University of Virginia Library

SUPPLEMENTAL CONTRACT WITH STATE-PLANTERS BANK

After consideration of the recommendation of the Finance Committee, upon motion duly made and
seconded, the following resolution was adopted:

BE IT RESOLVED THAT

WHEREAS, State-Planters Bank and Trust Company, which is acting as agent for the Rector and
Visitors of the University of Virginia, a corporation, under a certain Agency Agreement, dated December
13th, 1946, has presented to the Finance Committee of this Board a certain Memorandum of Agreement, dated
September 11th, 1947, between the Rector and Visitors of the University of Virginia and State-Planters
Bank and Trust Company, which agreement is supplemental to the Agency Agreement above referred to; and

WHEREAS, in the said Agency Agreement of December 13, 1946, no authority was specifically given
by this Board to the Finance Committee of this Board, to direct, ratify and approve certain acts of the
State-Planters Bank and Trust Company, such as uniting in or consenting to any lease, mortgage, consolidation,
merger, foreclosure or reorganization of any corporation, or other corporations, the bonds, stocks
or other securities of which are held by said Bank in the agency fund; and

WHEREAS, it is desirable to give to the Finance Committee of the Board of Visitors the power
to direct, ratify and approve the actions of the said Bank in regard to the matters and things which are
fully set out in the said Memorandum of Agreement; and

WHEREAS, it is further desired to give to the said Bank the power to perform these acts which,
as aforesaid, are fully set out in said Memorandum of Agreement, upon the request or with the approval of
the Chairman of the Finance Committee of the Board of Visitors; and

WHEREAS, the said Memorandum of Agreement has been submitted to W. Allan Perkins, attorney for
the University of Virginia, and by him approved as to form; and

WHEREAS, the said Finance Committee has recommended the adoption of this Memorandum of Agreement
and this Board has carefully considered it,

BE IT FURTHER RESOLVED that this Memorandum of Agreement is hereby adopted as the contract of
the Rector and Visitors of the University of Virginia, and Colgate W. Darden, Jr., President of that corporation,
is hereby authorized and directed to execute the same in the name of the corporation, and
Vincent Shea, Secretary of this corporation, is hereby authorized to affix the corporation's seal thereto
and attest the same, and to deliver the said Memorandum of Agreement to State-Planters Bank and Trust
Company for execution by that Bank.