University of Virginia Library

THE MARINERS' MUSEUM

The President recalled to the Board that under the provisions of Article 8 of the Charter of The
Mariners' Museum, as amended, in the event any attempt shall be made to merge said corporation with
any other institution or institutions, or otherwise, or to alter or change the character of said
corporation, the property of said corporation and the title thereto shall immediately pass to and
vest in the University of Virginia. Because of this remote interest The Mariners' Museum has felt it
incumbent to consult the University and obtain its approval of its actions from time to time.

He further stated that on 12 March 1959, The Mariners' Museum entered into a lease with the
Newport News General and Non-Sectarian Hospital Association, Inc. covering a portion of the real estate
owned by the Museum to which lease the University had given its approval.

To enable the Hospital Association to borrow from the Federal Housing and Home Finance
Agency the sum of $420,000.00, the Museum has now agreed to convey to the Hospital Association
a tract of 1.95 acres of its land, being a portion of the land under lease dated 12 March 1959,
the tract of 1.95 acres in turn to be conveyed by the Hospital Association as security for the
proposed loan. The deed from the Museum to the Hospital Association contains an express provision
that upon the proposed debt of $420,000.00 being paid and released, title to the 1.95 acres of land
shall revert to the Museum. The University is requested to unite in the contemplated deed as
evidence of its approval of the terms and conditions thereof.

The President further stated that Mr. Minor, the University's Special Counsel, had given it
as his opinion that the University could unite in the proposed deed without first obtaining the
approval of the Governor, inasmuch as the University was not conveying any interest in property
by so uniting.

The proposed deed was then submitted to the meeting.

After discussion and careful consideration, upon motion duly made, seconded and passed, it
was

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that the President and Secretary be and they hereby are authorized, directed and empowered to
unite, in the name and on behalf of the Rector and Visitors of the University of Virginia, in
the deed from The Mariners' Museum to Newport News General and Non-Sectarian Hospital Association,
Inc. dated 14 October 1961, conveying a tract of 1.95 acres of land in the City of Newport News,
Virginia, therein more fully described, for the sole purpose of evidencing its approval of the
terms and conditions of such deed, and to affix the corporate seal of the Rector and Visitors
thereto, and further to acknowledge and deliver the same to The Mariners' Museum.