Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/545

APPENDIX 477 Third Condition, That all subscriptions shall be payable in equal quarterly instalments, and shall in no case extend beyond five years from June i, 1890. The three conditions of the sixth resolution have been more than fulfilled : the first by completing the full sum of one million dollars before June i, 1890; the second and third by securing better terms, on the whole, than are therein required, as shown by our subscriptions and the payments already made, amounting to nearly four instalments in thirty days. The seventh resolution reads: 7. Resolved, That at least $600,000, and as much more as possible of the million or more subscribed, shall be an endowment fund, the principal of which shall remain invested, and the income used only so far as shall be necessary for the expenses of conducting the institution, and shall not be used in the purchase of lands or in erecting or repairing buildings. The Society has here discharged its obligation in securing Mr. Rockefeller's pledge of $600,000, the uses of which are legally limited to the purpose set forth in the resolution. It remains for us only to call your attention, as we now do, to the use to which this fund is limited by its terms, viz., an endowment fund for a college to be established in Chicago. The eighth resolution is: 8. Resolved, That the Board shall secure the incorporation of the pro- posed institution as early as practicable; that the Board of Trustees shall consist of twenty-one members, divided into three equal classes, with terms of service expiring respectively in one, two, and three years; that the choice of persons for the first Board of Trustees shall be subject to the approval of the Executive Board of this Society, and that the President of the institution, and two-thirds of the Board of Trustees of the same, shall always be members of Baptist churches. In securing the incorporation of the institution the Society has acted as promptly as possible. Work on the articles was begun before our success was fully assured. They were sent to the Secretary of State, July 5. The Society desires here to express its gratitude for the very able and painstaking service rendered by two gentlemen, now mem- bers of your honorable body, in preparing the articles of incorporation Mr. Needham and Judge Bailey. It is believed that when your incor- poration is legally perfected in every particular, the very extensive privileges and powers granted in the instrument will be found ample for every purpose in the coming years. The articles of incorporation read as follows: