Proceedings of the Board of Regents (1914-1917)

NOVEMBER MEETING, 915r

299

annual fee for a term of eight weeks, and on a loan of
40% of the annual fee for a term of one semester. The
following form of note is suggested:Ann Arbor, Michigan,............Ig9....................
On or before.............next I promise to pay to the
University of Michigan or order the sum of................
Dollars for value rec&ived. In consideration of this loan
being made me without other security than my own signature, I agree and promise that should this loan not be repaid on or before the above-named due date, I will on said
due date withdraw from my connection as a student with
said University of Michigan, and said University is hereby
authorized, in the event of the non-payment of this note on
or before the above-named due date, to terminate my connection as a student with said University and out of the
amount due me as a refund of fees in consequence of my
withdrawal on or before such date, to withhold a sum
equal to the then unpaid portion or whole of this note, the
sum so withheld to be applied in final payment of this note.
(Signature)...........................
A fee of $I.oo or interest at the rate of 6% per annum,
whichever amount is greater, has been deducted from the
proceeds of this loan when made.
The fee for or interest on this loan would not be great
enough to be burdensome and would yet prevent students
from borrowing needlessly. There would always be a sufficient amount in the Trust Funds to make these loans, as
doubtless they would not aggregate all told $Iooo.oo.
Respectfully submitted,
SHIRLEY W. SAMITH, Secretary,
for Auditing Board.
On motion of Regent Hanchett, the Board approved and
authorized the suggested plan of loans.
On motion of Regent Sawyer, Mr. Edward A. Rykenboer was authorized to enroll in the Graduate School for
the present year, on payment of the $Io fee required of
those whose work, with the exception of their dissertations,
is completed (see pages 49-50).