RESOLUTION OF THE BOARD OF TRUSTEES



INVESTMENT ACCOUNTS RESOLUTION

(Board of Trustees Meeting November 16, 1986)



BE IT RESOLVED:



(a) That the University of the Virgin Islands be, and it hereby

is, authorized and empowered to open and maintain accounts with

MERRILL LYNCH PIERCE FENNER & SMITH INC., and PRUDENTIAL-BACHE

SECURITIES, INC., and their successors, by merger, consolidation

or otherwise, and assigns, hereinafter called the brokers, for

the purchase and sale of stocks, bonds, options, or securities,

on exchanges of which the brokers are members or otherwise, and

(b) that any of the officers hereinafter named be, and hereby is,

authorized to give written or verbal instructions by telephone,

or telegraph, or otherwise, to brokers to buy or sell stocks,

bonds, options or securities, either for immediate or future

delivery and, if such officer deems it proper, to secure payment

therefor with property of this corporation; and he shall at all

times have authority in every way to bind and obligate this

corporation for the carrying out of any contract, arrangement or

transaction which shall, for or on behalf of this corporation, be

entered into or made with or through the brokers;



(c) and that the brokers are authorized to receive from this

corporation, checks and drafts drawn upon the funds of this

corporation by any officer or employee of this corporation, and

to apply the same to the credit of this corporation or to its



account with said brokers. The said brokers are authorized to


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Arthur A. Richards



Secretary of the Board



hereby



of Trustees of the University of the Virgin Islands,



true and correct copy of a



certify that the foregoing is a full,



resolution duly and regu



larly passed and adopted by the Board of



Trustees of the University of the Virgin Islands at a duly c



alled



16



Lf



198 6



Ll



.



meeting held on the



day of November



and that said resolution appears in the minutes of said meeting,



and that the same has not be



en rescinded or modified and is now



in full force and effect.



I further certify that said corpor-



and has the power to



ation is duly organized and existing,



take the action called for by the foregoing resolution.



Secretary



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