University of Virginia Library

CONRAD HUBERT ESTATE:

President Newcomb, who had attended a conference of the beneficiaries of the
Estate of Conrad Hubert, Executors and Trustees of the estate, submitted the following
report for consideration and adoption:

By a decree entered in the Surrogate's Court of the County of New York, on
the 14th day of March, 1939, in the matter of the Judicial Settlement of the Account
of Proceedings of C. Bertram Plante and Bankers Trust Company, as Executors and Trustees
of Conrad Hubert, deceased, it is ascertained and determined that all assets of said
estate remaining in the hands of said Executors and Trustees have been distributed except
the following:

Note for $30,208.43 of Temple Terrace Assets Company, Inc., and note for
$26,912.45 of said Temple Terrace Assets Company, Inc., the total estimated value of
said two notes being $1750.00;

75 shares Glenalla Realty Corporation, estimated value of which if $115,728.62;

1875 shares Orange Belt Realty Corporation, common, and 1875 shares of Orange
Belt Realty Corporation 8% preferred, estimated value of which is $187,500.00.

The total estimated value of all of said undistributed assets being $304,978.62

And after providing for the payment of $6284.86 on account of commissions to
the Executors and Trustees, and an attorneys' fee of $185.30 to messrs. Plante, Edwards
& Abrahams, Attorneys for the Trustees, said decree proceeds with a statement in detail
of the respective interests of the several legatees under the will of said Conrad
Hubert in and to said fund. The interest of the University of Virginia therein being
stated by said decree to be as follows:

• (1) An undivided participation three-eightieths (380) interest in the
  note of $30,208.43 of Temple Terrace Assets Co., Inc., dated June 13, 1928, due
  June 13, 1933, @ 7% and in the note of $26,912.45 of Temple Terrace Assets Co.,
  dated June 13, 1928, due June 13, 1933, @ 8%;

• (2) 3¾ shares of capital stock of Glenalla Realty Corporation;

• (3) 93¾ shares of common stock and 93¾ shares of 8% preferred stock
  of Orange Belt Realty Corporation.

And said decree provides that the institutions named therein, one of which is
University of Virginia, may within thirty days after date of said decree (that is, on or
before April 14, 1939) file the consent provided for by said decree to distribution of
said assets in kind.

The proposal is made, however, that in accepting distribution of said assets
in kind, the institutions interested therein shall direct said Trustees to issue and deliver
to Ernest E. Quantrell, Bernard Reswick, and David Weinstein, as Voting Trustees, under and
pursuant to the terms and provisions of a proposed Voting Trust Agreement, dated March 24, 1939,
their respective interests in said notes of Temple Terrace Assets Company, Inc., and the
shares of stock above described.

Said Voting Trustees will then issue and deliver to each of the beneficiaries,
or to their respective nominee or nominees, certificates for the number of shares of said
corporation transferred by said beneficiaries, respectively, to said Voting Trustees, it
being comtemplated that said beneficiaries are to direct said Voting Trustees upon receiving
the several interests of said beneficiaries in and to the notes aforesaid to
transfer said notes either to Glenalla Realty Corporation or Orange Belt Realty Corporation
as an additional contribution to the capital of the Corporation, to which said interests
in said notes are transferred. Thus, the delivery of the certificates for the number of
shares respectively transferred by the different beneficiaries will reflect the respective
interests of said beneficiaries not only in the shares of stock but in said notes.

There is presented herewith a form fo consent to distribution by the Executors
and Trustees of said Conrad Hubert, deceased, of said notes and of said stock.

There is also submitted herewith a form of agreement for execution by all of the
remaining individual and corporate beneficiaries under said will. Said agreement sets out
in detail the conditions under which the assignments to said Voting Trustees above referred
to are to be made, defines the duties and obligations of said Voting Trustees,
and provides in detail for the management of said trusts for the term of three years
beginning as of the date of the execution of said agreement, and ending on the 24th day of
March, 1942, the purpose of said Trust Agreement being to turn over to said Voting Trustees
all of the assets which are now subject to distrivution and which consist of the interest
in the two notes above referred to and the assets of said two corporations, which assets
consist mainly of large tracts of land, some improved but the greater portion unimproved,
situated in Florida, and about which we are not accurately advised.

The question presented to the board is whether it is wiser for the University to
consent to the transfer of its interests as above set out to said Voting Trustees, or
whether we should refuse to agree to such transfer and insist upon immediate sale of the
University's interest in said estate and a settlement for such amount of cash as such
sale will produce.

After full consideration of the whole subject, the following resolution was adopted:

And be it further