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Special Meeting
December 16, 1957

of The Board of Regents of the University of Nebraska, all assets and property of the trust of Frances Sheldon, deceased, and be further authorized and directed to deliver such executed receipt or receipts to Olga N. Sheldon, successor-trustee, or her attorney, E. A. Cook, Jr.

The foregoing resolution was moved by Regent Thompson, and seconded by Regent Elliot, and unanimously carried.

From Mr. Earl Cline, attorney for the Board of Regents, comes a Resolution prepared by Mr. Cline in references to the sale of Real Estate in the Frances Sheldon estates, investment and re-investment of cash or other assets and the completion or making of government loans on crops produced on the farms held in the Frances Sheldon estate.

It was moved by Regent Swanson, seconded by Regent Elliot, motion put to vote and carried, directing the following Resolution be approved:

RESOLUTION

Resolution re termination of trust of Frances Sheldon Estate

WHEREAS, Frances Sheldon, deceased, left a Last Will and Testament, by the terms of which she devised and bequeathed all of her property in trust to her brother, A. B. Sheldon, as trustee, and further provided that upon the death of her brother, the said trust should terminate, and the proceeds of the trust estate and the accumulated income should be paid to The Board of Regents of the University of Nebraska, to be used by it in constructing and equipping, upon the down-town campus of the University of Nebraska, a gallery for the purpose of housing the collection of painting, sculpture, and other works of art owned by the University of Nebraska and the Nebraska Art Association, and similar collections, and further provided that the gallery should be used and maintained by the University of Nebraska solely for that purpose, and

WHEREAS, A. B. Sheldon, trustee, is now deceased, and Olga N. Sheldon, as successor-trustee, has filed in the County Court of Lancaster County, Nebraska, where said trust estate was pending, a Final Report for A. B. Sheldon as trustee, and

WHEREAS, it is intended by said successor-trustee to transfer, assign and pay over to The Board of Regents of the Board and Regents of the University of Nebraska, property and assets of said trust as soon as the same may be conveniently and properly accomplishes, and

WHEREAS, among the assets of said trust are certain places of real estate and invest and re-invest cash or other assets recieved by the Board of Regents from said trust;

Board authorizes committee to act for Board

NOW, THEREFORE, BE IT RESOLVED that the President of The Board of Regents of the University of Nebraska be and hereby is authorized and empowered to appoint a Committee of three (3) members, which shall have power to act in behalf of The Board of Regents of the University of Nebraska with respect to:

1. Negotiating and entering into agreements for the sale of real estate, which is an asset of the trust estate of Frances Sheldon, deceased.

2. Invest and re-invest cash or other assets of said trust estate recieved by The Board of Regents of the University of Nebraska from Olga N. Sheldon, successor-trustee of said estate.

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