EXTRACT FROM THE LAWS. 



The Henry M. Phillips' Prize Essay Fund, 



Miss Emily Phillips, of Philadelphia, a sister of Hon. Henry M. 

 Phillips, deceased, presented to the American Philosophical Society, 

 held at Philadelphia for Promoting Useful Knowledge, on October 5, 

 1888, the sum of five thousand dollars for the establishment and 

 endowment of a Prize Fund, in memory of her deceased brother, 

 who was an honored member of the Society. The Society, at a 

 stated meeting, held October 5, 1888, accepted the gift and agreed 

 to make suitable rules and regulations to carry out the wishes of the 

 donor, and to discharge the duties confided to it. In furtherance 

 whereof, the following rules and regulations were adopted by the 

 Society at a stated meeting held on the seventh day of December, 

 A.D. 1888: 



First. The Prize Endowment Fund shall be called the " Henry 

 M. Phillips' Prize Essay Fund." 



Second. The money constituting the Endowment Fund, viz., 

 five thousand dollars, shall be invested by the Society in such 

 securities as may be recognized by the laws of Pennsylvania, as 

 proper for the investment of trust funds, and the evidences of such 

 investment shall be made in the name of the Society as Trustee of 

 the Henry M. Phillips' Prize Essay Fund. 



Third. The income arising from such investment shall be appro- 

 priated as follows : 



i^a) To making public advertisement of the prize and the sum or 

 amount in United States gold coin, and the terms on which it shall 

 be awarded. 



{b) To the payment of such prize or prizes as may from time to 



