TRi ST DE%, FaROM ELIPHAILET NOTT AND WIFE, TO THE TRUSTEES OF TNION COLLEGE.'C ail t nait t ~se xeseul-ts asll talm GrIEE~ TING-, ARTICLE I. 1. WVHTEREAS under certain contracts and stipulations, made by Contracts of -Yates & McInm the firm of Yates and Mclintyre, with Eliphalet Nott, President of tyre Nith E. Union College, large profits accrued to the said Eliphalet Nott, in Nott corasideration of monies advanced and hazards run by hitmm in behalf of said firm, for the purpose of protecting the interests of Union College (luring the drawing of certain Lotteries which belonged to said firm, in some of which Lotteries Union College was interested; a portion of Portion of pro. 0 a ~~~~~~fits expended which profits has been expended in the enlarg emnent and improvemenllt oil College buildinll and site. of the College site, or the buildin-gs thereon erected, or in the furtheronce of those arts and sciences which it is the object of the said institution to promote, anct a portion of which profits, as well as certain Other portions deposited with amounts from other private sources, have fiom time to time been de- Treasurer. posited by the said Eliphalet Nott with the Treasurer of Union College, under and in pursuance of certain resolutions of the Trustees of said College; and other portions of which profits, as well as eertain amounts Other portions firom other private sources, have been expended in the purchase of cer- invested in real estate to be be. tain real estate in the City of New-York and on Long Island, which stowed on Union College. said deposits and real estate, after providing for expenses, liabilities and losses incurred in the transaction of the business, being intended by the said Eliphalet Nott, as repeatedly declared by him in official reports to the said Trustees, to be bestowed on Union College, or some 2 kindred institution connected therewith, at such times, in such manner. aill for such purposes as the said Eliphalet lNott should direct. Trustees con- ~ 2. Andc the said deposits having inereased to a large amount, and?ey Stuyvesant Coe vead Hun-t le said Trustees having, become the owners of the Stuyvesant Cove t Farm to E. property, and of one-half of the Hunter Farm, directed the conveyance of the same to the said Eliphalet Nfott, and paid him the sum of $46,649.85, including interest, in part satisfaetion of the said deposits, still leaving a balance of the said deposits ini favor of the said Eliphalet Nott. Exchanges of ~ 3. And whereas there have also been divers pecuniary transacolOperty. tions and exchanges of securities with Union College, by the sail Eliphalet Nott, relating chiefly and almost entirely to the monies so deposited by him, which sums of money so received by the said Eliphalet Iott were chiefly if not wholly employed in meeting the liabilities inleurred in the purchase of the Stuyvesant Cove property, and 1Huntec Farm, or other properties intended for the ultimate benefit of Union College, or some kindred institution connected therewith, or in removino incumbrances thereon, or in the improvement and enhancemento of the value of the same, or in meeting the losses connected with andC springing out of the manaoement thereof. Deed of Trust ~ 4. Alnd whereas the said Eliphalet Nott in execution of hiis said heretofore executed. original design, has heretofore executed a deed of trust to Union College and for its benefit, of his remainino interest in the Stuyvesant Cove property, after providing for the incnumbrances thereon and the liabilities of Hezekiah Bradford, subject to which the said Eliphalet Nott received the title thereto from Diodate Brainerd, and also his remaining interest in the entire Hunter Farm, the Griffin Farm, the undivided half of the Provost Farm, the Devoe Meadow and the Van Ailst Farm, as set forth in an agreement made on the 2sth day of December, 1852, between Jonathan Crane and Charles Ely, of the first part, and the said Eliphalet Nott, of the second part, and deposited the same with the Treasurer of Union College to be delivered at the death of the said Eliphalet Nott, and has also by his last will and testament confirmed the said conveyance. ~ 5. And whereas the Treasurer of Union College by and with the consent and approbation of the Finance Committee, or Eliphalet Nott, the chairman thereof, did at various times make loans and investments of its fuinds, some of which are supposed to be of little value, but which were mzade in good faith. ~ 6. And whereas large gains and profits have accrued to the said Profits oin lands Co!lege from the purchase of lands in and about Schenectady, by the in Schenectad. private means of the said Eliphalet Nott, and the sale of said lands at advanced pirices, in which gains the said Eliphalet Nott has in no instance consented to share, and the whole of which has therefore enuredl to the benefit of Union College. ~ 7. iAnd whereas the said Eliphalet Nott has supposed that his repeated declarations, and his official reports to the Trustees of Union College in relationt to the ultinmate disposition of the said deposit fund, operated effectually to divest himl of all claim thereto, when a full settleFinal settlemnent of his accounts with Union College should be had according to ment. the terms of the resolutions of the Trustees; and such being now made and consummated as hereinafter stated. ~ 8. Therefore, in consideration of the premises, and of a full, Considerations. entire and final settlement of all accounts, claims and demands at law or in ecluity, between the said College and the said Eliphaclet Nott, as evidenced by this instrument, and a certain other instrument, on the part of the said College to the said Eliphalet Nott, executed and delivered cotemporaneously with this instrument, and both instruments forming parts of the salme transaction. ~ 9. I, the said Eliphalet Nott, in further execution of the said ori- Grasnt of balance due E. ginal design, and to attain immediately the objects and purposes of the Nottondneom. t Said deed of trust, do hereby give, grant, transfer and assign to the of deposit fundi. corporation known as the Trustees of Union College, in the town of Schenectady, in the State of New-York, the balance now due or appearing to be due on the books of the said College or otherwise, whatever it may be, of the deposits so mnade by me as aforesaid, with the Treasurer of Union College, or received by him for my benefit, in part or in whole; and I do hereby release and forever discharge the said Trustees of Union CJollege from all claims, demands, actions and causes of action, for or on account of the saidc deposits, or the interest thereon; or for or on account of any gifts or donations to the said College and from all claims of any monies paid to or received by the said College, growing or arising from or on account of certain stipulations of the firm of Yates and MtcIntyre, of January 4th and January 24th, 1826. TIi ARTICLE II. ~ 10. And in further execution of his said original design, and for the purpose of confirming the objects of the said deed of trust hereinbefore mentioned, and of givingo immediate effect to the said original design, so as to obviate all doubts that may arise thereon, and in consileration of the premises and matters hereinbefore stated, I, the said Grant of securi- Elihalet- Nott, do hereby assign, give, transfer, sell and convey to