[Adopted 2-10-1930]
The Town of East Haddam hereby accepts with grateful appreciation
the generous bequest of $400,000 in trust, as a permanent fund to
be known as the "Albert E. Purple Memorial Fund" for high school purposes,
as provided in the will of our late fellow townsman, Arthur J. Silliman,
deceased. The Town agrees to assume said trust for the benefit of
its inhabitants and to carry out the provisions of said bequest, and
the Town Treasurer is hereby authorized to accept the receipt for
said fund, on behalf of the Town.
The Town School Committee, increased as hereinafter provided,
in cooperation with the Town Treasurer, is hereby instructed and empowered
in behalf of the Town to enter into such institution having a trust
department, located in the State of Connecticut and selected by said
Treasurer and Committee increased as aforesaid, as may be deemed by
them to be for the best interests of the Town, to act as financial
agent of the Town in the care, custody, management, investment and
reinvestment of said trust fund, said agreement to be executed in
behalf of the Town by the Chairman of the Town School Committee and
by the Treasurer.
In the preparation of said agreement and in any subsequent transaction
relating to said trust fund, the Town School Committee is hereby authorized
to associate with itself one person selected by a majority of its
members, who is a resident of East Haddam, but not a member of said
committee, all of said persons to constitute and be known as the "Albert
E. Purple Memorial Fund Committee."
The Town Treasurer, upon said bequest from the Silliman Estate,
and upon the completion of said agreement, shall deliver to such trust
company or banking institution, as financial agent of the Town, the
assets of said trust fund, to be invested and administered by the
financial agent according to the terms of said bequest and of such
agreement.
Any transfer of securities or other property in said fund, when
duly executed by said financial agent and countersigned by the Town
Treasurer then in office, or in his absence or by reason of his inability
to act, by the Chairman of the Town School Committee, shall be effectual
to confer a good title.
The appointment of any financial agent under said agreement
shall continue (except in case of resignation) until rescinded by
a two-thirds vote of a Town Meeting legally warned for that purpose;
and said financial agent shall not resign or relinquish its duties
and obligations under said agreement (unless in case of the removal
for cause), except upon three months' written notice to the Town Treasurer
then in office.
