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 endow- 

 ment 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 : 



FirsL 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 investnient 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 appropriated 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 the Science and Philosophy of Juris- 



