University of Virginia Library

GIFT OF UNDIVIDED INTEREST IN REAL ESTATE IN LOUISVILLE, KENTUCKY

The Rector reported to the Board that Andrew W. Duncan, an alumnus of the Class of 1935, and
a resident of Louisville, Kentucky, desires to make a gift to the University of an undivided one-eighth
(1/8) interest in a valuable parcel of real estate in Louisville, being a two-story brick
office building on the west side of Fifth Street between Liberty and Jefferson Streets. A copy
of the proposed deed of gift has been submitted to and approved by the University's Special Counsel.

Mr. Duncan, who owns an undivided one-half (1/2) interest in the property proposes to give
to Alpha Foundation, a private family foundation, one-half of his one-half or one-fourth of the
whole, to the University of Virginia one-fourth of his one-half or one-eighth of the whole, and
to the University of North Carolina his remaining one-eighth of the whole.

Mr. Duncan does not wish to attach any formal restrictions to this gift but has requested
that the University bear in mind his interest in children's work and refrain from committing the
gift until he has had an opportunity to explore the most useful purpose thereof with appropriate
persons at the University. He further requests that the gift be anonymous.

The Rector stated the University's Special Counsel had advised that the University could
accept a gift of an interest in real estate located in a State other than Virginia but that,
because the University is an arm or branch of the State of Virginia, it could not retain such
interest indefinitely, but must dispose of it within a reasonable time.

Fortunately, the Rector said, Mr. Duncan had advised that one of the Louisville banks was
desirous of purchasing the property at the gross price of $275,000,00 and there would be no
difficulty, therefore, in disposing of the University's interest.

After full discussion and careful consideration, upon motion, duly seconded, the following
resolutions were adopted:

RESOLVED, that The Rector and Visitors of the University of Virginia accepts with gratitude,
the generous gift of Andrew W. Duncan, an alumnus of the University of Virginia of the Class of
1935, of conveyance of an undivided one-eighth (1/8) interest in that certain parcel of real
estate situated in Jefferson County, Kentucky, on the west side of Fifth Street, in the City of
Louisville, between Liberty and Jefferson Streets, such gift to be unrestricted but with the
understanding that it will remain uncommitted until the donor has opportunity to make suggestions
for the consideration of this Board as to its purpose and use,

RESOLVED, Further, that the President or Comptroller of The Rector and Visitors of the
University of Virginia, be, and either of them hereby is, authorized and empowered to enter into
a contract for the sale of such undivided one-eighth interest in said real estate at a gross
sales price for the entire property of not less than $275,000,00, and that the Secretary or
Assistant Secretary be, and either of them hereby is, authorized and empowered to affix the
corporate seal of the University of Virginia to such contract and attest the same,

RESOLVED, Further, that the President or Comptroller be, and either of them hereby is,
authorized and empowered to execute in the name and on behalf of The Rector and Visitors of the
University of Virginia, a deed conveying its interest in said property to such contract purchaser,
such deed to be with Special Warranty of title, and that the Secretary or Assistant Secretary be,
and either of them hereby is, authorized, and empowered to affix the corporate seal of the University
of Virginia to such deed and attest the same,

RESOLVED, Further, that the proper officers of The Rector and Visitors of the University of
Virginia be, and they hereby are, authorized and empowered to execute all other necessary documents
and to perform all other acts necessary and proper to complete the sale of its interest in
said real property.