University of Virginia Library

XI.

The Trustees above named, and their successors, are hereby given full power and authority to
make and from time to time to alter By-Laws regulating the management and conduct of the Corporation's

affairs in accordance with, and subject to provisions of Section 3878 of the Code of Virginia.

IN WITNESS WHEREOF, we have hereunto set our hands this _____ day of April, 1949.

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Mr. Gay felt the provisions of Section X., Paragraph (3), to be inexpedient and unwise,
in that it puts the Board of Visitors in the position of actually controlling the investment of income
derived from the Fund since, until they do agree with the Trustees of the Development Fund,
no use can be made of such income.

Mr. Gay concurred in approval of the agreement in other respects, and with this exception
the instrument was unanimously approved.