ties in schedule A. the said Trustees of Union College, in the town (now city) of Schenectady, in trust, and for the uses and purposes hereinafter declared, the Bonds, Iortgages and Securities specified and enumerated in a Secrities se- Schedule hereto annexed, marked A, signed by me, and constituting paratelyassign- a part of this instrument: which Bonds, Mortgages and Securities have also been separately assigned to the said College, by proper assignnents endorsed on them respectively, or attached to them; and also all the rightj title, and interest of the said Eliphalet Nott in an agreeGrant of agree- z z ment with ment made the 28th day in December, 1852, between Jonathan Crane Crane & Ely. and Charles Ely, of the first part, and the said Eliphalet Nott, of the second part, and in the premises, property, rights and interests therein mentioned or described, a copy of which agreement is contained in a Schedule also hereunto annexed, marked B, and signed by me, and which has also been separately assigned by me to the said College, subject to all the stipulations therein contained, which assignments, transfers, sales and conveyance are made IN TRUST for the uses and purposes hereinafter particularly specified, and subject to the powers in trust hereinafter reserved to the said Eliphalet Nott and declared by him, and which are recognised, declared and confirmed in the said instrument executed by the Trustees of Union College, and delivered cotemporaneously with this instrument. ARTICLE III. Powers in trust ~ 11. The following are the powers in trust which the said EliphaPowers in trust reserved by let Nott reserves to himself, to be executed by him in relation to the grantor. property, rights and interests described in the aforesaid agreement between him and Jonathan Crane and Charles Ely, contained in Sche duie B, hereto annexed and by this instrmnent conveyed to Union College, so long as in his judgment the exercise of the said powers,3hall be necessary to fulfill the covenants and stipulations on his part contained in said agreement, and to place the real property described in the said agreement in the most advantageous condition for sale or lease. The said powers in trust so reserved hereby, are the following: ~ 12. First. To superintend, control and direct the managelent lltight of super.~ and care of the real estate described in the said agreement, and the intending. preparing the same for -use, and in vending and disposing thereof for the common benefit of the said Crane and Ely, and Union College, so fear as the said agreement authorises such superintendence, management and control by the said Eliphalet Nott and his assigns. ~ 13. Second. To examine and settle the accounts for expenditures Of examininlg and outlays made by the said Crane and Ely, upon or by reason of couttlings. the property aforesaid; and also of the monies received by them ltherefrom, or from any sales, lease, or mortgage, or other disposition of the same. ~ 14.'zird. To receive from the said Crane and Ely the one-third To receive and pay Treasurer part of all monies collected and received by them, or which ought to monies and se.. be collected by them, as aforesaid, after the directions specified in the said agreement; and to receive fioml the said Crane, and Ely, assignments and transfers of the one-third of all bolnds, lmortgtages, securities, engagements and property of whatever kind and nature, received ancd acquired by the said Crane and Ely, or either of theim, out of or by reason of the premises mentioned in the said agreement, or of the sales, leasing, mortgage or other disposition of the said property, rights and interests, or any part thereof; which assignments and transfers are to be made to the said Union College, subject to the trusts herein declared, and which monies when not retained and applied to the purpose in the fifth subdivision of the said agreement mentioned, are to be paid over to the Treasurer of Union College to be invested in the manner and for the uses andc purposes hereinafter declared. ~ 15. Fourth. To receive one-third of all net profits of any and of To receive onethird of profits all contracts made by the said Crane and Ely, or either of them for accruing from their services, or for those of any machine they may have, own or col- Crane & Etly trol in any dredging, grading, docking, filling, regulating, or otherwise and pay same 0 0 ~~~~~~~~~~~~~to Treasurer, preparing for use or sale, any of the lands mentioned in the said agreemenrt, or any other adjoining or neighboring thereto; which monies are to be paid over to the Treasurer of Union College, to be invested in the manner andl for the uses and purposes hereinafter declared. ro receive conM ~ 16. FtiJz. To demand and to receive of the said Crane and Ely, veyances. whenever, and as often he shall deem it expedient, conveyances of onethird part of so much of the premises mentioned in the said agreement as may not have been sold, and to comply with the terms specified in the Seventh article of the said aogreement. And in order to fulfill such terms, when the payment of any money is necessary, in order to bte entitled to any conveyance, to retain out of any monies received by him from the said Crane and Ely sufficient for that purpose and apply the same in making such payment; which conveyances are tO be taken in the name and for the benefit of the Trustees of Union College, subject to the trusts, and for the uses and purposes hereinafter declared..IV. TRUSTS. A RTICLE IV. Trusts on 17. The trusts for and upon whichae the aforesaid property, rigllts which property conveyed. and, interests are conveyed to the said Trustees, and the uses and purposes to which the saime shall be devoted, and to which the income thereof shall be applied, are the following:, 18. Of the said property, riglhts and interests so conveyed, the bornds, mortgapges and securities hereby assigned, and those that may be received by the Treasurer of Union College, by virtue of the aforesaid agreement with Messrs-. Crane anid Ely, and those that may be taken on tthe investment of any money that may be received under the said ag'reement, or on the investment of the proceeds of the sale of any land conveyed to Union College under the said agreement, and those that may be taken or received on the renewal of or change in the saic investments and securities, or on the investment of any money collected Hovw monies to be appropriated or received on the said securities, are to be appropriated to the following thirteen first enumerated trusts, and the net income thereof, after paying the charges hereinafter specified, is to be applied as directed in the following specification of the said trusts, with a discretion to be exercised by the said Trustees and the Visitors hereinafter mentioned in relation Application of to the order or priority of the application of the said income, or of any inco thee. part or portion thereof, to the said particular trusts, and to the order or priority of the appropriations of the capital of the said property, rights and interests or of any part thereof, to the foundations of the said particular trusts, or to any part of such respective foundations; and also to the application of the surplus income of any particular trust fund not recluired cclor the purposes of such fund to the specific objects of any one or more of the other of said particular trusts. ~ 19. First. A principal sum of the said bonds, mortgages and se- Nine professor0 ZD ships.