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, 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 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 : 



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 tlie 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 : 



{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 

 time be awarded by the Society for the best essay of real merit on 



