Proceedings of the Board of Regents (1939-1942)

668

FIRST JULY MEETING, 1941

The Secretary placed on file appreciative resolutions adopted by
the Ladies Auxiliary of the United Spanish War Veterans in recognition of courtesies extended by the University on the occasion of the
Auxiliary's convention in Ann Arbor, June 15 to 18, 1941.
Action of the Executive Committee was approved and ratified as
follows (p. 646):
July 2, 1941
Present, President Ruthven, Regent Cook, and Regent Shields.
The committee authorized acceptance with thanks of the proffer by Mrs. Marguerite Bammel Cook Beals, as follows:I hereby tender to you, in accordance with the terms and conditions herein
stated, certain securities, a list of which is attached and marked Exhibit A. If
you accept these securities you thereby bind yourselves as follows:
1. The securities herein given and/or their proceeds and cash or securities later
added, if any, are to constitute an endowment to be known as the Marguerite Barnmel
Cook Loan Fund.
2. You are authorized to sell any or all these securities and to invest and reinvest
the proceeds from time to time in accord with the purposes set forth in this letter.
3. If any of the securities herewith transferred to and accepted by you shall be
sold the proceeds thereof may be mingled in your Consolidated Endowment Fund and
the proportionate amount of the earnings thereon be pro rated to the Marguerite Bammnel
Cook Loan Fund income.
4. The earnings only shall be loaned to students of the University of Michigan
under the terms and conditions generally applying to your student loan funds, provided
always that at any time that there shall be registered in the University as a student or
students any descendant or descendants of John Bammel and Mary Franauer Banmmel
such descendant or descendants shall on his or her application have the use of such
loan fund, under the terms and conditions provided herein and by the then rules of the
University with respect to loan funds. I especially provide that at the sole discretion of
the President of the University of Michigan a student of exceptionally fine character,
who has maintained a record; for high scholarship, giving especial promise of a life of
usefulness to his or her fellows may receive a benefit from this fund in the form of an
outright scholarship or gift, rather than as a loan. In any such case should such a
beneficiary desire in future years to replace in the fund the amount of the grant he or
she has received as a scholarship, permission to do so shall be given.
5. In any year when loans or grants from this fund do not exhaust the income,
the said income shall be either accumulated for use in later years or added to the principal, at the discretion of the President of the University.
6. Present known descendants of John Bammel and Mary Franauer Bammel are
listed on the paper hereto attached and marked Exhibit B. I reserve the right to add
other names if additional descendants of John Bammel or Mary Franauer Bammel shall
come to my knowledge during my lifetime.
7. I retain the right in case of my need to withdraw any portion or all of the
principal but you shall not be held responsible for any losses arising from investments of
principal, provided reasonable and usual care has been exercised in the purchase or
retention of such investments.
The listed securities have a present value of approximately $825 and the cash
was in the amount of $1,000. There are a few additional securities of doubtful
value.
Mrs. Beals was a member of the Class of 1891, and came back for her
fiftieth reunion. She now lives at Chula Vista, California.
Mrs. Beals also filed a trust agreement with the Fredericka Home for the
Aged of Chula Vista, California, as a result of which, after her death, there may
be added some now undeterminable amount to her present gift.
Action of the Operating Committee was approved and ratified as
follows (p. 647):
July 7, 1941
The committee approved the transfer of the sum of $14.30 from the Current
Expense account of the School of Music to the Traveling Expense account of that
School to cover approved traveling expenses.
The Board approved payment of bill for legal services, totaling
$682.80, presented by Burke and Burke for the quarter ended June 30,
1941 (p. 589). Of this total $148.30 is chargeable to the Legal Fees
and Expenses account, and the balance is distributable to other appropriate funds.