~ curities, amountinog to Two Hundred and Twenty-Five Thousand Dollars, shall always be devoted to the establishment and maintenance of Nine Professorships in the said College, to each of which shall be assigned a salary of Fifteen liundred Dollars annually; anad tihe net income of the said principal sum only shall be applied to the payment of the said salaries in quarter yearly installments. ~ 20. Seconzd. A principal sum,- of the said bondls, mllortgages and Six asistant securities, amnountingT to Sixty Thousand Dollars, shall always be devoted professorslhips to the establishment ancd maintenance of Six Assistant Professorships in the said College, to each of whlich shall be assiTgned a salary of Six Hundred Dollars ananally; and the net income of the said principal sum only sh all always be applied to the payment of the said salaries in cquarter yearly inlstallments. ~ 21. itrd. A principal sum of the said bonds, mortgages and Astronomical securities, amiounting to Sixty Thousand Dollars, shall always be devoted observatory. to establish and maintain an Astronomical Observatory for the use of the said College; and the net income of the said principal sum only shall always be used and applied in the erection or preparation of a suitable building or place for an Astironomical Observatory, or other buildings connected therewith, on ground to be conveyed by the said Eliphalet Nott to the said College for that purpose, or elsewhere; in the purchase of the necessary apparatus for the same, in the preservation and repair of said buildings and apparatus, and in the compensation of the necessary observers, assistants, laborers, and other necessary persons employed in the said Observatory. ~ 22. Four'th. A principal sum of the said bonds, mortgages and se- Sixty anxilicurities, amnounting to Twenty Thousand Dollars, shall always be devoted ry scholarships ZD —--— T'7 ____________, in two classes. to the establishment and maintenance of Sixty Auxiliary Scholarships in said Collepe, to be dividled into two classes, of Thirty Scho larships each, to be dienominated respectively the First and Second First clas. sti- Class of Auxiliary Scholarships. To the incumbents of the first class peud $10. shall be paid a stipend of Ten Dollars for cach college term; and to Seconld class tile incumbent of the Second Class shall be paid a stipend of Twelve wtipend 81!. tipend ollars for each college term; and the net income of said principal sum only shall always be applied to the payment of sail stipends to the incumbents of said Scholarships. These Scholarships are to be awarded to the most deserving among those receiving or requiring mna terial aid in the prosecution of their studies, of which satisfactory evi, dence must be furnisbed to the President. Sixty prize ~ 23. _Ef/h. A principal sumi of the said bonds, mortgages and sOscholarships in two classes. cu rities, amounting to Sixty Thousand Dollars, shall always be devoted to the establishment and maintenance of Sixty Prize Scholarships for undergraduates in said College, to be divided into two classes of Thirty Scholarships each, to be denominated respectively the third and fourth class of Prize Scholarships. To the incumbents of the third class shall Thli.r clss 15 be paid a stipend of Fifteen Dollars for each college term; and to the Fourth class incumbents of the fourth class shall be paid a stipend of Eighteen:Dol lars for each college term; and the net income of said principal sum only shall always be applied to the payment of said stipends to the incumbents of said Scholarships. The stipends paid to twelve of the incumbents of said Prize Scholarships for undergruduates (to be seMay be increas-lected by the President), may be increased to Twenty-Four Dollars ed to ~24, per term, and paid them for three years after they shall have gradcl ated; provided they shall continue during that time to prosecute at Union College the prescribed course of higher studies, (should such course be prescribed, which the wants of the country seenz to require), and to perform such monitorial or other duties, as shall be recluired by the President; or that number of prime scholars who have already graduated may be selected by the President to fill that number of said selectedc Priz- Scholarships, the incumbents of which in either event shall be entitled to attend lectures and recitations, and to receive books from the libraries of the College free of expense, and they may be continued on said foundation for a longer time than three years, anld receive an additional compensation, if the President of College shall so recommend. ~ 24. Sixth. A principal sum of the said bonds, mortgages and securities, amounting to Forty-Five Thousand Dollars, shall always be Nine prize scholarships for devoted to the establishment and maintenance of Nine Prize Scholar- graduates. ships for Graduates or Fellows in said College, to each of which there shall be assigned an annual stipend of Three Hundred Dollars; and Stipend $300. the net income of said principal sum only shaall always be applied to the payment of said stipends in quarter yearly payments. ~ 25. Seventh. A principal sum of the said bonds, mortgages and Cemetery. securities, amounting to Twenty Thousand Dollars, shall always be devoted to the preparation and maintenance of ground to be conveyed to the said Trustees by the said E. Nott, for a Cemetery, for the use of the said College, and for the burial therein of such persons and on such terms as the said Trustees and Visitors shall allow; and the net income of the said principal sum only shall always be applied for the purposes herein indicated, and for the improvement of the grounds connected with such Cemetery. ~ 26. Eighth. A principal sum of the said bonds, mortgages and Pnrchase of apsecurities, amounting to Ten Thousand Dollars, shall always be de- paratus voted to the purchase and preservation of Philosophical, Mathematical, and Chemical Apparatus for the use of said College, and the Professors, Pupils and Teachers thereof; and the net income of said principal sum only shall always be applied to the purchase, preservation and repair of such Philosophical, Mathematical and Chemical Apparatus, or of Apparatus required in the Engineering Department. ~ 27. Ninth. A principal sum of the said bonds, mortgages and Purlchase of toxt books. securities, amounting to Five Thousand Dollars, shall always be devoted to the procuring of Text Books for the use of the Students in said College, on such terms, (except as herein otherwise directed,) as the Trustees and Visitors hereinafter named shall prescribe; and the net income of the said principal sum only shall always be applied to the procuring and furnishing such Text Books. ~ 28. Tenth. A principal sum of the said bonds, mortgages and securities, amounting to Thirty Thousand Dollars, shall always be de- Eclectic libravoted to the purchase of Scientific, Classical, Philosophical, Theological, 3Aedical and Law Books, for the establishment of an Eclectic Library in the said College, for the use of the Officers, Teachers and 2 10 Pupils therein: and the net income of the said principal sum only shall always be applied to the purchase of Books for the said Library, and to the preservation and maintenance of the