142

139

WHEREAS, the said William deB. MacNider did, on the 18th day of August,
1941, execute another Trust Agreement superseding the Trust Agreement of
the 7th of August, 1930; and

WHEREAS, in the Trust Agreement of the 18th day of August, 1941,
the sum of Three Hundred Dollars was set aside for the University of North
Carolina Alumni Loyalty Fund, and the provision for the University of North
Carolina Graduate School was omitted completely, and

WHEREAS, the Trust Agreement of the 18th day of August, 1941, con-
tained the language "all prior designations, if any, or beneficiaries are hereby
revoked", and

WHEREAS, the Executive Committee of the Board of Trustees of the
University of North Carolina has been informed by legal counsel that the second
Trust Agreement superseded and revoked the designations contained in the first
Trust Agreement, and

WHEREAS, the Connecticut Mutual Life Insurance Company has raised a
question as to its authority to pay out the proceeds of said policies except under
the first of said trust agreements;

NOW, THEREFORE, BE IT RESOLVED by the Executive Committee of the
Board of Trustees of the University of North Carolina that a release be executed
by the University of North Carolina acting for and on behalf of the Graduate School
of the University of North Carolina, and for and on behalf of the Alumni Loyalty
Fund, and on its own behalf, releasing Sarah Foard MacNider and Kemp P. Lewis,
Trustees, and Connecticut Mutual Life Insurance Company of Hartford, Connecti-
cut, from any and every right, claim or demand which the University of North
Carolina, acting as aforesaid, has in and to the proceeds of Policies Nos. 272236
and 272237 issued by Connecticut Mutual Life Insurance Company on the life of
William deB. MacNider under the terms of the Trust Agreement dated the 7th
day of August, 1930, upon the payment to the University of North Carolina Alumni
Loyalty Fund of the sum of Three-Hundred Dollars as provided in the Trust
Agreement of August 18, 1941. The President of the University is authorized
and directed to execute and deliver a full release upon the receipt of said sum
of Three-hundred Dollars by the University of North Carolina Alumni Loyalty
F und.

Dr. Poe moved the adoption of the foregoing resolution. The motion
was seconded, it was put to a vote and carried.

4. Request from the State Highway and Public Works Commission
for a right-of-way across a piece of property in Buncombe County. This
property came to the University through the Weaver Estate and it will be sold
at a later date. In the meantime, however, the proposed right-of-way across
the property will enhance its value, and we recommend that it be approved.

Mr. Victor Bryant moved that authority be granted to the Vice President
and Controller to execute the right-of-way agreement. The motion was duly
seconded and carried.

5. Request for right to sign an Easement Agreement with the Davie
Cooperative Electric Membership Corporation at Mocksville, for a power
line involving five poles and 50x100 foot breaker station on the State College
Piedmont Research farm at Statesville, and

6. In order to have a roadway abutting on State College property at the
Vegetable Research Farm near Wilmington declared a public highway and
turned over to the State Highway for maintenance and improvement, we
request permission to extend the present right-of-way twenty-one additional
feet into the State College property. The present roadway is unimproved and
is what is termed a "one vehicle" roadway. This proposal will provide for
two-way ready access to the farm, and will, of course, provide State main-
tenance, thus resulting in a distinct benefit to the operation of the Vegetable
Research Farm.

On motion of Mr. Clark, the above requests on behalf of State College
were approved.