 | Board of Visitors minutes April 27, 1957 |  |
WITNESSETH:
That for good and valuable consideration passing from said Trustee
to said Settlor, receipt whereof is hereby acknowledged, and in further
consideration of the agreement on the part of said Trustee hereinafter
expressed to incur the obligation and perform the duties imposed upon
it by this instrument in order that the purposes hereinafter expressed
may be carried out, and subject to all of the covenants and conditions
herein contained, said Settlor hereby GRANT, ASSIGNS, TRANSFERS AND
DELIVERS unto said Trustee certain funds and/or property as specifically
described in a separate receipt issued by said Trustee to said Settlor
and in said Settlor's possession, TO HAVE and TO HOLD, said funds
and/or property together with any additional property or monies
hereafter received, either by inter vivos gifts or by testamentary
disposition, unto said Trustee, its Successors and Assigns, IN TRUST,
for the uses and purposes hereinafter set out and with the powers
hereinafter defined and enumerated.
I(a) Said Trustee shall collect the rents, issues and profits
arising therefrom, and after deducting all proper charges and expenses,
shall pay over the net income therefrom to Settlor's wife, Elizabeth
Green Handy, in monthly, quarterly or semi-annual instalments as she
may desire, so long as she shall live,
(b) Said Trustee shall have the power, during the lifetime of
said Elizabeth Green Handy, to encroach upon the principal of said
trust, whenever, if ever, it is necessary so to do in order to provide
for her comfortable but conservative support and maintenance, including
medical and hospital care, but such encroachments, if any, shall in any
event be limited to such an amount or amounts as may be necessary to
maintain said Elizabeth Green Handy in as much comfort as she now
enjoys, but in so acting, said Trustee shall use its sole and
unfettered judgment in determining to what extent, if any, it may be
necessary to so encroach in order to accomplish these purposes, taking
into consideration such other income or estate as said Elizabeth Green
Handy may have or be entitled to from other sources.
II(a) Upon the death of said Elizabeth Green Handy, said
Trustee shall continue to hold the principal of said trust estate in
trust for a further period of ten (10) years, and after her death,
shall pay over three-fourths (3/4) of the net income derived therefrom
to The Rector and Visitors of the University of Virginia, a
corporation, to be expended for the perpetuation and activation of its
Far Places Collection as hereinafter defined. Said Trustee shall pay
over the remaining one-fourth (1/4) of said net income to the Trustees
of the Peabody Museum, Salem, Massachusetts, for the continuation of
Genethnics research in Salem and contiguous areas in New England, in
Oceania, East and Southeast Asia and India, and the publication of
Genethnics studies.
Said income payments may be made in monthly, quarterly, semiannual
or annual instalments as said Trustee may desire.
(b) Since all relationship immediately and ultimately rests
upon and resides in individuals as organic strands in webs of heredity
and heritage, within the matrix of the total environment, the study of
individuals as wholes is to be adhered to as the guiding principle in
recording and interpreting natural and human relations, whether of
individual to individual or of individuals in the aggregate, as groups,
communities or societies. In the study of individuals and their
relationships, in accordance with this focal principle, for which the
term "Genethnics" is compounded, techniques based upon recognized
scientific procedures are to be utilized and applied in natural history
and life history, in biography and family record, and in description
and analysis of persons, groups, communities and regions.
The area of interest of the Far Places Collection shall therefore
be the culture, languages and races of the world, particularly focussed
upon the life histories of significant persons, peoples, places, and
things, irrespective of time and place. The research materials of the
Far Places Collection consists of books, or other printed sources,
manuscripts, maps, and data of any sort significant with respect to
persons, peoples, times, conditions and places which have had prime
effectiveness in promoting beneficent achievement and progress of
mankind.
(c) During the ten (10) year period of continuance of said
trust after the death of said Elizabeth Green Handy, the expenditure
of the three-fourths (3/4) of the annual income of said trust paid to
The Rector and Visitors of the University of Virginia, shall be
determined by a committee of five (5) members.
