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The Pamphlet Collection of Sir Robert Stout: Volume 50

Endowment of the University

page 151

Endowment of the University.

[The great difficulty with persons benevolently inclined to make such donations heretofore, was, that they knew not how to make such investments perfectly safe. The following law remedies this difficulty. It is drawn precisely in accordance with Sec. 6, Art. 11 of the Constitution of the State of Missouri, and any person desiring to make provision for the benefit of any district school connected with the public school system of the State, or to establish scholarships or additional professorships, or departments, or permanent prizes in connection with the State University, to stimulate and encourage ambitious and meritorious youths, male and female, can do so by granting, giving or devising any money or property of whatever kind, which they may desire to dedicate to such objects, by turning over and delivering the same to the Treasurer of the State, to be disposed of by him according to the terms of the law.

The State of Missourilis constituted the custodian and trustee of all such funds, and pledges herself for the safe keeping, investment and due application of the same, in carrying out the purposes and wishes of such grantor, donor, devisor or testator, according to the instrument of writing making such grant, gift, devise or bequest. The fact that the University has about half a million Endowment gives assurance of its permanency.]

Ax Act to encourage and increase the public school fund of the State, by grant, gift or devise, as provided for in section six (6), article eleven (11), of the Constitution of Missouri, and to provide for its safe and permanent investment.

Be it enacted by the General Assembly of the State of Missouri, as follows:

Section 1.It shall hereafter he lawful for any person to grant, give or devise to the Public School Fund of the State, any money, property, real or personal, choses in action of every kind and description, the same to be turned over and delivered to the Treasurer of the State, and to be disposed of by him in the manner hereinafter provided for.
Sec. 2.For any money, property or choses in action delivered to the Treasurer, under this act, he shall give duplicate receipts, one of which shall be filed in the office of Auditor of the State, who shall charge the Treasurer therewith.
Sec. 3.A certified copy of the instrument of writing, evidencing such grant, gift or devise, shall also be delivered to the State Auditor, and duly recorded by him, in his office, in a book to be kept specially for that purpose, and the original shall be recorded in the recorder's office of the county where said grantor, donor or devisor lives or resided at the time of his death.page 152
Sec. 4.Said Treasurer shall, as early as practicable, dispose of the property granted, given or devised, according to the terms specified in the written instrument, granting or giving the same to the Public School Fund, and if the same be in money, or after the property is converted into money, it shall be securely invested and sacredly preserved as a part of the "Public School Fund," as provided for by the Constitution of this State whether the same be given for the free public schools or for the benefit of the State University, and the annual income of which fund shall be invested, re-invested, appropriated and disbursed and paid over according to the terms of the writing making such grant, gift or devise, and for no other uses or purposes whatsoever.
Sec. 5.For all property or money received under this act by the State Treasurer, he and his securities shall be responsible for the safe keeping, investment, re-investment and disbursement of the same on his official bond.
Sec. 6.In all cases where any such grant, gift, devise or bequest has been made by any person for educational purposes, in aid of or connected with the free public school system, or of the State University, and from any cause the terms of such grant, gift, devise or bequest cannot be executed or carried out according to the terms and condition of the same, it shall be lawful for the person or persons having the charge thereof, or holding the same in trust, or any person interested therein, to file a petition in the circuit court of the county where such grantor, donor or testator died, setting forth all the facts connected therewith, and in the discretion of the court in which said petition may be filed, an order maybe made directing that the amount of such grant, gift, devise or bequest shall be turned over to the Treasurer of the State, as a part of the Public School Fund, according to the terms and conditions of this act, and securely invested, re-invested and sacredly preserved; the annual income on which fund shall be faithfully appropriated, as near as may be, in meeting and carrying out the purposes and wishes of such grantor, donor, devisor or testator, according to the instrument of writing making such grant, gift, devise or bequest.
Sec. 7.The State of Missouri is hereby constituted the custodian and trustee, under this act, of all such funds, and pledges itself for the safe keeping, investment and due application of all funds, with the interest thereon, which may be deposited in the Treasury, in pursuance of this act.
Sec. 8.The Auditor and Treasurer shall, in the reports required by law to be made by them to the General Assembly, from time to time, make a full report of all sums that may be made to the Public School Fund under this act, by whom made, and the precise expenditure of the annual income and growth of said fund.

Approved March 16, 1881.