University of Virginia Library

Paul Goodloe McIntire Trust Agreement:

At meeting of the Board of Visitors held on the 28th day January, 1938,
the President explained the situation with reference to certain trusts heretofore created

by Mr. Paul Goodloe McIntire, under which his daughter, Miss Charlotte V. McIntire,
is to receive certain income during her lifetime, and at her death this income is
to pass to the University for the purpose of creating certain scholarships, as
defined in the Trust Agreement. The President further stated that at his request
Mr. McIntire had consented that the remainder under said trusts might be used by
the University ofr its general purposes and not be confined to use for scholarships.
A resolution was thereupon adopted by this Board authorizing the Attorney for the
University with the consent and approval of Mr. McIntire to prepare and file in the
Circuit Court of Albemalre County such petition as might be necessary to obtain the
consent of the Court to the change in application of the remainder under said trusts,
Dr. J. L. Newcomb, President, being authorized by said resolution to execute and
file an answer to said petition in the name and on behalf of The Rector and Visitors
of the University of Virginia. Mr. Perkins, as Attorney for the University, reported
that pursuant to this resolution, proper petition was prepared and filed in
the Circuit Court of Albemarle County, on behalf of Mr. McIntire; that answer was
prepared, executed, and filed by Dr. Newcomb as President of the University; and that
by decree of said Court, entered October 18, 1938, the University is authorized to
use the funds which are ultimately to be paid to it under these trusts for such
purposes as its constituted authorities may desire, instead of being restricted to
scholarships, fellowships and loan funds, as set out in the original trust indentures.

Application of Zeta Psi Fraternity for reduction of interest rate on its loan from
the University from 6% to 5% was referred to the Finance Committee for report
together with report on all other loans to fraternities.