LCMS Convention Proceedings St. Louis, Missouri — 1932, Page 236

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236 . Proceedings of Thirty-Fifth Regular Convention,

cover the cost of housing service, heat, and light, was rejected by

Synod.
“The following recommendation of Committee 1 was adopted: —

We recommend to Synod that the Appropriations Committee, be-
fore it presents its report to Synod, submit this report to Committee 1
and such other committees as deal with work financed by Synod.

Report of the Special Board of the L. L. L.
Endowment Fund.
(Memorial 610.)

In its first meeting during the past triennium the standing
‘members of the Special Board, President Pfotenhauer, Secretary
Kretzmann, Treasurer Seuel, Mr. Edwin H. Faster, and Mr. Louis
H. Waltke, elected Messrs. F.C. Pritzlaff and Paul Schulze as the
sixth and seventh members of the Board. In the second meeting,
October 8, 1929, the Board organized by electing Mr. Edwin H. Faster
chairman, the undersigned secretary, and Mr. Paul Schulze treasurer.
Dr. Pfotenhauer, Mr. Pritzlaff, and Mr. Schulze were appointed as
Fiduciary Committee to accompany the treasurer whenever he would
wish to have access to our box. The Executive Committee consisted
‘of Messrs. Paul Schulze, Edwin H. Faster, and F.C. Pritzlaff.

Synod had authorized the Board to make “custodian-account ar-
rangements for the benefit and protection of the L. L. L. Endowment
Fund with a trust company of high responsibility and reputation.”
A written proposal of the Continental Illinois Bank and Trust Com-
pany of Chicago was studied carefully and discussed with representa-
tives of the bank. It was clearly understood that the proposed
arrangement would in no wise take away the control of the fund from
the Board itself, since the decision concerning investments would rest
entirely with the Executive Committee of our Board, the officials of
the Trust Company serving merely in an advisory capacity. It was
‘resolved that we enter into a custodian agreement with the Con-
tinental Illinois Bank and Trust Company according to the written
agreement submitted and signed by 211 members of the Board. The
principal provisions of this agreement are: — .

1) That the Continental Illinois Bank and Trust Company as
-trustee have physical responsibility for their safe-keeping;

2) That:cbupons be collected when due and: the proceeds be de-
posited in accordance with the instructions of the Board;

3) That bonds be presented promptly for payment when called
for redemption or on date of maturity;

4) That the sale and replacement of securities be taken care of;

5) That complete accounts.be kept and full statements be ren-
dered periodically.