Proceedings of the Board of Regents (1936-1939)

September Meeting, 1937
UNIVERSITY OF MICHIGAN,
ANN ARBOR, SEPTEMBER 24, 1937
The Board met in the Regents' Room at 3:35 P.M.
Present, the President, Regent Beal, Regent Smith, Regent
Crowley, Regent Cook, Regent Cram, Regent Stone, and Superintendent Elliott. Absent, Regent Murfin and Regent Hemans. There were
also in attendance Vice-President Yoakum, Dr. F. E. Robbins, Mr. H.
G. Watkins, and the Secretary.
The usual financial and building reports were filed.
The minutes of the meeting of July 23 were approved as submitted to the members in press proof, with certain specified changes.
The following resolutions adopted by the Board of Governors of the
Lawyers Club were presented to the Regents and were approved.
Resolved, That the secretary-treasurer be and the same is hereby directed
to establish in the Business Office of the University three separate accounts to
be known as (1) The Lawyers Club Research fund; (2) The Lawyers Club
Building Repairs fund; and (3) The Lawyers Club Equipment Replacement
fund.
That at or about the end of each fiscal year the secretary-treasurer shall
make deposits in said accounts as follows:
(1) In the Research fund he shall deposit all sums collected during the year
as membership dues and all other sums that may have been or hereafter may
be set aside as a reserve for Legal Research by the Board of Governors of this
corporation
(2) In the Building Repairs fund he shall deposit all sums that have been
or hereafter may be set aside by the Board of Governors of this corporation
as a reserve for building repairs except such amounts as in his discretion he
believes to be needed to take care of current expenditures for that purpose
(3) In the Equipment Replacement fund he shall deposit such sums as have
been or hereafter may be set aside by the Board of Governors of this corporation as a reserve for equipment replacement except such amounts as in his
discretion he believes to be needed to take care of current expenditures for that
purpose
That all deposits in these three accounts be made with the Regents of the
University of Michigan in trust for the following uses and purposes only, and
under the terms and conditions stated, to-wit: (a) To invest anol reinvest the same
as the said Regents in their discretion shall deem desirable: and (b) To make expenditures therefrom, both of the income and the corpus, either to this corporation
or otherwise, as requested or directed by the Board of Governors or the Executive
Committee of this corporation; (c) The said Regents or any representative, employee, or official of said Regents shall not be responsible for any losses that may
result from depreciation or failure of investments or for any other reason whatever,
wilful misconduct alone excepted.
The Board approved and ratified actions of the F]inance Commiittee
as follows (p. 322):
PU RCHASES
BONDS
6M1 Ann Arbor, Michigan, Public Schools, Refunding, 42o%, dated July 1, 1934,
due January 1, 1938. Purchased at 101.12, to yield 1.50%. Moody's rating
"Baa."