04-16-1928
Volume 5 - Pages 21-22

                         Reno, Nevada
                        April 16, 1928

The Board of Regents met in the President's Office at the Uni-
versity on Monday, April 16th, 1928 at 10 o'clock, for a special
meeting.  Present:  Chairman Pratt, Judge Brown and Mr. Wing-
field.  Absent:  Regents Talbot and Williams.

The meeting was called to order by Chairman Pratt who stated
that the object of the meeting was to consider a Plan and Agree-
ment and a recommendation concerning them as submitted by Mr.
Clarence H. Mackay in re. the transfer of the 1500 preferred
shares of The Mackay Companies, held in trust by the Regents of
this University, to 5% bonds of the New Company to be formed by
a merger of The Mackay Companies and the International Telephone
and Telegraph Company.  These preferred shares of The Mackay
Companies were given to the Regents in trust for the Mackay
School of Mines of this University of Nevada.  Judge Brown moved
the adoption of the following resolution:

    WHEREAS, The Mackay Companies did on the 29th day of March,
    1928, join in a Plan and Agreement with the International
    Telephone and Telegraph Company for the exchange of its
    preferred shares for collateral trust 5% bonds of a new
    company to be organized and known in the Plan and Agreement
    as the New Company,

    THEREFORE, BE IT RESOLVED, that the Board of Regents of the
    University of Nevada, the owner of 1500 preferred shares of
    The Mackay Companies, does hereby concur in and accept the
    Plan and Agreement, and authorizes and directs its Chairman
    to execute the Stock Power for the 1500 preferred shares
    and make deposit as provided in the Plan and Agreement.

Motion seconded by Mr. Wingfield.  Vote:

    Mr. Pratt            Aye
    Mr. Wingfield        Aye
    Judge Brown          Aye

Note:  The certificates authorized to be so transferred are
       Nos. N/B 5428, 5420, 5421, 5423, 5424, 5425, 5392, 5393,
                5394, 5395, 5396, 5397, 5398
       for 100 shares each, and
       Nos. N/A 17417 and 17239
       for 50 shares each.

Judge Brown moved the adoption of the following resolution:

    WHEREAS, this Board of Regents of the University of Nevada
    has heretofore accepted a certain Plan and Agreement, and
    authorized its Chairman to execute a Stock Power for the
    transfer of 1500 preferred shares of The Mackay Companies,
    now standing in its name and held by the Board of Regents
    under the terms of a trust wherein it is provided;

    That said shares of stock shall be held in trust by said
    Board of Regents and its successors for the purpose of pro-
    viding instruction in the Mackay School of Mines, and shall
    be sold or otherwise disposed of only with the approval of
    the Trustees of The Mackay Companies, and if sold or other-
    wise disposed of in whole or in part, the proceeds thereof,
    from time to time shall be reinvested by said Board in safe,
    interest- or dividend-paying securities to be likewise held
    in trust.

    BE IT RESOLVED, that these certificates and the Stock Power
    executed in the name of this Board be sent to Mr. Clarence
    H. Mackay, President of The Mackay Companies, for further
    authorization of transfer, and that if Mr. Clarence H. Mackay
    approves, and the said transfer is approved by the Trustees
    of The Mackay Companies, that the bonds, if and when issued
    in exchange under the Plan and Agreement dated May 29 for
    the exchange of shares of The Mackay Companies, shall be held
    by the Board of Regents in trust under the terms and condi-
    tions of the Trust set out in full in the minutes of the
    Board of Regents held on the 15th day of May, 1912 in lieu
    of the 1500 shares of the preferred stock of The Mackay
    Companies originally donated by Mr. Clarence H. Mackay and
    Mrs. Marie Louise Mackay under the terms of such trust.

Mr. Wingfield seconded the motion.  Vote:

    Mr. Pratt            Aye
    Mr. Wingfield        Aye
    Judge Brown          Aye

Certified copies of the above resolution were ordered transmitted
to Mr. Clarence H. Mackay, together with the above listed certi-
ficates and the Stock Power duly signed by the Chairman of the
Board of Regents.

Adjourned.

                             Walter E. Pratt
                             Chairman

Carolyn M. Beckwith
Secretary