University of Virginia Library

NEW TRUST AGREEMENT

THIS INDENTURE, made this 5th day of December, in the
year One thousand nine hundred and twenty-three, between
PAUL G. McINTIRE, of Charlottesville, Virginia, party of the
first part, and UNITED STATES TRUST COMPANY OF NEW YORK,
party of the second part, WITNESSETH:

NOW THEREFORE, in consideration of the premises and
of the sum of one 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 grant, sell, transfer, assign and set over, unto the
party of the second part, its successors and assigns the
following property, namely:

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TO HAVE AND TO HOLD said property to the party of the second
part, its successor and assigns, in trust, however, for
the following uses and purposes, namely: To hold, manage,
and invest, and reinvest the same; to collect and receive
the interest, income and profits thereof, and, after
deducting all proper charges and expenses, to apply the net
income therefrom for the support and benefit of Charlotte
Virginia McIntire during her natural life by paying such
bills contracted on her behalf as may be directed by the
party of the first part during his life, or by a duly qualified
and appointed committee of said Charlotte Virginia McIntire,
or to pay said net income therefrom to said Charlotte
Virginia McIntire in the discretion of the party of the second
part, and upon the death of said CHARLOTTE VIRGINIA McINTIRE, in
trust, to hold, manage, invest and re-invest the same and
to pay the net income therefrom to Anna D. McIntire, wife
of the party of the first part during her natural life, and
upon her death, in trust, to hold, manage, invest and reinvest
the same and to pay the net income therefrom as
follows: One Thousand Dollars thereof each year to the then
Treasurer of Home Missions of the West Hanover Presbyterian
Church of Va., at Charlottesville, Virginia, to be used in
the regular work of said Missions and the balance of yearly
net income to the Trustee of the University of Virginia to
establish scholarships as follows:

The Albemarle County Scholarships: Six, three to be
filled each year, with a tenure of two years each, and
with a yearly income of three hundred dollars ($300.) each.
Each encumbent of such scholarship must be a male graduate of
an accredited public high school in Albemarle County; and
must enter upon his incumbency the year after his graduation
from high school. The method of filling these scholarships
is to be determined by the authorities of the University of
Virginia.

Charlottesville Scholarships: Four, two to be filled
each year, with a tenure of two years each, and with a yearly
income of three hundred dollars ($300.) each. Each incumbent
of such scholarship must be a male graduate of an accredited
high school of the City of Charlottesville, and must enter upon
his incumbency the year after his graduation from high school.

Virginia Scholarships: Ten, five to be filled each year,
with a tenure of two years each, and with a yearly income of
three hundred dollars each. The authorities of the University
of Virginia may distribute these scholarships at their discretion
within the State of Virginia.

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Holders of any of the above named three group of scholarships,
namely, The Albemarle County Scholarships, Charlottesville
Scholarships, and Virginia Scholarships, will not be required
to render teaching or other University service in return
for their emoluments.

McIntire Fellowships: Nine, three to be filled each
year, with a tenure of three years each and with a yearly
income of five hundred dollars ($500.) each. The method of
selecting the incumbents is to be determined by the authorities
of the University of Virginia.

McIntire Loan Funds: The sum of One thousand five hundred
dollars ($1,500) annually is to be used as a loan fund for helping
students of marked excellence who are in need of financial
assistance. This fund is to be distributed under the general
regulations of the University of Virginia regarding loans.

In case there is any reduction of the income from the
foundation of the McIntire Scholarships, Fellowships and
Loan Funds, such reduction or loss is to be distributed pro rate
between the Virginia Scholarships and the McIntire Fellowships.

The party of the second part is hereby expressly relieved
from any obligation to establish any sinking fund in order
to restore to the principal of the trust estate any premium on
any investments made by the party of the second part.

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
one per centum of the par value of the principal of the trust
estate hereby transferred, to be retained by it upon the
termination of this trust, in whole or in part, and two and
one-half per centum 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 two and one-half per
centum 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 of 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 presence of: (Signed) Paul G. McIntire

UNITED STATES TRUST COMPANY OF NEW YORK

By
Vice President

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On motion the meeting then adjourned.