same. Geological and ~ 29. Elevelth. A principal sum of the said bonds, mortgages and mineral cabi- Z t net. securities, amounting to Five Thousand Dollars, shall always be devoted to the establishment and maintenance of a Cabinet of Geological Specimens, especially Fossil and 3Mineral Specimens of the United. States and State of New-Yorkll for the use of Union College; and the net income of said principal sum only shall always be applied to that object. Historical cab- ~ 30. Twelith. A principal sum of the said bonds, mortgages and inet. et securities, amounting to Five Thousand Dollars, shall always be devoted to the establishment and maintenance of a C'abinet of Historical MBedals, Coins, lMaps, Paintings and other Historical BIemorials for the use of Union College; and the net income of said principal sum only shall always be applied to the purchase and keeping of such articles. ~ 31. Thirteenth. A principal sum of the said bondsa, mortgages Lecture fund. and securities, amounting to Ten Thousand Dollars, shall always be devoted to the lrocurement of occasional Lectures for the Students of Union College, particularly on the dangers and duties of youth, especially of Students; the development and preservation of the physical, intellectual and mor'al constitution of man, the preservation of health, and on the laws of life; and the net income of the said principal sum only shall always be applied to that object. ~ 32. Pourteenth. The principal sum of the residue of the said bonds, mortgages and securities not devoted to any of the preceding Miscellaneous fund. objects and purposes, and of the property, rights and interests under the aforesaid agreement with MBessrs. Crane anid Ely, hereby conveyed to the said Trustees, which shall be at any time undisposed of, shall be designated the Miscellaneous Fund, and shall be always devoted to the following purposes; and the income, rents and profits thereof only shall be applied to the same purposes, namely: Expenses to be 1. To pay the expenses of executing any of the foregoing trusts, paid. and the taxes, liens, assessments and incumbrances on any of the property hereby conveyed, the ins~urance on any buildings erected on the real property accquired under the said agreements, and to pay the compensation of the Visitors for their services hereinafter directed. T. To make up and supply any deficiencies that may exist in the Deficiencies to be mlade up. income of any of the said principal sums hereinbefore devoted to specific purposes, so as to secure the attainment of the said objects and purposes. 38 The residue of the said income shall be applied ill the discre- Application of residue. tion of the Trustees of the said College and the Visitors hereinafter mentioned, to any or either of the aforesaid specified objects and purposes, and to no other use or purpose; but in such application preference may be given to the increase of the number of Professorships, Assistant Professorships or Scholarships; and also to the increase of the respective salaries and stipends of the Professorships, Assistant Professorships, or Scholarships, directed to be established by this deed of trust, or the salary or stipend of any one of them, should this in the judgment of the Trustees and Visitors be deemed expedient. ~ 33. If at any time the principal of the aforesaid trust estate shall Diminution in principal, how from any cause be diminished, then that diminution shall be made up to be mnade up. by the accumulation of the income of all the aforesaid specific appropriations, except that the inconme appropriated to the support of Professorships, Assistant Professorships and Scholarships, shall be accumulatedl only while they are vacant; and by adding the amount thus accumulated to the remaining capital till the same, with such addition, shall be eclual to the capital as it originally existed; but this direction is not to take effect until an act of the Legislature can be obtained for that purpose. ARTICLE V. v. ~ 34. The following conditions are to be observed in relation to the ACCOUNTS. investments, management and accounts of the funds hereby instituted: Conditions. ~ 35. All monies received as principal from any of the property, Monies to be invested as fast rights and interests hereby conveyed, or from the avails thereof, are to as received. be invested as speedily as may be consistent With their safety, in permanent securities; and until such investments be made, such monies may be deposited with some savings or other bank in good credit, upon the best rates of interest that can be obtained. The interest thus received on deposits previous.to permanent investment, shall be deemed and considered a part of the income or revenue of the Miscellaneous tiun{d hereinbefore mentioned andi enumerated as the F'ourteenth Truist, and shall be applied to the objects and in the manner directed in respent to the income of that fund. Manner of ill- ~ 36. The principal stums of the property, rights and interests hereby vestment. 1: conveyed, when not already invested, shall be invested in bonds and mortgages on unincumbered real estate in agricultural districts, worth at least one-third more than the amount exclusive of buildings; or on unincumbered real estate in any city, worth, with the insurance of the buildings thereon, aS least one-third more than the amount invested; or in the public stocks of the JUnited States, or of the State of NewYork, or of M3assachusetts, Connecticut, Ohio, or Pennsylvania; or in the bonds or stocks of the City of New-York, or of the City of Albany, or Troy, the bonds of the New-York Central railroad company, by the Treasurer of Union College, under the direction of the Trustees and Visitors hereinafter appointed, or of such committee, or of at least two members thereof, as such Trustees and Visitors shall appoint for this purpose. And such investments may also be. made by the said Trea-. surer, under such direction, in such other securities as shall be authorizecl by the highest court having original jurisdiction in the district in which the city of Schenectady is situated. Accounts to be ~ 37. The securities hereby conveyed, and those that mnay be rekept distinct ceived or taken by the Treasurer or Trustees of said College, shall be entered in a book or books, in which shall also be entered a statement of all other property received or acquirecd by virtue of this conveyancer which books shall be entirely distinct from the books of account of the other property and funds of Union College; and every such book shall contain a printed copy of this deed bound in the same. The payments of principal and interest on any security, shall be entered in the said books, and the reinvestment of any principal sums received on any security, shall be so entered as to refer to the security on which it was paid, as far as practicable, to the end that every security may be traced on the said accounts, whatever form of investment it may assume, There shall also be entered in said boolks, all the reports of the Treasurer of Union College to the Trustees, and the reports of Finance and Examining Committees, and the proceedings of the Trustees and V~isitors in relation to the funds and property hereby conveyed, and the ctondliton and application thereof, to which Books the Visitors shall at all times have free access. ~ 38. If the income or revenue of the