University of Virginia Library

REPORT TO THE BOARD ON ACTION OF THE EXECUTIVE COMMITTEE
REGARDING APPROVAL OF THE BIENNIAL BUDGETS, THE ENGAGEMENT
OF INVESTMENT COUNSEL, AND APPROVAL OF THE UNIVERSITY
MOTOR VEHICLE REGULATIONS

The Rector reported that the Executive Committee, under Section 3.1 of the Manual of the Board of Visitors, 1966, voted on August 13, 1971 to approve the 1972-74 Biennial Budget as approved by the Finance Committee for Mary Washington College, the University at Charlottesville, the Hospital Division, Clinch Valley College, George Mason College, the School of General Studies, and Public Service Bureaus.

The Executive Committee on August 13, 1971, approved the firm of John W. Bristol and Company, Inc., as Investment Counsel as recommended by the Finance Committee. The Committee also approved the University Motor Vehicle Regulations, authorizing the President to make such changes in these regulations as he may from time to time deem necessary.

In connection with the engagement of Investment Counsel, changes in certain custodial agreements were required.

The following resolution was adopted:

• RESOLVED by The Rector and Visitors of the University of Virginia that pursuant to terms of the contract with State-Planters Bank and Trust Company, now United Virginia Bank/State Planters Shares, to act as custodian of the University's endowment funds as set forth in the Board's minutes of December 13, 1946 and a similar agreement with the National Bank of Commerce of Norfolk, now Virginia National Bank, dated and referred to in the February 9, 1963 minutes of the Board, such contracts be and each of them hereby is terminated;
• RESOLVED FURTHER, that the Comptroller be and he hereby is authorized and directed to execute custodial agreements with the respective banks in such form as may be approved by the University's Special Counsel and to take such other action as may be necessary to effect such agreements.