974 



SCIENCE. 



[X. S. Vol. XXI. No. 548. 



either by the President and Fellows of 

 Harvard University or by the Corporation 

 of the Massachusetts Institute of Tech- 

 nology, upon reasonable notice to the other 

 Corporation. 



In the event of the termination of this 

 agreement, the Massachusetts Institute of 

 Technology must pay, at such prices and 

 upon such terms as the parties may agree 

 upon, and, if they can not agree thereon, 

 as may be fixed by arbitration (usual arbi- 

 tration clause), for any buildings or fix- 

 tures upon said site, paid for with funds 

 furnished by the University. 



XVIII. 



This agreement shall take effect when 

 finally adopted and approved by the Cor- 

 poration and the Overseers of the Univer- 

 sity and the Corporation of the Institute, 

 and when and if a decree of the Supreme 

 Judicial Court, as provided for in the pre- 

 amble hereof, shall have been obtained. 



EXTRACT FROM THE WILL AND CODICILS OP 

 THE LATE GORDON McKAY. 



I direct that eighty per cent, of the bal- 

 ance of said net annual income, after pay- 

 ing the annuities (the remaining twenty 

 per cent, being held as a reserved fund to 

 cover any future possible deficiency in the 

 annual income to pay said annuities), shall 

 be safely invested by my trustees from time 

 to time until such accumulations amount to 

 the sum of one million dollars, and then I 

 direct my trustees to pay over said sum of 

 one million dollars to 'the President and 

 Fellows of Harvard College in their cor- 

 porate capacity,' if said Corporation shall 

 accept the same for the purposes and upon 

 the terms and conditions hereinafter set 

 forth, to be held and applied by them and 

 their successors in said capacity for the 

 purposes and trusts hereinafter declared. 



I also direct said trustees to pay to the 

 said President and Fellows (if and after 



said sum of one million dollars has been 

 paid over to them, as aforesaid) annually 

 eighty per cent, of the balance of the net 

 income accruing from the remainder of my 

 estate after paying the existing annuities; 

 and upon and after the death of the last 

 surviving annuitant I direct said Trustees 

 to pay over to the said President and Fel- 

 lows of Harvard College all the residue of 

 my estate, including all unexpended in- 

 come, all of which said sums I give to the 

 said President and Fellows of Harvard 

 College, provided they accept the same, as 

 aforesaid, strictly upon the trusts and pur- 

 poses following, namely: — 



I direct, if the said Corporation, the 

 President, and Fellows of Harvard College 

 accept said gift, that the sum total of all 

 the property and moneys conveyed by my 

 trustees to the President and Fellows of 

 Harvard College shall be forever known 

 and described in the records of the Presi- 

 dent and Fellows and on the books of their 

 Treasurer as the Gordon McKay Endow- 

 ment. 



I give the President and Fellows full 

 powers to hold, manage, and protect, im- 

 prove, sell, invest, and reinvest at their 

 discretion, from time to time, the property 

 in which this Endowment may at any time 

 be invested. I also give the said Corpora- 

 tion authority, in case the principal shall 

 be at any time impaired through misfor- 

 tune, to accumulate the income of the 

 Endowment, or any part thereof, until the 

 principal shall be made good ; but, in order 

 that the principal and income may share in 

 the guaranty or insurance which is derived 

 from the large mass and wide distribution 

 of the University's investments. I prefer 

 that the investments of the Endowment be 

 merged, as soon and as far as in the discre- 

 tion of the President and Fellows they 

 prudently and equitably may be, with the 

 general investments of the other permanent 

 funds held by the President and Fellows. 