Miscellaneous Fund herein- Taxes, &c. how before instituted and enumerated as the Fourteenth, sh1allt at, ay time to be paid. be insufficient to py any taxes or assessments legally charged upon any property hereby conveyed, then the same shall be paid out of the income of the fund to which the property, liable to such taxes or assessments may belong, and the same shall be charged upon the said income. ~ 39. If at any timne the revenue of the said liscellaneous Fund, Provision foil payment of enumerated as the [Fourteenth, shall be insufficient to pay the cornpen- visitors. sation hereinafter provided for the Visitors hereinafter appointed, or to defray the expenses of executilng the trusts hereby created, then the amount of such deficiency shall be paid out of the income of all the funds hereby instituted, which shall at the time be yielding income. ARTICLE VI. VI. ~ 40, The property, rights andl interests, hereby granted and con- Subject to visi. tatioo. veyed, are to be subject to visitation according to the following provisions ~ 41. There shall be at first six Visitors. The said Eliphalet Nott, Number of visi-.'Urania E. Nott, Bishop Alonzo Potter, the Rev. John Nott, Judge William W. Campbell, and Richard M. Blatchford, Esq., shall be Visitors during their natural lives; and the number of their successors in office, and the filling of vacancies as they occur, shall be provided Appointment O^^ D —-~'~ ~'-'> ~-'~ ----— a of successors to for in perpetuity in such manner as the said Eliphalet Nott shall be provided for. prescribe in an instrument signed and acknowledged by him, and filed with the Treasurer of the Trustees of Union College, who shall cause the same to be printed and attached to and preserved with the printed copies of this trust deed, in the several books in which the same is bound. But in case such provision shall not be made by the said Eliphalet Nott, then the persons respectively who If no provided for, visitors to shall at the time be installed Miinisters of the First Presbyterian be ex-officio. Church in the city of Schenectady, of the First lReformed Dutch Church in the city of Schenectady, of the First Protestant Episcopal Church in the city of Schenectady, of the First Congregational Church in the city of Albany, and of the First Presbyterian Church in the city of Troy, shall be Visitors during their continuance as such minils' ters, to be succeeded as Visitors in perpetuity by their respective sueh VaBcanlcies,'orier iic whnich to cessor' as ministers in the said churches. As vacancies occur in the be fil1ed" iBoard of Visitiors composed of the persons hereinbefore specially named, the first five of the said vacancies are to be supplied by the said ministers, in the order in whlich they are herein enumerated; and the presiding Justice of the Supreme Court in the Judicial District in which the city of Schenectudy is situated, when a sixth vacancy shall occur in the Board of Visitors composed of the persons herein first namned, shall become an ex-offieio Visitor during his term of office, to be succeeded in perpetuity by his successors during their respective Iterms of office. And in case of the abolition of the office, or a change in the organization of the Judiciary, by which there shall be no presiding Justice, then the senior Judge of the highest Court of Law and Equity having original jurisdiction in the District in which the city of Schenectady shall be situated, shall become an ex-officio Visitor during his term of office, to be succeeded in perpetuity by his successors during iGovernor rmay their respective terms of office. And in ease of tile refusal of any of appoint in cer-. tam[l cases. tNlie persons herein ctesignated as Visitors to act, or in case of there being no such persons to aett then the Governor of the State may appoint proper persons to fill such vacancies. Compensation ~ 42. To each of the first six Visitors above named, shall be paid in of visitors quarterly payments by the Treasurer of Union College, out of the income hereinbefore provided for that purpose, as follows, to wit: to Urania E. Nott, Bishop Alonzo Potter and the RBev. John Nott, Two hundred dollars severally for each yea r's service; to E. Nott, lothing; to Judge William W. Campbell and Richard MI. Blatchford, Esq., as well as to each and all of the ex-officio successors of the six first nlamed Visitors forever, in addition to their necessary travelling expenses, the sum. of Three Dollars per day for each day they shall be em. ployed in attending the meeting of the Board of Trustees or Visitors, or in attending the public examinations in Union College, or whichpaymentany other prescribed duty. As evidence of the amount of the to be made. expense so incurred, and of the number of days so employed, they shall severally present to the Treasurer from time to time a bill thereof audited by the President of the college, or some member of the Finance 15 or other auditing committee appointed for that purpose; but to no Visitor shall the Treasurer pay more than Two Hundred Dollars for one year's service. ~ 43. And should the said Urania E. Nott survive the said Elipha- U. E.Nott to be let Nott, she shall, in addition to her compensation as Visiitor afore-resided we. said, be provided with a suitable residence on the college premises, or elsewhere should she desire it, the expense of which to be defrayed out of the said iliscellaneous Fund. ~ 44. The Visitors hereinbefore named, as wel} as those becoming Visitors to be Visitors ex-officio, shall be considered by the said Trustees as Visitors recognized by trustees. of Union College in respect to the trust funds hereby created, with power to discharge all the duties herein directed. ~ 45. Every Visitor, except the said E. Nott and the said Ura -Visitorsto -makle affirmania E. Nott, shall before entering upon the duties of his office, take tion. and subscriber an affirmation (the same being previously recorded in one of the Books of Record to be provided and kept by the said Trustees for the insertion therein of all their transactions in relation to said trust funds, and the several foundations instituted thereby) in the words following, to wit: ~ 46. I solemnly affirm that I will read over at intervals, anti at Form of affirmleast once a year, so much of tlis deed as is recquisite to the full under- ation. standing of the duties of Visitors as set forth therein; and that I will well and truly execute those duties, and see as far as in me lies, that said trust is duly executed on the part of the Trustees of Union College. And in case the said Trustees shall at any time neglect to execute said trust in good faith, and according to the true intent of the said Eliphalet Nott as declared in this deed, that I will then and in that case, forthwith take such legal or other steps as may be necessary to compel on the part of the said Trustees an execution of said trust, and the necessary expenses so incurred shall be paid out of the income of the iliscellaneous Fund. ~ 47. It shall be the the uty of the said Visitors, with the exception Visitors to atof the said Urania E. Nott, to attend the annual meeting of the Board of trustees. of Trustees, when a report of the Treasurer in relation to the state of such trust fund shall be exhibited to said Visitors for their examination; and it shall also be the duty of such Visitors from time to