Proceedings of the Board of Regents (1963-1966)

318

MAY MEETING, 1964

Hon. Charles C. Simons, B.L., 1898, LL.B., 1900, LL.D.(hon.), 1948,
retired Justice of the United States Court of Appeals, Sixth Circuit, died on February 2, 1964. He had designated "The University of Michigan for the benefit of needy students" as beneficiary
to receive the lump sum payment of the total amount credited to
his account in the Judicial Survivors Annuity System at the time
of his death. A check has been received from the Administrative
Office of the U. S. Courts in payment of this balance in the
am ount of............................................. $ 10,308.61
L. M. Ainger: The University Attorney reported that the will of Lucy M. Ainger
will had recently been offered for probate in Wayne County, Michigan. The
Fifth Paragraph of the will provides as follows:
"I give, devise and bequeath all the rest, residue and remainder of my
property and estate, of which I may die seized or possessed, or to which I may be
entitled at the time of my death, of whatsoever kind or nature, real, personal or
mixed, and wheresoever situate, including all property over which I may have the
power to appoint or dispose of by my Last Will and Testament, to THE REGENTS OF THE UNIVERSITY OF MICHIGAN, the corporate name of the
University which has principal offices in the county of Washtenaw, State of Michigan, to be held, administered and used by said Regents for the uses and purposes
herein stated, that is to say:
"1. The fund herein created shall be known as THE FRANK B. AND LUCY
M. AINGER FUND.
"2. The said fund shall continue to exist for forty (40) years after it has
been received by the Regents.
"3. The Regents shall use the net income from said fund, together with portions of the principal thereof as hereinafter made available, annually, to provide
scholarships for deserving undergraduate students of the Medical School of The
University of Michigan, the amounts and the recipients of said scholarships to be
recommended by the Dean of said Medical School, such recommendations to be
based upon character, pecuniary need and aptitude to pursue the study of medicine.
"Notwithstanding that the primary purpose of the said fund shall be to provide scholarships as set forth above, in the event the need for such scholarships
ceases to exist in the joint judgment of the Regents and the Dean of the Medical
School, the Regents, acting upon the recommendations of said Dean, may use
said net income and portions of principal as hereinafter made available, to
provide fellowships, or for such other purposes as shall be deemed to contribute
to the advancement of scientific research in the field of medical arts and sciences,
provided that such purposes shall also serve to provide individuals engaged in such
research, opportunities for growth and development as creative scientists, the
amounts and the recipients of said fellowships or other grants to be recommended
by the Dean of the Medical School.
"4. As and when the fund has been administered for twenty (20) years, por'tions of the principal of the fund, as well as the income from the fund shall be
used by the Regents for the purposes hereinbefore stated; said principal to be used
for said purposes at the rate of one-twentieth (1/20th) of said principal during the
twenty-first (21st) year of the administering of said fund, one-nineteenth (1/19th)
of the then remaining principal during the twenty-second (22nd) year of said
administering, one-eighteenth (1/18th) of the then remaining principal during the
twenty-third (23rd) year of said administering, and this pattern (reducing the
denominator of the determining fraction by one (1) each succeeding year) to
be followed during each succeeding year thereafter through the fortieth (40th)
year of said administering, during which fortieth (40th) year, following said
pattern, all of the then remaining principal of said fund shall be used for the
purposes hereinbefore stated."
The attorney for the estate estimates that the University should
receive approximately $200,000 from this estate.
Mrs. Ainger, the widow of Frank B. Ainger, was the former Lucy
M. Alber, who attended the School of Music from 1918 to 1920.
B. W. Kenyon: The University Attorney reported that the will of Bessie White Kenyon, widow of Associate Professor Emeritus Herbert A. Kenyon, had
recently been offered for probate in Washtenaw County. The Second
Paragraph of the will provides as follows: