University of Virginia Library

IX.

This Corporation shall hold, manage and administer all such gifts, grants, contributions and
donations and without regard to any legal or statutory restrictions otherwise applicable to Fiduciaries
(whether pertaining to investments or to other matters) and subject only to limitations, conditions
and restrictions placed upon any gift or gifts by the donor or donors thereof, said Corporation shall
be clothed with and shall possess the following powers and discretions in addition to any conferred by
law, that is to say -

1. To retain as long as may be deemed advisable property of any kind or description that
may be given to it, or acquired by it in the exercise of any power conferred upon it by general law
or by this charter, even if such property should be or become unproductive of income, speculative in
character or otherwise hazardous.

2. To sell, exchange, or otherwise dispose of any such property or thing of value.

3. To invest and reinvest in any securities or other property, real or personal, including
corporate stocks of any classification.

4. To hold any portion of its property in cash or uninvested for such period or periods as
may be deemed advisable.

5. To sell, encumber by deed of trust, or otherwise, or lease, alter, improve, erect buildings
upon, or otherwise deal with or dispose of real property, or any interest of said Corporation
therein.

6. To consent to, dissent from or otherwise participate in any mergers, consolidations, reorganizations,
or other changes affecting securities, and to delegate discretionary powers and pay any
assessments or other charges in connection therewith.

7. To exercise any options or rights of subscription, available in connection with any securities
and to make any payments required thereon.

8. To vote in person or by proxy upon any such securities and to delegate discretionary
powers in relation thereto.

9. To compromise, submit to arbitration, release or otherwise adjust any claims in favor
of or against any funds, securities, properties, etc., estates or interest therein held by it, or to
which said Corporation may be entitled, and to enter into any contract or other undertakings that may
seem to it advisable and in furtherance of the purposes to which such funds, securities and properties
are dedicated in its hands.

10. To hold the securities and other properties in the name of said Corporation in the name
or names of its nominee or nominees, or in bearer form.

11. To employ agents and attorneys, investment counsel, to be selected either from the Faculty
of the University or elsewhere, such investment counsel to be either individual or corporate, and to
employ depositaries and to delegate to them discretionary powers, if need be, and to compensate them for
their services.

12. This Corporation shall faithfully apply all gifts and grants to the objects and purposes
designated by the donor or grantor, but where no direction, limitation, restriction or condition is
attached to such gifts or grants, it shall hold the same with full power to invest and reinvest, manage
and administer as hereinbefore and hereinafter set out.