Daily Los Angeles herald., 1879-08-06


ject to the payment of warrants in
their order drawn thereon by au-
thority of the Board of Directors of
said University, said income to be
used in establishing and support
ing said University. The outstand-
Ing warrants shall not be in excess
Of the income for the year in which
they are drawn, all others shall be
void.
Said Trustees, second parties
herein. shall have the power to
elect or appoint their successors
and to fill any and all vacancies
occurring in their number. A
written appointment, signed by a
majority of the Trustees holding
Office at the date of signing, shall
constitute a valid appointment
herein as trustees. In case of en-.
tire vacancy in said trusteeship
the Southern California Confer
ence of the M. E. Church, rif In
session, may fill the vacancies, or
If said vacancy shall not then be
filled, then any Court of record
may, upon petition, fill said vacan.
cy. A majority of said Trustees
shall be members of the M. e
Church. The action of m ajority
of said Trustees shall he su Efficient
to make valid any contract within
the scope hereof, said action to be
in writing signed by each of said
majority. After three years the
office of Que of said trustees shall be.
come vacant annually on the first
Monday of June of each year, so
that one vacancy may be filled each
year, the order of vacancy to be de-
termined by lot. Each trustee
elected or appointed after said three
years shall hold office for ak years.
Unexpired terms shall be filled
only for the unexpired part thereof.
SIXTH.
For any misappropriation of said
funds or conversion thereof dir
ectly or indirectly by permission or
gross neglect or .carelessness the
trustee or trustees blamable therfor
shall be personally responsible to
repay and make good the amount
thereof so that said fund may never
be diminished and so that the in
come thereof may be used as herein
stated.
SEVENTH
Said Directors of said University
shall have the right of inspection
into the accounts, books and records
of said trustees and into the condi-
ton Of said endowment fund and
it's securities and the income there.
Of, and on behalf of said third party,
may maintain any action neces.
sary to preserve said fund as herein
designed against said trustees or
either of them for any misappro-
priation or conversion of said fund
or any part thereof or to prevent
any such misrepresentation or con.
version or to prevent any act that
would so result. Any one or more
of said trustees may maintain any
action necessary for the purpose of
preserving aud protecting said fund
and the income thereof for the use
and purposes herein intended.
EIGHTH.
Said Trustees shall not receive as
compensation for their services to
exceed five per cent. of the annual
income received. All expenaes are
to he kept down to the lowest reas.
enable amount. Said Trustees
shall have their Office and place of
business ia a suitable room In some
of the University buildings after
the same shall be erected, and said
office shall be free Of rent. The
clerical work of said Trustees shall
be performed by students in said
University, If any desire to perform
the same, for compensation as
reasonable as any one else will per-
form 1t.
said University and corporation
to be under the control and man
agement of the M. +. Conference
of Southern California, or such
other Conference as it may be
changed into.
TENTH.
Said University is to be incorpo-
rated and put in operation at such
time as said second parties shall
deem advisable.
ELEVENTH.
Said University building herein
before alluded to must be complet-
ed within three years from the date
hereof, provided that sufficient
funds be received from the sale of
lots or from any other source to pay
for the same, the cost of said build
ing to be So, 900 or more, and Is to
be commenced within two years
from date hereof. In witness
whereof said first parties have
hereunto set their hands and seals
the day and year frs. above written.
OzRO w. CHILDs, LIS
JOHN G.. DOwNEY, L s.
IsAIAs w. HELLMAN, LIS
The undersigned Trustees, par
ties of the second part in and to the
foregoing indenture, hereby accept
the trust therein set out, and enter
upon the discharge of the same.
Witness our hands and seals the