UA-R-GC-1914-01-01-1972-01-07_Page-003

Page Three down as Chairman of the Board expressed their gratefulness for the able services performed by him in that capacity. After discussion, on motion duly made and seconded, the following resolution was unanimously adopted: RESOLVED that the Board hereby records its deep thanks and appreciation to Freder~ck B. Payne for his services as Chairman of the Board of Trustees for the past six years, and particularly for his wisdom and leadership in guiding the Board through the difficult period it has recently experienced, and further records its oontinuing gratitude to him for shoulder­ing the burden of successfully managing the University's endowment securities portfolio and assuming a major and productive role in dollar fund raising on behalf of the University. 6. The Revised Budget which had been previously circulated to the Board members by Mr. Bickford, Chairman of the Budget Committee, was approved unanimously. 7. President Thoron reviewed the terms of the Mobil Oil loan, and asked that the most recent official account of the present amount due (as of December 31, 1971 -- L.E. 597,006,401) be entered in the records of the New York office. Mr. O'Connor reported on a meeting held by Mr . Nichols and himself with Messrs . F. J. Doolan, Michael Rapport and Ashley Moore of Mobi