èßäapp

Bd. Min. 8-16-63, p. 23,449.

The University of èßäapp accepts the sum of One Thousand Dollars ($1,000.00) tendered to the University by the University of èßäapp Law School Foundation upon the following terms:

1. Loan Fund -- The money hereby tendered, together with any other monies added thereto, shall be held by you in trust as the corpus of the fund to be known and designated as the "University of èßäapp Law School Foundation Loan Fund." All income accruing to the fund shall be added to and become a part of the corpus.
   
   1. In the possession, management and control of said fund the University until termination of this trust shall have all rights as if the individual owner thereof, subject only to the specific limitations herein provided. Any action taken by the University with reference thereto during the term of the trust shall be binding upon the University of èßäapp Law School Foundation.
   2. The corpus of this fund shall be used for loans to students enrolled in the School of Law of the University of èßäapp at Columbia.
   3. The recipients and terms and conditions of the loans and the amounts thereof shall be determined by the University Committee on Aids and Awards or such other officers or committee as may from time to time be charged with the duties of granting aids and awards to students in accordance with the policies established by the Board of Curators from time to time for the handling of student loans; provided, however, that before any loan is made it must be recommended by the Dean of the School of Law or someone authorized by him.
2. Investment -- If at any time there is money in this fund which is not immediately needed for student loans the same may be invested in accordance with the general investment policy of the University from time to time, and for the purpose of investment these funds may be commingled with other University funds; provided, however, that investments shall be such that the funds will be readily available as and when needed for student loans.
3. Terminating This Agreement -- Either party may terminate this agreement at any time upon giving to the other party thirty (30) days written notice setting forth the date of termination. Upon such termination The Curators of the University of èßäapp shall on the date of termination return to the Foundation all cash in the fund and the notes belonging to the fund. If the Foundation shall so request, the University shall hold the notes in the fund for collection and pay all monies collected thereon to the Foundation when collected.