To examine in-,time to examine into the state of said trust fund, and the several to state offunds. foundations arising therefrom, and to see that the same is properly invested, and the income thereof applied as hereinbefore directed. It To see that an- Shall also be their duty to see that a correct and detailed report of the nual reports are condition of the principal of the said trust funds is made annually to the Regents of the University, together with a statement of the application of the income for the preeeding year; and in case the Board of Regenlts shall be dissolved, to see that such report be made annually to the Legislature. To attend ex- ~ 48. It shall also be their duty, especially after the death of the amlrinatiolls. inations aid E. Nott, to attend the several examinations of the classes in said College, and to see that no immoral, incompetent or negligent incumbent of any Scholarship is permitted to continue to receive the stipend attached to the same; and to enable Visitors understandingly to discharge this duty, they must be furnished by the Register or other proper officer, at the close of each term, with a statement of the attainments and attendance of each incumbent of the Auxiliary or Prize Scholarships for aundergraduates during the preceding term. Or, if preferred, said Visitors, or a committee thereof, may, for said purpose, meet the incumbents of the Auxiliary Scholarships and of the Prize Scholarships during the term, and in view of their attendance, application and progress, address to them such words of counsel, rebuke or encouragement, as their several cases may recquire. And such visitation of said Scholarships during term time, should in any event occasionally be had by said Visitors or some member or committee appointed for that purpose. Visitors to con- ~ 49. So long as the said E. Nott shall continue to act as Visitor, stitute separate board. the said Visitors shall in all cases constitute a separate Board, and the acts of a majority shall be deemed the acts of the Board; and thereTrustees and after the Trustees and Visitors shall meet and act together as one Board visitors to act together. in those cases in which their joint action is required by this instrument, and the ma)jority of the joint votes of said Board, provided two Visitors are present, shall be final. ~ 50. The Visitors are required to meet as a separate Board at least Visitorstomeetonce a year, at the College in Schenectady, when in addition to the separately onceequisite ittee the transctio of other a year. appointments of the requisite committees and the transaction of other 17 businoess,the fbllowing questions shall be put, and a- vote t' aken on each; and the names of the persons voting shall be entered: 1. Are the funds which we as Visitors are to supervise safely and well invested? 2. Are the Trustees of Union Colleg3 exe'cuting in good faith the trusts committed to thenm by the trust deed of E. Nott and U. E. Nott? 3. Are the Professors and Assistant Professors or Tutors, who derive any benefit from the said deed, keeping their pledges, clischarging their respective duties with fidelity, and sustaining a good moral character? 4. Are the Prize Students keeping their pledges, studying diigently, attendin e' the College exercises with punctuality, and sustaining a good moral character? ~ 51. The action had each year on these several questions, as well R Iecords to te as all other acts of the Visitors, shall be recordedt and preserved in a book of minutes provided for that purpose, and attested by the Chairman or Secretary of the Board. ARTPICLE VII. vII. 52. The folloevwing conditions and regulations respecting t'he Profes- Appointmenlt, sorships and Assistant Professorships, the appointment of incumbents, &c. of prolesthe designation of their duties, and their removal, are to be observed ~ 53. When the income herein provided for Professors and Assistant How to be Professors shall be adequate, they shall be appointed by the concurrent made. act of the Board of Trustees of Union College and of the Visitors, while the said Eliphalet Nott acts as a Visitor; either of which Boards may nominate to the other; and when he ceases to act as Visitor, then the said appointmroents shall be made by the said Trustees and the Visitors, in jdint meetillng, or by a majority of them; and when any vacancy occurs in any Professorship or AXssistant Professorship, said vacancy shall be filled in the manner above prescribed for the appointment of Professors and Assistant Professors. ~ 54. In order to distinguish the Professorships and Assistant Pro-pProfessorships fessorships founded by this instrument, they shall severally be num- hedistinl. bered, and each shall be distinguished by its appropriate number in 3 connection with such atdditional terms of designation as may be directeci by the Trustees of Union College and the Visitors. Duaties to be ~ 55. The duties appertaining to the Professorships and Assistant prescribed by trustees and iProfessorshilps founded by this instrument, shall be prescribed by the visitos'S. Trustees of Union College and the Visitors, and the same may be varied and modifiel in their discretion; and they may be employed not only as teachers in the Colloeoe, or in preparatory,schools, but also as Librarians, Registers, Treasurers, and Kee opers of Reading, Geological acnd other public. rooms; and more than one Professorship or As — sistant.Professorship, may be temporarily assigned to the same person, Additional compensation. or an addcitional compensation may be annexed to the same Professorship or Assistant Professorship, whenever, from the desire of securing the services of some distingsuished man, or on account o:f the nature of the service to be performed, or for any other reason, the Trustees and. Compensation Visitors shall so determine; or the compensation of any Professor, Asmay be dimin- sis{tant Professor, or Fellow, may be diminished oin account of absences, infirmity, t1hei less onerouS nature or the shorter term of service annually recluired to be performed, or for any other reason, if the Trustees and Visitors shall so determine. Assistant pro- ~ 56. The ilacuintbents of the Assistant Professorsllips are always to fessors to be unmarrie dr men, b e un.married men, and to reside i-n the College, unless for special and. except, &c. urgent reasons the Trustees andr Visitors shall ot'herwise determine, or unless employed as teachers in preparatory schools, established in the city of Scheneetady or elsewhere, should it be deemed for the interest. of the College to establish such schools, ill conformity to the law auPreplaratory thorizingi the samie. And it shall be the duty of the said Trustees and schools to be ~] established, Visitors to contribute to the establishment and permanent umaintenance of when. at least two such schools by assigning to each a Professor or Assistant Professor of Union College, to act as principal thereof, prov-ided the said E. Nott shall so direct, and file su-ch direction with the Secretary of the Board of Trustees, fixing the time when, and designatin, the place where, such schools shall be established; and the cc.nditions on which the pupils taught in such schools shall be admitted to the respective classes in Union College for which they are prepared. Preoidmment ~ 57. ft shall be the duty of the Presidesnt of Union College to repaymlent of ex- commend to the Trustees and'Visitors to pay to any Professor, Assistna com pensa. tioe. tant Professor, or incumbent of any Prize Scholarshlip for graduates, tmch reasonable extra compensation as he shall approve, for any extra service whiclh they may be respectively rlequirecl to perform, which may be paid in the discretion of the Trustees and Visitors out of the income of the ABiscellaneous Fund. ~ 58. it is earnestly recommended to and expected of every Profes Disuse of tobaeco recommendsor, to avoid the use of tobacco in any of its forms; and each Plrofessor ed. before entering on the duties of his office, shall subscribe the following declaration in the book to be provided as aforesaid, to wit: ~ 59. 