( RESOLU? 1021S

REGARDING

SALE OF

STOCKS



RESOLUTION: REGARDING SALE OF STOCKS 1€9



( Board of Trustees Meeting, May 18, 1980)



Regarding Resolutions 3, 4 and 5 — 1930, Mr. Eirwen explained



that they emanated from meetings of the Investment Comnittee of



3 = 1980



the College. With specific reference to Resolution

governing the sale of odd-lot certificates, he pointed out thet



the stock was unrestricted and that the proceeds would be used for



the resular operations of the College.

Before action wes teken to approve Resolution 3 - 1980,



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Anbessedor Todman remarked that since the Board of Trustees hed an



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Investnent Committee in which it hed confidence, the Investment



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Committee ought to be given the authority to Geternine the disposal



itions, the needs of



antl



of stocks after duly considering mnerket conc



will Pa - AE

the College, and the special conditions for which the stocks had



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been given. Members agreec with his line of reesor=ng ubject to



the conditions, as Attorney Ecrnn suggested, that the Board be

informed of such sales, end es Dr. Evens insisted, that e monetary ae ad

limit be placed on the azrount of stocks that could be disposed of by



the Investment Committee without prior approval of the Board.



Following the discussion, s=t=ssedor Todman moved that decisions



Colleceibe determined bv the Investment Committee of the Boerd of



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Trustees which deals with these natters, that special conditions



governing the disposal of stocks be resvected, and that a report



of such sales be made to the toerd of Trustees, except that sales



$n excess of one million Golliezs should secure the prior permission



of the Board as 2 whole. The zotion was seconded and approved,



with Judge Hodge ovnvosed.