Proceedings of the Board of Regents (1936-1939)

276 ANNUAL JUNE MEETING, 1937
The following preamble and agreement were adopted:
WHEREAS, The Horace H. Rackham and Mary A. Rackham Fund, a Michigan non-stock Trustee corporation, has submitted a Second Supplemental Agreement dated June 17, 1937, between it, as Donor, and The Regents of the University of Michigan, a body corporate, as Donee, which said Second Supplemental Agreement has been signed and acknowledged on behalf of said Donee
by Alexander G. Ruthven as President, and Shirley W. Smith as Secretary, and
a copy of which Second Supplemental Agreement is set forth in the Minutes
oF this meeting immediately following this Preamble and Resolution; and
WHEREAS, The said Second Supplemental Agreement has been carefully considered by the Board of Regents of said Donee and is acceptable to it and to
each and all of the members of the Board;
Now, therefore, be it Resolved, That The Regents of the University of
Michigan, a body corporate, does hereby assent to and accept said Second
Supplemental Agreement and the gift and grant embodied therein and agrees
to perform and be bound by all the terms, provisions and conditions thereof; and
Further, be it Resolved, That The Regents of the University of Michigan
a body corporate, does hereby authorize and empower said Alexander G. Ruthven
as President, and Shirley W. Smith as Secretary to deliver said Second Supplemental Agreement on its behalf to said Donor, and does hereby ratify and
approve all acts and things heretofore performed and undertaken by said officials
on its behalf in connection with said Second Supplemental Agreement.
The "Second Supplemental Agreement" above referred to is as
follows:
This Second Supplemental Agreement, made this 17th day of June, 1937,
between Horace H. Rackham and Mary A. Rackham Fund, a non-stock Trustee Corporation organized and existing under Act No. 327 of the Public Acts
of 1931 of the State of Michigan, having its principal office in the City of Detroit, County of Wayne, State of Michigan, as Donor, and The Regents of the
University of Michigan, a body corporate created by and existing under the
provisions of the Constitution of the State of Michigan, having its principal
office in the City of Ann Arbor, County of Washtenaw, State of Michigan, as
Donee,
WITNESSETH:
WHEREAS, An Agreement, hereinafter called "Original Agreement," dated
the 7th day of September, 1935, has been made between the above named Donor
and Donee, and a Supplemental Agreement dated the 1st day of November, 1935,
has been made between the same parties, enlarging and/or modifying certain
provisions of said Original Agreement, leaving the remainder thereof in full force
and effect; and
WHEREAS, Said parties desire to further enlarge and/or modify certain
provisions of the said Agreements heretofore executed between them;
Now, therefore, it is agreed between said parties as follows:
I. Donor agrees to grant, transfer and deliver to Donee forthwith and
Donee agrees to accept, bonds of the aggregate fair market value of One Million Dollars ($1,000,000.00) at the time of said delivery, a *schedule of which
bonds is hereto attached and made a part hereof and marked Exhibit "A"; the
principal of said bonds and accrued interest to the date of delivery and the reinvestments and proceeds thereof are hereinafter sometimes referred to as
"grant." The accrued interest on said bonds, as of the aforesaid date of delivery, shall be considered as and is part of the principal of this grant.
II. The purpose of said grant is to establish and maintain a Research
Unit at the University of Michigan in Ann Arbor, Michigan, for the prevention,
cure, and mitigation of arthritis. Said Unit shall be under the supervision and
control of the Board of Governors of the Horace H. Rackham School of Graduate Studies of the University of Michigan, described in said Orginal Agreement.
III. Except as hereinafter otherwise expressly provided, the powers, duties
and obligations of and the limitations and restrictions upon Donee, relating to
the holding, management, investment and reinvestment of the principal of the
Four Million Dollar ($4,000,000.00) Endowment Fund described in said Original
Agreement shall be applicable also to the grant created by this instrument just
as if expressly repeated herein: Provided, however, that until the time here*Schedule attached to original, but not printed in the Proceedings.