authorized and empowered, to execute in the name of and
on behalf of the Rector and Visitors of the University of Virginia, an agreement, when
presented, substantially in the form and substance as presented to this meeting, provided said
agreement eliminates paragraph Sixth thereof as presented to this meeting.

And it is ordered that a copy of Mr. Minor's letter on the matter be filed with the
minutes of this meeting