University of Virginia Library

GIFT FOR PHYSICS DEPARTMENT

The President stated that the University had received General Motors Stock with a value
in excess of $500,000 from Mr. John Lee Pratt, to be used for strengthening and developing the
Department of Physics. It was Mr. Pratt's request that this gift be treated as an anonymous contribution
to the University. The provisions of the gift are as follows

All funds, both principal and interest, are to be expended during a period of not less
than fifteen years, nor more than twenty years. The exact period between these limits to be determined
by the President of the University acting, from time to time, with the advice of the Chairman
of the Department of Physics.

• Fund A. This fund shall be created with 20% of the proceeds of
  this gift and shall be used to establish and support
  the Frank Smith Chair of Physics at the University of
  Virginia. The occupant of this chair shall be a senior
  man of the Department of Physics with distinguished
  attainment in the field of physics.

  This fund shall provide a stipend of not less than Six
  Thousand Dollars ($6000) per year for the occupant of
  this chair. This stipend shall be a supplement to the
  regular salary provided by the State of Virginia to the
  member of the faculty of the Department of Physics.

• Fund B. This fund shall be created from 4% of the proceeds of
  this gift.

  The purpose of this fund is to make available to the
  Department of Physics assistance in attracting and
  keeping desirable Assistant and Associate Professors,
  through the supplementing of salaries, as may be determined
  by the President of the University with the advice
  of the Chairman of the Department of Physics.

• Fund C. This fund shall be created from 10% of the proceeds of
  the gift and is for the purpose of providing exceptional
  equipment that may be required for special experiments
  that the head of the Department of Physics may request
  of the President of the University. It is understood,
  however, that the fund is not to be used to purchase
  general equipment for the Department of Physics.

• Fund D. This fund is to be created with the remaining 66% of
  this gift, as a Scholarship Fund, and is to provide help
  in attracting to the University, outstanding students
  who wish to specialize further in physics.

  It shall be used for both graduate and post-doctorate
  students.

  The number of scholarships at any one time to be determined
  by the ability of the school to supply the right
  kind of training, and the availability of exceptional,
  high grade students. There shall be no compulsion to
  award scholarships any particular year unless there are
  exceptional high grade students available.

  The stipend to be awarded for any scholarship to be
  determined by the President of the University. The
  stipend should be sufficient to obtain the high type
  of students desired by the Department of Physics.

A resolution was adopted accepting this generous gift, subject to the conditions set
forth above

The following resolution, expressing appreciation of the Board to Mr. Pratt, was drafted
by The Rector:

WHEREAS, the Board of Visitors of the University of Virginia has learned with gratification
of the gift of John Lee Pratt to the University of Virginia of stock aggregating in market
value of over half a million dollars;

AND WHEREAS, this Board has accepted this gift subject to the conditions and for the
purposes fully set out in the donor's letters to the President of the University of Virginia under
date of January 6, 1953,

And with a full understanding of the deep interest in the advancement of science and of
the great love for his Alma Mater which motivated John Lee Pratt in making this gift, as well as
with a profound conception of the benefits to science and to society which may well result directly
or indirectly therefrom;

NOW, THEREFORE, this Board hereby records its deep appreciation of the far-seeing
generosity of John Lee Pratt.

To transfer the securities, the following resolution was adopted:

RESOLVED by The Rector and Visitors of the University that the President be authorized
to sign Certificate No. A4221 of General Motors Shares, Inc., registered in the name of The Rector
and Visitors, to transfer said shares to 8000 shares of General Motors Common Stock.