University of Virginia Library

COMPROMISE AGREEMENT ON McINTIRE TRUST

C. Venable Minor, Special Counsel of the University, appeared before the Board relative
to the matter of the two trusts established by Paul Goodloe McIntire with United States Trust
Company of New York, Trustee, dated December 5, 1923, under which, after the death of his
daughter, Charlotte. Virginia McIntire, the University is named as remainder beneficiary

Mr. Minor briefly reviewed his letter to Mr. Darden of March 11, 1954, which was presented
to the Board at its meeting held on March 12, 1954. Since that date, Mr. Minor pointed out,
the resolution adopted by the Board at its March meeting, approving in part a proposed
compromise agreement had been transmitted to Messrs. White and Case, New York counsel for the
University, and had been submitted by them to counsel for Mrs. Hilda Hall McIntire, widow and
Executrix of Mr. McIntire

This resolution eliminated a proposal that Mrs. McIntire, should she survive Charlotte
Virginia McIntire, receive payments from the trusts during the remainder of her life. Counsel
for Mrs. McIntire was unwilling to accept the proposed compromise agreement in the form approved
by the Board at its March meeting and after further negotiation and discussion, it was suggested
that the compromise agreement contain the following provision

Mr. Minor stated that except for this provision the compromise agreement submitted to the
Board on March 12, 1954, was not materially changed. He further pointed out that the quoted
provision was approved by counsel for Mrs. McIntire and that the adoption of the compromise
agreement with the change above quoted was recommended by Messrs. White and Case and by him as
its adoption would settle all matters in controversy and put an end to the litigation. At most
it represented a concession of not exceeding ten years

After discussion and consideration of Mr. Minor's statement and the text of the proposed
compromise agreement dated March --, 1954, as amended, upon motion, duly seconded and carried
it was

RESOLVED that the Board of Visitors of The Rector and Visitors of the University of Virginia
hereby ratifies and approves, in the form presented to this meeting, the compromise agreement
dated March --, 1954, to be entered into by all of the parties in interest under the two trusts
established by Paul Goodloe McIntire with United States Trust Company of New York, Trustee, dated
December 5, 1923

BE IT FURTHER RESOLVED, that the proper officers of The Rector and Visitors of the University
of Virginia be, and they hereby are, authorized and empowered to execute in the name and on behalf
of The Rector and Visitors of the University of Virginia, an agreement when presented, substantially
in the form and substance as presented to this meeting.