Said Committee shall be composed of the Librarian of the University
of Virginia, as chairman, and one person of high professional standing
from each of the following fields of endeavor
(1) Law, Government, or International Relations,
(2) Finance, or Commerce,
(3) Biology or Anthropology,
(4) History, Literature, Drama or Fine Arts.
With the exception of the chairman, the members of the Committee
shall be appointed each year by the Board of Visitors of the University
of Virginia, and the appointed members of the Committee need not
necessarily be members of the faculty of the University of Virginia.
No person who is a dean, chairman or head of a department of the
University of Virginia shall be eligible to serve as one of the
appointed members of the Committee. This limitation is placed on
membership in the hope of insuring that expenditures be always
calculated in terms of the development of the library of the University
of Virginia and of its Far Places Collection and not used to subsidize
the budget of any particular school or department of the University, it
being the hope of the Settlor that the Far Places Collection will
always serve the interests of general reference in liberal and applied
art without becoming departmentalized.
Said Committee shall meet once each year and at such annual meeting
the Committee shall determine the amount of income to be allocated for
different branches of research, such as library materials, consultants,
seminars, lectureships or fellowships, in the areas of interest defined
in paragraph (b) of this Article, and shall determine the objectives
and purposes of each branch of such research.
The decision of a majority of the Committee shall be final.
The members of the Committee, with the exception of the Chairman,
shall receive travel expenses incident to attendance at the annual
meeting and an honorarium, the amount of which shall be determined by
the chairman.
III(a) At the end of ten (10) years from the date of death of said
Elizabeth Green Handy, said trust shall terminate and said Trustee shall
pay, transfer and deliver to said The Rector and Visitors of the
University of Virginia, the entire principal of said trust estate, to
be held by it in trust for the perpetuation of the purposes and
activities of its Far Places Collection, as hereinabove set forth.
(b) If at the time the principal of said trust is received by
said The Rector and Visitors of the University of Virginia, the amount
thereof is sufficient for the purpose, and the Board of Visitors of the
University of Virginia, in consultation with the Librarian of said
University, deem it practicable and advisable, a portion of said
principal shall be used to equip a room in the Library of said University
to be set aside specifically to house its Far Places Collection, or if
no proper room exists, to be used to erect a room as an addition to the
existing Library building and to equip the same for such purposes.
The room housing the Far Places Collection shall be one suitable
for research on the part of the faculty, guests with faculty privileges,
alumni, graduates, and undergraduates of the University, and for
lectures and seminars. It is distinctly not to be a "browsing room",
a reference room for general study or a mere alcove off any other room
in the Library.
If such a room is established there shall be placed therein a
bronze plaque reading as follows
"This room houses the Far Places Collection dedicated to those in
near and far places who see far, whose awareness transcends time and
place."
The interest of the Settlor in a room devoted exclusively to
housing the Far Places Collection of the University of Virginia arises
out of a conviction that the collection will thus be more effective as
an instrumentality for strengthening and perpetuating the Jefferson
tradition of both liberal and applied arts at the University of
Virginia, and thus will more certainly guarantee the realization of
such purpose. By housing the collection in a room specifically
designed and equipped as a place for research and writing, conference,
informal lectures, and the like, a room in which the more important
documentary materials are at hand and easily available for immediate and
direct reference, the purpose for which this trust is established will
be better served than if these materials are dispersed in the general
collections of the University Library, or in departmental libraries of
the University at Charlottesville, or in branches of the University in
other localities in Virginia.
IV. The balance of the principal of said trust estate not expended
for the purposes hereinabove set out in Article III(b) of this
Indenture shall be held in trust by said The Rector and Visitors of the
University of Virginia, and the expenditure of the net income derived
therefrom shall be determined by the same Committee heretofore described
in Article II(c) of this Indenture, and in the manner and for the same
purposes therein set out.
V. The right is hereby reserved by the Settlor, for himself,
during his lifetime, or by will, or for anyone else, either before the
death of said Settlor or thereafter, either by will or deed or otherwise,
to add to said trust fund at such time or times and in such
amount or amounts as he or they may see fit, in cash, securities or
other property, real or personal, said additions to be held by said
Trustee as a part of the principal of said trust fund, under all of the
provisions and conditions of this Indenture.
