42 



dred dollars ($2,500.00) or more annually, whereon, at the option of the 

 Academy, the cost of administration may. as far as compatible with the 

 terms of the bequests to this fund, be paid out of tlie interest accruing from 

 tlie fund. 



The executive committee of the Academy shall appoint a standing com- 

 mittee which shall have charge of the bonding of trustees and be the cus- 

 todian of the bonds. 



Remuneration — 



Trustees shall seive without pay, but shall be reimbursed for necessai-y 

 expenses incurre(l in the actual performance of their duties. 



Investments — 



The trustees shall keep all research endowment funds invested in stand- 

 ard securities, such as are prescribed by law in Indiana for the investment 

 of the legal reserve of life insurance companies. In the event real estate or 

 property other than money is conveyed to the Academy for research pur- 

 poses and is sold, the funds accruing from such sale shall be promptly rein- 

 vested in securities of the class named above. 



The trustees shall select some well-established bank or trust company, 

 having safety deposit boxes, as a custodian of all securities, moneys, and 

 negotiable papers, etc. 



Reports — 



It shall be the duty of the trustees to make written sworn reports on the 

 fund at each annual winter meeting of the Academy, and at such other 

 times as the executive committee or the president of the Academy may 

 designate. 



Duties of Trustees — Financial — 



The duties of the trustees of the fund shall be restricted chiefly to the 

 financial management of the principal and the interest under the rules pro- 

 vided. They shall not as trustees have a voice in the appropriation of such 

 proceeds as are available for research work, but shall turn them over to 

 such committees or individuals as are properly designated by the Academy, 

 to be employed in research w^ork. 



Estahlishmeiii of the Research Endowmeiit Fund. 

 This fund shall be established by the following methods : 



(a) By annual appropriations fi'om the current revenues of the Acad- 

 emy. It shall be the duty of the treasurer to report to the Academy at each 

 annual meeting such an amount as in his judgment can be spared for this 

 purpose. Funds so appropriated shall be irrevocable by the Academy. 



(b) By conveying to this fund all fees from life members. 



(c) By establishing the relationship of patron, witli a fee of $100.00, 

 and conveying all such fees to this fund. 



(d) By gifts, etc. 



