MINUTES OF THE MEETING
of the
BOARD OF TRUSTEES
May 1, 1958
On April 29, 1958 Mr. Carr was advised by Mrs.
Alfred G. Wilson that they were turning over to the Board
the following stocks:
| |
|
|
Market Value |
| |
|
|
Close 4-29-58 |
| |
|
|
|
| |
Clark Equipment Co. |
4,300 |
$179,525 |
| |
Dow Chemical |
3,534 |
197,904 |
| |
Libby-Owens Ford Glass |
5,000 |
375,625 |
| |
|
|
$753,054 |
Because of the very unsettled condition of
the market, Mr. May has asked Mr. Cress to work with the brokers
in disposing of this stock at the earliest possible date,
with a view of obtaining the full value of the stock based
on closing prices on April 29.
RESOLUTION
WHEREAS, Mrs. Alfred G. Wilson has generously
given 4,300 shares of Clark Equipment Company stock, 3,534
shares of Dow Chemical Company stock, and 5,000 shares of
Libby-Owens Ford Glass Company stock to this Board for construction
of the first educational building at Meadowbrook Farms,
Oakland County, Michigan.
NOW, THEREFORE, BE IT RESOLVED that receipt
of this gift is acknowledged with deep appreciation, effective
April 29, 1958.
BE IT FURTHER RESOLVED that the action of
the University attorney in accepting and transferring said
certificates is hereby ratified.
On motion by Mr. Rouse, seconded by Dr. Smith,
it was voted to approve the above resolution.
Recommendation from Treasurer May that the
following stocks held in the Matilda R. Wilson account be
sold at market value:
4,300 shares Clark Equipment Company
3,534 shares Dow Chemical Company
5,000 shares Libby-Owens Ford Glass Company
On motion by Mr. Rouse, seconded by Dr. Smith,
it was voted to approve the above recommendation of
Treasurer May for the sale of the securities at market value
and that Philip J. May, Treasurer, be and is hereby authorized
to execute any and all certificates to effectuate and carry
out the sale of said securities.
Recommendation for the completion of the purchase
of approximately 3 1/3 acres of land for $9,075 from W. E.
Panucha for the Meadow Brook estate.
On motion by Mr. Brody, seconded by Mr. Harlan,
it was voted to approve purchase of the above-mentioned
property.
On April 15, 1958 bids were received on the
first building at MSU-O. These bids covered in addition to
the main building, fixed laboratory equipment, roads, parking
areas, walks.
Mr. and Mrs. George E. Wyman of Pontiac have
donated $50 to be used for the acquisition of necessary items
at the Oakland Branch of Michigan State University. It has
been suggested that it might be advisable to authorize a Michigan
State University-Oakland Development Fund and possibly a board
or corporation to promote gifts and grants for this purpose.
On motion of Mr. Brody, seconded by Mr. Rouse,
it was voted to approve the Additional Items. (p.19)