VI. Said Trustee shall, without regard to any legal or statutory
restrictions otherwise applicable to fiduciaries (whether pertaining
to investments or other matters) have, with reference to said trust
estate, the following powers and discretions in addition to any conferred
by law
(1) To retain so long as it may deem advisable any property of
any kind and description, in the form of investment in which it receives
the same, or any property of any kind and description acquired by it in
the exercise of any power conferred upon said Trustee by general law or
by this Indenture, even if such property should be or become unproductive
of income, of a wasting nature, speculative in character or otherwise
hazardous, and even though said property constitutes a greater proportion
of said trust estate than would normally seem advisable,
(2) To sell, exchange or otherwise dispose of any such property,
(3) To invest and reinvest in any securities or other property,
real or personal, including corporate stocks of any classification,
interests in investment trusts, and common trust funds. Investments
need not be diversified and may be made or retained with a view to a
possible increase in value,
(4) To hold any portion of said property in cash or universted
for such period or periods as may seem to them advisable,
(5) To sell, mortgage or lease (even for a period extending
beyond the duration of the trust), alter, improve, erect buildings
upon, convey by their sole deed, or otherwise deal with or dispose of
real property, or any interest therein,
(6) To consent to, dissent from or otherwise participate in any
mergers, consolidations, reorganizations, or other changes affecting
securities, and delegate discretionary powers and pay any assessments
or other charges in connection therewith;
(7) To exercise any options or rights of subscription, available
in connection with any securities, and to make any payments required
therefor,
(8) To resolve whatever doubt, if any may arise, in allocating as
between principal and income, any receipts or disbursements. And the
decision of said Trustee in this respect shall be binding upon all
interested parties,
(9) To vote in person or by proxy upon any such securities and to
delegate discretionary powers in relation thereto;
(10) To compromise, submit to arbitration, release or otherwise
adjust any claims in favor of or against any funds, securities,
properties, etc., estates or interests therein, held by said Trustee,
or to which said trust estate may be entitled, and to enter into any
contract or other undertaking that may seem to said Trustee to be in
the best interests of said trust estate, without incurring personal
liability upon any such undertaking;
(11) To hold the securities or other properties in the name of
said Trustee, in the name or names of its nominee or nominees, or in
bearer form,
(12) To employ agents, depositaries and attorneys, and to delegate
to them discretionary powers, if need be, and to compensate them for
their services.
Said Trustee shall not be liable for any loss resulting to said
trust fund from any actions of said Trustee other than actual malfeasance
or misfeasance.
VII. The Trustee shall be entitled to an annual fee of five
percent (5%) of the gross income collected, but not less than twenty
dollars ($20.00) annually, and, in addition, to a corpus fee of one
percent (1%) of the market value of the securities now transferred to
the Trustee and of further additions to said trust fund as above
provided, payable presently or when such additions may be made, as the
case may be, and one and one-half percent (1 1/2%) of all withdrawals
of corpus, or of the market value of said trust fund held at the
termination of said trust, payable at that time.
If the Trustee shall resign, the Trustee shall not be entitled to
any corpus fee.
VIII. If, at the date of termination of said trust, the market
value of the principal thereof amounts to less than five thousand
dollars ($5,000.00), the entire principal thereof may be expended by
said The Rector and Visitors of the University of Virginia, for its
Far Places Collection.
IX. This trust shall be irrevocable from the date of execution
of this Indenture by the Settlor and its delivery to and acceptance by
said Trustee.
X. This Indenture shall be construed and regulated by the laws of
the State of Virginia.
The Trustee unites herein as evidence of its acceptance of the
trust hereby created, and covenants that it will faithfully discharge
all of the duties herein imposed upon it as such Trustee.
IN WITNESS WHEREOF, the parties hereto have executed this
Indenture in triplicate, the day and year first above written.
[Description: (SEAL)]By /s/ Junius R. Fishburne
Vice-President and Trust Officer
/s/ Paul C. Smith
Assistant Secretary
| Board of Visitors minutes April 27, 1957 | |