916

LAWS OF MARYLAND.

mitted to it as an endowment fund or funds for said Univer-

sity of Maryland, and either any or all of its several separate

faculties and departments, and to apply the income of such

fund or funds in its discretion to the benefit of said university

and the several faculties and departments thereof to which-

ever such fund or funds may respectively appertain. And

for the carrying out of the objects herein expressed, and for

no other, the said corporation is hereby empowered to accept

money, funds or other property in trust for said university

and any or all of its several faculties and departments, and

the same to administer according to the declared purpose of

such trusts, and except when restricted by the terms of gifts

the said corporation shall have power to change from time

to time in its discretion the investment of any money, funds

Investments
registered in

or other property committed to it; provided that all invest-

corporate

ments shall be made and registered in the name of "The

name.

Trustees of the Endowment Fund of the University of Mary-

land."

SEC. 4. And be it enacted, That there shall be an executive

Executive
committee to

committee of four elected by the members annually from

manage af-

among their own number, which committee shall be em-

fairs.

powered to manage the affairs of the corporation, and said

committee shall organize by the election of a president and a

secretary and treasurer. Until the first election the executive

committee, as now constituted, consisting of Lawrason Riggs,

Henry D. Harlan, Thomas A. Ashby and Clayton C. Hall,

shall continue as such. And the executive committee shall

annually at the time of the annual meeting of the General

Alumni Association of the University of Maryland present a

report in writing to that association, showing the condition and

amount of all the funds in their possession on the thirty-first

day of December next preceding, together with a detailed list

of their investment, and the purposes for which they are re-

spectively held.

SEC. 5. And be it enacted. That this Act shall take effect

When Act
becomes oper-
ative.

upon the filing in the office of the Secretary of State in Annap-
olis of a certified copy of a resolution of the said corporation

adopted at a meeting of its members called for the purpose,

and a majority of all the members being present accepting

the provisions of this Act.

Approved April 8, 1904.