Board of Visitors minutes :: November 29, 1921 :: University of Virginia Library

RESOLVED, that the Rector and Visitors approve of the action
of the President in granting a leave of absence, for the period
of one year, to Dr. Wilfred Eldred, Associate Professor of
Business Administration, for work in food research.

RESOLVED, that the Rector and Visitors of the University
note with approval the trust fund created by Mr. Paul Goodloe
McIntire for the benefit of the University and orders that the
papers in the matter of the creation of this fund be spread
upon the minutes.

111

"THIS INDENTURE, Made the 10th day of October, in the
year one thousand nine hundred and twenty-One, between PAUL
G. MC INTIRE, of the Town of Charlottesville, Virginia, party
of the first part, and UNITED STATES TRUST COMPANY OF NEW
YORK, party of the second part,

WITNESSETH:

WHEREAS, The party of the first part desire to create
a trust fund for the use, support and benefit of the UNIVERSITY
OF VIRGINIA, situated in the Town of Charlottesville,
Virginia;

NOW, THEREFORE, In consideration of the premises and the
sum of the dollar by the party of the second part paid to
the party of the first part, the receipt whereof is hereby
acknowledged, the party of the first part by these presents
does transfer and deliver unto the party of the second part,
its successors and assigns,

$200,000.

par value, United States of America
Victory Liberty Loan 4 3/4% Gold Notes,
due May 20, 1923,

TO HAVE AND TO HOLD the said property to the part of the
second part, its successors and assigns, in trust, however,
for the following uses and purposes, namely: To hold, manager,
invest and reinvest the same, to collect and receive the
interest income and profits thereof, and, after deducting all
proper charges and expenses, to pay the said interest, income
and profits to the Bursar of said UNIVERSITY OF VIRGINIA
for general expenses in managing and maintaining said University,
such payments to be made in quarterly installments at convenient
periods.

The party of the second part is hereby expressly authorized
and empowered in its discretion, to hold the said property in
the form of investment in which it receives the same and in
the like discretion to sell property, or any part thereof, as
well as any property hereafter acquired in trust hereunder,
and to reinvest the same and the proceeds of the sale thereof
in the bonds or capital stock of any corporation in the United
States whose bonds or capital stock are commonly bought and
sold in the City of New York, even though such securities may
not be of a nature authorized by the laws of the State of New
York for the investment of trust funds, provided that no
purchase or sale shall be made except upon the consent in writing
of the person who at the time is President of the said
UNIVERSITY OF VIRGINIA.

112

It is understood and agreed by and between the parties
hereto that the commissions of the party of the second part
for the execution of the trusts hereby created are fixed at
2% upon the interest and income received by it from the said
trust estate and paid over in accordance with the provisions
of this deed, said 2% to be deducted from such income at the
time of such payment.

The party of the second part hereby accepts the trusts
hereby created and covenants that it will faithfully perform
and discharge all the duties of its office as such trustee.

IN WITNESS WHEREOF, The parties hereto have executed this
instrument in duplicate the day and year first above written

Sealed and delivered
in the presence of:

(Signed) Paul G. McIntire
UNITED STATES TRUST COMPANY
OF NEW YORK

By,
Vice President.

STATE OF VIRGINIA SS:

COUNTY OF ALBEMARLE SS:

On this day of October, 1921, before me personnaly
came PAUL G. MCINTIRE, to me known, and known to me to be the
person described in an who executed the foregoing instrument,
and he acknowledged to me that he executed the same.

(Signed) Louise F. Wheeler, N.P.

STATE OF NEW YORK, SS:

COUNTY OF NEW YORK, SS:

On this day of October, 1921, before me personnaly
came WILLIAMSON PELL, to me known, who, being by me duly sworn,
did depose and say that he resides in the Village of Rye,
New York; that he is the Vice President of the United States
Trust Company of New York, the corporation described in and
which executed the foregoing instrument; that he knows the
seal of said corporation; that the seal which is affixed to said
instrument is such corporate seal; that it was so affixed by
authority of the Board of Trustees of said corporation, and
that he signed his name there to as its Vice President bylike
authority.

RESOLVED, that the Rectorand Visitors of the University
have received with approval the report of Prof. A. M. Dobie,
Executive Director of the Centennial Endowment Fund and have
ordered the same to be spread upon the minutes of the Board.