The Mena weekly star., 1907-01-31
DECREE IN THE
 ACADEMY CASE
A Complete Review of the Facts and inc Decision of Chancellor Shaver in Setting Aside Transfer of
 Valuable Property.

because or the great lHteEeSt3 | local and otherwise, in the con- troversy brought about by an effort to transfer the Meua Hem drix Academy property in alleged violation of the agreement entered into between the citlzens of Mena and the Hendrix collegs, the full decision of the chancery court, emitting introductory leg al forms, is printed below:
 Upon consideration thereof the Court doth find that in the year 1900 a mutual understanding was had by and between the plaintiffs and other citizens of Mena and A. c. Miller, president of Hen drix college, whereby the plain- tiff, the Arkansas Townsite Co.,, agreed to donate the sum Of Sl0, 500 and sufficient grounds for the purpose of erecting and main tainiug an academy in the city of Mena, if the citizens of said city would buy of it sufficient lots to cover said amount. That the plaintiffs aud other citizsns of Mena, pursuant to said agree ment and understanding, did pur- chase of the plaintiff Townsite Go. the requisite number of lots and that in accord with said un- derstanding the plaintiff Town site Co. on October 25, 1900, executed to Hendrix college as trustee it's deed to lots !, 4, 5, 6, 7, and south half of lot ?, College Hill addition to Mena, and caused to be erected thereon snitab ble buildings at an expense of $l0. 500. That while the con- sideratiou expressed in said deed is only ouc dollar, the true con- sideration was as above set forth. That said deed by the plaintiff Towusite Co. was to Hendrix college in trust for the following purposes:
 That there shall be erected and forever maintained thereon an academy of high grade to be owned by and under the control of the trustees of Hendrix college in trust for the Methodist Episco- pal church, South, in Arkansas, but to be separate trust, distinct from the trust of Hendrix college proper, and that after said acad- emy shall have been maintained for period of fifteen years, said Hendrix college may sell the same for the purpose of reinvest- ing the proceeds thereof in another similar school in the said town of Mena, and that if it shall be necessary for any reason to separate the Hendrix college proper from the academy therein provided for, that the academy shall be held for the purposes of said trust by trustees appointed by the annual conference of the Methodist Episcopal church, South, in which said academy property is situated"
 The Court further finds that by the terms, conditions and provi. sions of the deed of date of Oc- tober 25, 1900, executed by the plaintiff Townsite Co.,, to the de fendent Hendrix college, a charit- able trust was created thereby, whereby the Methodist Episcopal church, South, in Arkansas be came and is the beneficiary there under, and that If for any reason the trustees named in said deed. the defendent, Hendrix college, shoald fail to properly administer said trust, the right to administer and control the same should then devolve upon the Little Rock conference of said church, as said property is situated within tho boundary of said Little Rock conference.
 The court further finds thai the defendant Hendrix college, acting as trustee under said deed assumed control and management of said academy property, aud iu cor junction with local advisory board attempted to administer said trust.