MINTES OF TE   0ARD OF TRUS=ES



     Mr. Edelen read the report on the Peabody Fund, v~iich is as follows:

     "Tie Board of Trustees should create a trust substantially in this form.

     "They should select     trustees, not less than three nor more than five, to be

known as the "Trustees of the Peabody Fund." They should borrow from these trustees

$0,000 contributed by the Peabody fund, and should execute to the trustees an obliga-

tion reciting the loan; that the same was to be held without recall as long as the

borrower expends annually as much as $10,000 in their educational department in

accordance with the terms of the donation -An agreement should provide further for

an actual showing to the trustees of the amount expended for this purpose. The obli-

gation should further provide that vacancies ik the trusteeship might be filled by

the surviving trustees.

     hat disposition should be made of this $0,000 ought to be left to the Univer-

sity itself, but in the opinion "of the comittee the money should be expended in

such betterment as the needs of the University most imperatively demand0

     "A resolution should be passed substantially in this form:

     W'hereas it is desired to preserve said fund separate from the other funds owned

by the said University:

      "Therefore be it resolved (1) that the Board of Trustees of said University in

regular session do now create a trust to be knowm as "The Trustees of the Peabody Fund"

to be composed of       trustees, now to be selected by the Board of Trustees of the

State University, whose duty it shall be to hold said fund and to manage same for the

purpose prescribed by the terms of its creation.

     "Resolved (2) that any vacancy existing in the trust herein created by death,

resignation or otherwise, may be filled by the survivors at their discretion.

   (3) It shall be the duty of such trustees to keep an account of said fund and

satisfy itself from time to time whether the State University has expended as much

as $10,000 in its educational department."



December 12, 1912