 | Board of Visitors minutes October 11, 1985 |  |
ATTACHMENT
SECOND AMENDMENT
OF
TRUST AGREEMENT FOR POOLED INCOME FUND
THIS AMENDMENT, made and entered into this ____ day of , 1985, between THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA, a Virginia public corporation, the principal office of which is located in Charlottesville, Virginia (the Institution), and UNITED VIRGINIA BANK, a Virginia banking corporation, of Richmond, Virginia (the Former Trustee) and THE CONNECTICUT BANK AND TRUST COMPANY, N.A., a Connecticut banking corporation, of Hartford, Connecticut (the Trustee).
WITNESSETH:
The parties desire to amend the trust agreement, dated May 28, 1976, between the Institution and the Former Trustee, to substitute the Trustee for the Former Trustee in such agreement and to make other minor changes therein. The parties desire to amend said agreement as hereinafter set forth.
- NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows:
- 1. The title to the agreement on page 1, is amended
to read as follows:
- TRUST AGREEMENT FOR POOLED LIFE INCOME
- 2. The first unnumbered paragraph on page 1 is hereby amended to delete "United Virginia Bank, a Virginia banking corporation, of Richmond, Virginia (the Trustee)" and insert in lieu thereof "The Connecticut Bank and Trust Company, N.A., a Connecticut banking corporation, of Hartford, Connecticut (the Trustee)."
- 3. Paragraph No. 1 on page 2 of the agreement is hereby amended to change the name of the fund in line 3 to "University of Virginia Pooled Life Income Fund."
- 4. Paragraph No. 3 on page 2 is hereby amended to insert "and/" before the word "or" in line 3 so that the first sentence of said paragraph reads as follows:
- Each donor transferring property to the Pool shall retain for himself for life an income interest in the property transferred, and/or create an income interest in such property for the life of one or more named beneficiaries, each of whom must be living at the time of the transfer of the property to the Pool by the donor.
- 5. Paragraph No. 8 on page 4 is hereby revoked and the following is inserted in lieu thereof:
8. Taxable Year - Income of Beneficiary to be Based on Rate of Return of Pool.
- The taxable
year of the Pool shall be the fiscal year ending
October 31. To each beneficiary entitled
to income of any taxable year of the Pool, the
Trustee of the Pool shall pay such income in the
amount determined by the rate of return earned
by the Pool for such year with respect to the
beneficiary's income interest, payment to be
made at least once in the taxable year in which
the income is earned. Until the Trustee
determines that payments shall be made more or
less frequently or at other times it shall make
estimated income payments to the beneficiary or
beneficiaries entitled thereto in four quarterly
payments on or about October 31, January 31,
April 30 and July 31 of each year. An adjusting
payment will be made during the taxable year or within the first 45 days following its close to bring the total payment to the actual income to which the beneficiary or beneficiaries were entitled for that year.0003
- WITNESS the following signatures and seals as of the day and year first above written.
THE RECTOR AND VISITORS OF
THE UNIVERSITY OF VIRGINIA
By Vice-President for Business and Finance
ATTEST:
Secretary
UNITED VIRGINIA BANK
By Vice President and Trust Officer
ATTEST:
Assistant Secretary
THE CONNECTICUT BANK AND
TRUST COMPANY, N.A.
By
ATTEST:
| Board of Visitors minutes October 11, 1985 | |