University of Virginia Library

BEQUEST OF MICHAEL S. KOVALENKO

President Darden laid before the Board letters from Mr. C. E. Hammond, Trust Officer of the
First-Stamford National Bank & Trust Company, of Stamford, Connecticut, and co-executor of the
estate of the late Michael S. Kovalenko, quoting Mr. Kovalenko's will as follows. "Six (6) Per
Cent (of my said residuary estate) to the University of Virginia, Charlottesville, Virginia, to
be added to the already established Jessie Stevenson Kovalenko Fund and subject to the same
terms and conditions of the original fund." Mr. Hammond's letter added that the University's
legacy would amount to approximately $10,000 and would be available in May, 1955. Mr. Darden
referred to a list of securities in the Kovalenko estate and to the inquiry in Mr. Hammond's
letter as to whether the University would be willing to accept the legacy, in stock shares rather
than in cash

There was general agreement in the Board that the stocks would be acceptable provided that
Mr. Hammond's specific proposal, when received, should be referred to the Finance Committee of
the Board for study and approval