26

THE GENERAL EDUCATION BOARD'S PROPOSITION

On motion the following conditional appropriation
was made to Wake Forest College, Wake Forest, N.C.:

GENERAL EDUCATION BOARD Will contribute to Wake Forest
College, located at Wake Forest in the state of North
Carolina, the sum of thirty seven five hundred
dollars ($37,500) For the endowment of said institution,
upon the following conditions:

That on or before the thirty first day of December 1907
there shall have been contributed to the said College in
cash or pledged to the same by responsible persons in
legally valid subscriptions satisfactory to this Board,
Payable on or before the thirty-first day of December
1910, a supplemental sum of not less than one hundred and
twelve thousand five hundred dollars ($112,500) for the
endowment of the College; it being expressly understood
and agreed that neither legacies nor contributions to
scholarship or fellowship funds shall be counted as part
of the said sum of one hundred twelve thousand, five
hundred dollars ($112, 500) above mentioned and that no
contributions shall be counted toward the fulfillment
of this pledge except those which have been or shall be
secured in connection with the canvass now under way to
secure the addition of one hundred and fifty thousand dollars ($150,000) to the permanent funds of the College.

By the acceptance of this pledge the said College
for itself and its successors, covenants and agrees:

FIRST: That the amount so contributed by this Board,
together with the supplemental sum of one hundred twelve
thousand five hundred dollars ($112, 500) aforesaid will
be safely invested and forever preserved invoilably as
endowment for the said college, the income only to be
available for its uses.

[*No part to be used for specifically theological instruction*]
SECOND. That no part of the income from the fund
so contributed by this Board shall ever be used for
specifically theological instruction.

THIRD: That in case the said College shall ever divert
any part of the endowment funds which it now has or which
it may hereafter acquire, then and in that case the said
sum which shall have been so contributed by this Board
pursuant to the terms of this pledge shall let the option
of this Board revert to it.

FOURTH: That the accredited representatives of this
Board shall at all reasonable times have the right to
inspect the books, accounts and securities of said college.

FIFTH: That the sum so contributed by this Board shall
be forever held as a separate fund and be separately
invested so that its identity shall be at all times
preserved, and that this Board shall forever have and
retain a specific lian on said fund, and on the securities
in which it shall from time to time be invested as
security for the faithful observance by said College of
the terms of this agreement.

Beginning within ninety days after the Chairman of
this Board and the Secretary for the South shall certify
that the conditions of this subscription shall have been
fulfilled, the General Education Board will pay the same in
annual installments in equal ratio with the corresponding
annual payments on the supplemental funds herein required
to be raised. PROVIDED, that if any portion of this
subscription shall not become due and payable according
to these prescribed terms on or before the thirty first
day of May 1910, then this subscription shall as to such
portion become void. Dated May 29, 1906.

GENERAL EDUCATION BOARD

WALLACE BUTTRICK, Secretary. By ROBT. C. OGDEN, Chairman