University of Virginia Library

VINCENT SUCCESSION

The President stated that because of the rapid movement in the securities market it had
been found necessary to adopt some method whereby the consent of The Rector and Visitors to
changes in investments in the Succession of the late Hugh E. Vincent could be obtained more
rapidly than heretofore. He pointed out that under existing procedure such changes were
submitted to the Honorable Wayne G. Borah, the University's representative, who then transmitted
the recommendations for changes in investments to the Comptroller for approval. It was
suggested that this procedure could be improved upon by authorizing Judge Borah to give his
consent on behalf of the University to such changes upon a receipt of a telegram of authority
from The Rector, the President or the Comptroller. After discussion, upon motion duly made and
seconded, the following resolution was adopted:

WHEREAS, under the will of the late Hugh E. Vincent, which was probated April 24, 1951, in
the proceedings No. 304-985 of the Civil District Court of Orleans Parish, Louisiana, Mildred
Saffold Vincent, his widow, was named as Usufructuary, and the University of Virginia, Tulane
University and Trinity Church were named as Naked Owners of certain assets, including certain
securities, which in accordance with the will have been lodged in the custody of the Whitney
National Bank of New Orleans; and

WHEREAS, by an agreement executed, in couterparts, by the said four parties in interest
(Counterpart by the University of Virginia being executed by Vincent Shea), which agreement
became effective by the lodgment of counterparts signed by all four parties in Whitney National
Bank on June 7, 1956, a method of handling those securities was formulated and agreed upon; and

WHEREAS, the said agreement provides for the consent of the four parties in interest to the
reinvestment of capital resulting from the maturity of securities, and also for the consent of
all four parties to the disposal of securities in the estate, and the reinvestment of the
proceeds of those securities; and

WHEREAS, because of the rapid movement in the securities market, it is essential that these
consents be given without unnecessary delay; and

WHEREAS, by resolution of this Board adopted December 12, 1952, and still in force, The
Rector or President or the Comptroller of this corporation is authorized and empowered to sell,
assign and transfer any and all stocks, bonds, evidences of interest or indebtedness, rights,
and options, to acquire or to sell same and all other securities, corporate or otherwise,
standing in the name of, or belonging to, this corporation in any capacity; and

WHEREAS, as a courtesy to this institution the Honorable Wayne G. Borah has agreed to act
for this institution in the matter giving the written consent of this institution, to any such
transaction upon receipt by him of a telegram signed by either the Rector, the President or the
Comptroller of this institution,

NOW, THEREFORE, BE IT RESOLVED that upon receipt by him of a telegram signed by any one of
said officials authorizing such consent, the said Wayne G. Borah is hereby authorized,
empowered and directed on behalf of this institution, to consent in writing to any of the above
described transactions made under the said agreement of June 7, 1956, provided that the other
three parties in interest have already consented to such transactions.