1 solemnly promise that I vill not use spirituous liquors of Pledge of prolessors. any kind as a tbeverage, so long as I shall continue to receive the avails of a Professorship founded by the dcleecl of trust executed by Eliphalet Neott and Urania E. Tott to the Trustees of Union College, bearing date the 28tlh day of Dcecmber, 1853, and that I will discourage the use of such liquors by others. ~ 60. And each Assistant Professor, before entering on the duties Assistant professors. of his office, shall subscribe in the book to be provided therefore, a declaration in the words following, to wit: ~ 61. 1 solemnly promise that I will neither use tobacco in any of Pledge. its forims, nor spirituous licjuors of any kindl as a beverage, so long as I shall continue to receive the avails of an Assistant Professorship founded by the deed. of trust executed by Eliphalet Nott and. Urania E. Nott to the Trustees of Union College) bearing date the 28th lday of December, 1853, and that I will discourage the use of such articles by others. ~ 62 _ Professors and Assistant Professors appointed as aforesaid, Removalofpromay be removed at any t:':3 by the concurrent act of the Board of Trustees of Union College and of the Visitors, while the said Eliphalet Nott continues to act as Visitor, either of which Boards may originate a proposition to that efiect to the other Board; and when the said E. Nott shall cease to act as Visitor, then such removal may be made by the vote of a majority of said Trustees and Visitors in joint meeting. ARTICLE rII. VIII. ~ 63. The following regulations and conditions are to be observed Scholarships. in relation to Auxiliary Scholarships, Prize Scholarships for underg.raduates, and Prize Scholarships for graduates. ulty of visitor~s 3 -. It shall be the cduty of the Visitors at their annual meeting to appoint examinations of in eachl year, to designate at least one examiner from their own numcandidates, ber, or fror the Faculty, whose duty it shall be in connection with such members of tlhe Faculty, or other persons, as the President shall designate, to examine and certify to the qualifications of candidates for the Auxiliary and Prize Scholarships as herein provided for. And they may also appoint examiners not connected with the College to attend the exaninations had at the close of the several Terms, who may be paid the same per diem compensation for their attendance directed to be paid the Visitors and upon the same evidence and from the income of the same fund. Qualifications ~ 65. To be entitled to the FIRST stipend, (being a stipend of the for firlst stipend. AfUXILTxRY SCIIOLAXISUIPS), the candidate must not only reciuire material aid, but must also be well prepared for the class he proposes to Secondastipend. enter; to be entitled to the SECOND stipend the candidate must not only require material aid, but must also be more than ordinarily well prepared for the class he proposes to enter, and possess talents that give promise of more than ordinary usefulness. Third stipetnd. ~ 66. To be entitled to tthe THrnD stipend, (being a stipend of the Prize Scholarships for undergraduates), the candidate must be a prime Fourth stipend. scholar and possess superior talents; and to be entitled to the rFOUnTI stipend, the candidate must be pre-eminent in both scholarship and talents. Certificate to ~ 67. To which stipend the candidates examined are severally eube given. titled, must be indicated to the President, by the examining committee, in the certificate given to them severally. ~ 68. Incumbents of whatever foundation, if in need of material aid, Tnition and use will, on furnlishingo evidence thereof to the President, be entitled, in of text boonks free. addition to their respective stipends, to receive their Tuition and the use of their Text Books, (with the exception of Lexicons and Dictionaries which they are supposed to possess,) from the Library free of charge, unless for damage done said books while in their possession. Incumbents ~ 69. The incumbents of all the several foundations may be transmay be transfbrred. ferred from one foundation to another, either ascending or descending, during their College course, according as they are progressive, stationary or retrograde, if the Visitois shall, by their own act, or by a com 21. -ttee, so determiine; or the foundation of any scholarship may in lilk manner be vacated. ~ 70. in the selection and transfer of the incunlbents of scholarships, Prefrenece, Other things being equal, preference must always be given to candidates requiring material aid and of decided religious character. ~ 71. The stipends awarded to the incumbents of Prize Scholarships Stipends of' prize scholar. for undergraduates, may be conferred, at the option of tlhe recipients, ships may be il mone~, or in either in the form of money or of medals, books or other appropriate medals, &c. tokens of distinfguished merit. ~ 72. All thle Scholarshltps that may be founded pursuvant to this Scholarshlips to be numbered. instrument, shall be numbered; and each shall be distingouished by its appropriate number, and by such additional ter-ms of desi'gnation as may be directed by the Trusteces of Union College and the Visitors herein appointed. ~ 73. The President of Union College, or in case of his death or President to Ikeep book for absence, the Vice President, shall keep a book to receive the subscrip- receivi f tion of can'tidates for Auxiliary Scholarships to the pledge hereinaf2er iarle seolars.i prescribed. But no candidate for such Scholarship shall be allowed to subscribe such pledge or to receive any part of the stipend herein provided, until he shall have fiurnished satisfactory evidence of good moral Evidence of' character to be character, and that he has passed the requisite examination, ancl that f-rnished. he is fully and. thoroughly prepared to enter the class for which he is recommended. Nor lmay any incumbent of an Auxiliary Scholarship be continued on the foundation to,which he has been admitted, any longer than he shall continue to sustain an unblemished moral character and hold. an honorable standing in his class, and be punctual in attending Church on the Sabbath, and all the other prescribed College exercises during the weel; a report in relation to which particulars must be made to the Visitors by the President or Register, at the time of the examination at the end of each term. ~ 74. The President of Union College shall in like manner receive President to re ceive pledge the pledge hereinaRter prescribed, from candidates for Prize Scholarships from candidates for prize schofor undergraduates, who shall have sustained