University of Virginia Library

VINCENT ESTATE

The President proposed the election of a successor to the late Judge Wayne Borah as a representative of the University of Virginia in connection with the Vincent Estate, and accordingly the following resolution was adopted:

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia that Richard W. Gamble of New Orleans, Louisiana, be and he is hereby designated as the representative of The Rector and Visitors of the University of Virginia generally known and designated as the "University of Virginia," as a substitute for the late Wayne G. Borah.

BE IT FURTHER RESOLVED that said Richard W. Gamble be clothed with all authority heretofore granted said Wayne G. Borah and without limiting same more particularly, be and he hereby is authorized and empowered on behalf of said The Rector and Visitors of the University of Virginia in any case in which (a) the executors (during their tenure but not thereafter) and (b) the widow and usufructuary and (c) the other two naked owners concur in that action, to subscribe the name of this Institution to an endorsement upon a lease of any portion of the property included in said estate and in which this Institution has an undivided naked ownership interest as above set out, without limitation on time, which endorsement shall read substantially as follows:

The undersigned Naked Owners of this property take cognizance of the above lease and if, as and when they come into full ownership of the property, they will assume the obligations of landlord under this lease in accordance with its terms and for the period which it designates.

BE IT FURTHER RESOLVED that in connection with the execution of any such lease the said representative is hereby authorized to consent to the charge against this Institution of its proportionate part in any expenditures (not in excess of $5,000 for the total of such expenditures in any one case), which under the Louisiana law are chargeable to the naked owners of the property in question.

BE IT FURTHER RESOLVED that said Richard W. Gamble be and he is hereby is authorized to act on behalf of the University of Virginia on all matters dealing with investments, in accordance with the letter of 12 April 1965, signed by all naked owners and by the widow and usufructuary, pursuant to which letter management of the investments in the Succession of Hugh Vincent are now being handled and a copy of which letter is attached and made a part of these minutes.

MONROE & LEMANN Attorneys and Counsellors at Law Whitney Building NEW ORLEANS 70130 April 12, 1965 #3849-D-19-A

Mr. Lester E. Junge Trust Officer Whitney National Bank New Orleans, Louisiana

Re: Custodianship Mrs. Mildred Saffold Vincent, Usufructuary, et al - Tulane University, University of Virginia and Trinity Church, Naked Owners

Dear Mr. Junge:

Contemporaneously with the execution of this letter the undersigned have executed an agreement which extends and brings down to date the agreement on June 7, 1956 covering the handling of the securities in the above account.

We now supplement that agreement as follows:

a) Mr. Darwin Fenner and Mr. Lee Murphy, Jr. are constituted hereafter as the securities committee. The Securities Committee will make all recommendations thereto with respect to the portfolio. Upon receipt of these recommendations, you will circulate them among the parties hereto and upon approval of all parties, you will proceed to carry out these recommendations. All executions are to be handled through the firms of Merrill, Lynch, Pierce, Fenner & Smith and Ladd Dinkins & Company.

b) Whenever municipal bonds mature or are called, the Securities Committee is authorized without further authorization to reinvest proceeds thereof in municipal bonds having a rating of Moody's "A" qualification or better with maturities extending not longer than 20 years from the date of purchase.

c) Whenever you receive either rights, subscriptions, warrants or fractional shares in connection with any securities in your portfolio, you are authorized to deal with said right, subscriptions, warrants or fractional shares on written instructions of the Securities Committee without any written authorization from the undersigned.

In connection with (b) and (c) above, whenever any action is taken you will notify all of the undersigned in writing promptly.

APPROVED

Tulane University of Louisiana

Darwin S. Fenner

Trinity Church

Respectively submitted,

For Succession Hugh E. Vincent Mrs. Mildred Saffold Vincent, Usuf.

Mrs. Mildred Saffold Vincent

University of Virginia

Judge Wayne G. Borah