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to the College 10,000 shares of New Class B Common Stock of R. J. Reynolds Tobacco Company, subject to the following uses, trusts, terms and conditions, that is to say:
ARTICLE I
"That said stock be held as a permanent investment in a fund to be known as the "William Neal Reynolds Agricultural Fund."
ARTICLE II
"That the income from said fund shall be used in supplementing the salaries paid from State appropriations, or other sources, for ten professorships at the College, and that the professorships so supplemented shall be known and designated as "The William Neal Reynolds Distinguished Professorships", all of said Professorships to be awarded in the School of Agriculture. It is suggested but not stipulated, that the said Professorships be distributed as follows:
"The William Neal Reynolds Professors in Agriculture - In Agricultural Biochemistry In Agricultural Economics In Agricultural Engineering In Agronomy In Animal Industry In Entomology In Horticulture In Plant Pathology In Poultry In Rural Sociology
"The amounts of the individual and annual supplements may be varied in the discretion of the College. Any income not used in any year may be used in a subsequent year or years or may be added to the principal of the fund.
ARTICLE III
"The Donor reserves the right to give, assign, transfer and deliver to the College, from time to time, other and additional moneys or securities, which the College agrees to take, handle and administer in all respects pursuant to the terms and conditions of this agreement.
ARTICLE IV
"The College, through the Board of Trustees of the University of North Carolina, and its duly designated and authorized agents, including a fiscal agent or agents selected by said Board of Trustees, is hereby granted full power and authority to receive, hold, manage, collect the income, convert, sell, foreclose, assign, alter, invest, re-invest and otherwise deal with the funds and properties of the William Neal Reynolds Agricultural Fund, and with additions thereto, as it may deem for the best interest of the said fund, except that the 10,000 Shares of Class B Common Stock of the R. J. Reynolds Tobacco Company, delivered contemporaneously with this agreement, shall be held as a permanent investment.
"The College, and its agents, as aforesaid, shall not be restricted to statutory investments, but shall be authorized to invest in such stocks, bonds, securities or other properties as may be deemed appropriate and for the best interest of the said fund.
"The College, and its agents, as aforesaid, are authorized and empowered to participate in the management, liquidation, reorganization, consolidation or other financial readjustment of any corporation in which the said fund holds any stock or other evidence of ownership or interest; to treat stock dividends or other extraordinary dividends as principal, and, in general, to determine what expense and other charges shall be charged against principal and what against income; to compromise, arbitrate, or otherwise adjust claims; to execute any instrument in writing required for the administration of the said fund, and to bring any necessary legal actions to recover rents, profits and income due to the William Neal Reynolds Agricultural Fund.
