2O MARINE BIOLOGICAL LABORATORY. 



tory in general. Our Board of Trustees for these reasons adopted 

 the policy that any endowment that should be created in con- 

 nection with the present undertaking should be held in trust 

 for the Laboratory by an outside body, which should pay in the 

 income to the Laboratory for operating expenses." 



The Trust Deed is printed in full on pp. 23-28 of this report. 

 The only article that appears to require comment is No. 3, 

 establishing a Committee of Review and defining its powers. 

 The logic of a Trust Deed seems to require provision for disposi- 

 tion of the funds in case of death of the party, or dissolution of 

 the corporation, for whose benefit the deed was created. In the 

 case of our Laboratory protection of the purposes for which we 

 secured the funds also seemed to be demanded. The Committee 

 of Review is established to protect the interests both of the 

 present members of the Laboratory and also of the donors of 

 the fund in these purposes, and in addition to ensure that the 

 income shall be used in perpetuity for biological research. It 

 will be noted that two thirds of the nine members of the Com- 

 mittee of Review are required to be Biologists nominated by 

 Professors of Biology in the institutions named, and that it 

 requires a two-thirds vote of the Committee twice repeated at 

 an interval of five years to divert the funds. Members of the 

 Laboratory are eligible to membership on the Committee of 

 Review. The Committee is not a standing Committee; it 

 comes into existence and disappears automatically every ten 

 years. To divert the funds, they have to testify in writing, 

 stating their reasons therefor, that the Laboratory is not per- 

 forming valuable services in Biological Research. The Labora- 

 tory is not limited in its activities in any way; the future ad- 

 ministration of the Laboratory is pledged to maintain research, 

 but may also engage in any other activities authorized by the 

 Act of Incorporation. 



It should also be stated that Mr. John D. Rockefeller, Jr.'s 

 contribution of $400,000 for endowment, and the contribution 

 of $100,000 by the Carnegie Corporation for the same purpose, 

 have been deposited with the same -Trust Company under the 

 same Deed of Trust in accordance with Article 13 of the Deed. 



Reference was made in the Director's Report for 1921 also to 

 the plans of the new building. We publish herewith (p. 29 ff .) 



