University of Virginia Library

X.

The income derived from any and all funds, securities, properties, interests and other things
of value, tangible or intangible held by this Corporation shall, except as otherwise specifically required
and provided by the donor or grantor thereof, be applied as follows:

(1) To the proper and necessary costs and expenses of this Corporation as fixed and determined
by its Trustees and Officers.

(2) To the needs of the University of Virginia after full conference of the Trustees and
Officers of this Corporation with the President, the Rector, and the Board of Visitors of the University
and upon agreement with them as to the expenditure of all or of a part of such annual income, this Corporation
shall pay the same or the part as to which agreement has been reached, to the Bursar of the
University to be expended as agreed upon.

(3) All income, application of which has not been so agreed upon, shall be segregated and
held intact until there shall be such joint agreement as to the use thereof.

(4) Said Trustees shall have full power and discretion to resolve whatever doubts, if any
may arise, in allocating as between principal and income any receipts or disbursements, and their decision
shall be binding upon all interested parties.