the requisite examina- larships. tion by the colmittee appointed for that purpose; but no certificate shall be given by suchl committee except to candidates actually possessing the qualifications hereinbefore prescribed, and of blameless IMast Contillua i i h M ist1oaidnue morsals caiacsea nor carn any incumbent of a Prize Scholarship for to sustain stalliundergraduates be continued any longer on any foundation to -whichl lhe has been admitted, than lihe shall continue -to sustain thIe standing held wherl admIitted, and shall also continue punctually to attend Church on the Sabbath, and all the other prescribed College exercises during the other days of the week, of which report, as aforesaid, shall be made at the close of each term to the Visitors. Two or iore1 ~ 75. Two or more Auxiliary Scholarshllis or Prize Scholarships sehola. ships 1ay be assig11n- 0o undlcrgraduates, m1ay in the discretion of the President, for special ed to the saile b person. reasons, be assigned to the same incumbent while an undergraduate, or afteL haviong been selected a resident graduate. Presidlent mav ~ 76. The President of Union College, or in case of vacancy inl the uate poize sod oce of Presidoe t, tue Vice Proesident, m ay appoint incumbents to the larshipsi. Prize Scholarships, for graduates of Union College, or Fellowships, frLom amnong those who were pre-eminent scholars in their respective classes, or young men of eminent attainments (not graduates) who shall sign the pledge required of the Assistant Professors. The incumMustbe uLnliar- bents of the graduale iPrize Scholarships or Fellows must be unmlarriadl nmei ried men, reside in College, and besides hearing recitations when required imust perform such additional official duties as the President Additiolnal shall pres;cribe; andi an additional compensation may be paid theim compensation 1 may be paid. from th income of the Miscellaneous Fund or any other surplus fund, if the TrLustlees a'd Visitors shall so decide; or two or more Scholarships may for special reasons be by them assigned to the same indi-.vidual. ~ 77. Candidaties for Auxiliary Scholaoirships and for Prize Scholarships for undergraduates, can only be admitted to their respective foun. dations by signing the following Pledge Pledge ifor anux- ~ 738 1, solemnly promise that I will iliarv andl prize scholarshlips for neither use tobacco in any of its formns, nor spirituous liquors, either undergraduates habitually or occasionally, as a beverage; that I will. not join any College Society without the consent and approbation of the President of the College, and that I will punctually attend religious worship on the Sabbath, and the other prescribed exercises of the College on the other days of the week, so long as i shall continue to receive the avails of any Seholarship founded by Eliphalet Nott. 23 ~ 79. And the candidates f;or Auxiliary Scho1arsM'iPs and Pri'e "o: -1rin wvthic8t P 1 who canlCidiati3s to Scholarships Ir undergraduatees, who thaltl hLave sined tile said pietige, be alnited. shall be admitted to the said Scholarships respectively in the order in which they received their respective certica'nt es fiom tile exaniners hereinbefore provided, until the whole number of such Scholalships shall be filled, unless certain candidates in the opinion of the examiners shall have entitled themselves to prefer ena by pre-eminent merit. ARTICLE IX. Ix. $0. Sh1-Iould any difibrences arise between th;e Trustees of Union m)iultreinccs,]low U,'> be set College and the BoarLci of Visitors, iin respect to the powers or duties of tlee. either, such dilferences shall be submitted to tihe Justies of the Supreme Court residin in the district in which Schenoetady is situated, whose decision shall be final. And in ease of a change in the organization of the Judiciary, then to the Senior Judge of the Ilighest court of law and ectuity having original jurisdictlion in the district in which Schenectady is situated, whose decision shall be final. ~ 8i. As soon as the whole of the trust property shall beconme pro- Whole nu.m1ber of sheolershilps duetive, and sooner if practicable, the whole number of Auxiliary Scho- to be filled. larsl1hips and Prize Scholarships for undergraduates must be filled, if a sunfieent number of tqualified applicants to fill the same shall ofier; and they must continue to be filled so long as this shall continue to be the case. But if at any time there shall not be a sudlci.uent number of qualified applicants to fill such Scholarships, then the stipends of the vacant Scholarships may, in the discretion of thie Trustees andl'Visitors, be applied for the time being to any of the otlher specifiedc objects in said deed of trust. ~ 82.'ihe continuance of the same paternal government now estab- Paternal onrlishlted in Union College, and the same systeln of reporting delincluen- me,'tt, o ie cies by the Professors and other ofi'cers, to the President, and of correspondence by him with the parents of delinquents, and of privately dismi-ssinug rojm College, with the least possible injury to the offender; where reformation is hopeless, as is now practised, is earnestly recom-w nenlded with respect to all thie Oficers andc Pupils in the Institution; and the same is explicitly recluiretd with respect to the incumbent of every Pro'fessorship, and Assistant Pro-fes-,orship and Scholarship.1~~~~~~~~t foundedI by this trust, an d it is expressly enjoined on the Tisitors to insist tihereon. Execution. ~ 83. In witness that the foregoing instru-ment is the voluntary and well-.consildered act and deed of the said Eiiphalet INott, he has hereunto sub/scribed his name and affixed his seal, this twenty —e iglt day of IDecember, in the year of our Lord one thousand eibght hundred and fifty-three. ELIPH'T. NOTT, [L. S.] In presence of II.. V.ILLAmD. UTE. Nott's re-'84. An-id I, Urania E. Nott, wife of the said Eliphalet Nott, hereby s:ase - ofrights. join my husband in the said dceed; and in consideration of the uses and iurposes for which the said instrument is mrade, and with the view otf aiding aand promotuing the same; and in further consideration of the su-m of One Dol1lar, to me in hand paid by the T rustee-s of tUnion Colle.e, i, tlhe Town (now city) of Schenectady, in the State of NewYork, Cdo hereby grant, convey, release and quit-ec!laim the said Trustees, all right, interest, estate antd claim that 1i hnave, or may have, in or to the property, rights aLnd interests described in the foregoing instrument, and thlerein conveyed to the said Collerge; whether such rights, interest or claim, be for my lower or thirds in the saicd proproperty, or otherwise. In witness whereof, I have hereunto set my hand andt seal the day and year above wr.itten. TI.ANE A E. I:.TOTT, [_L. S.] in presence of f,. H'7VI- LLPRD. STATE or NEW -YoRu, SCHIENECTADY COUIT'I,: 5 On this twenty-eighth day of January, A.., 1854, before me personally avppeaied Eliplialet Nott andl Urania E. his wife, to me known to be the individuals described in, and who executed the foregoing Trust Deecd ancd Schedules attached, and severally acknowledged th at they executed the same. And the said Urania E. Nott, on a private examination, separate antid apart from her husiband, acknowledged thtat she executed the same freely, and without any fear or compulsion of or firom her said husband. L. H. WVILLARD, Commissioner of Deeds.