MINUTES OF THE MEETING
of the
EXECUTIVE SESSIONS
of the
BOARD OF TRUSTEES

April 19 and 20, 1967

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The following members were present:  Messrs. Harlan, Hartman, Merriman, Nisbet, Smith,
Stevens, Thompson, White; President Hannah and Secretary Breslin.

Absent:  No one

The Trustees met in executive  session to discuss a variety of items arising out of current
discussions of what constitutes conflict of interest on the part of University  officers or
employees.  After prolonged  discussion, it was clear that several trustees felt:

Conflict of,--
interest
p o l i cy  •

1.  That membership on Boards of commercial enterprises doing
business with or in a position to do business with the
University  could be subject to possible  criticism.

2.  That officers and employees  should be alert to protect the

University  from possible  criticism arising  from ownership or
operation of businesses or services  catering to those in a
position to profit from University business.

3.  That Trustees are concerned  about actions or inactions that

have the possible effect of countermanding or vitiating  actions
or instructions  formally enacted by the Board.

Mr. Harlan moved, seconded by Mr. Merriman, that the President be requested to convey the
Board's above-mentioned  admonitions and concerns to the officers and employees of the
University, and to work out a resolution of such situations wherever  they exist.

Unanimously  approved.

MINUTES OF THE MEETING
of the

FINANCE COMMITTEE
April 20,  1967

The Finance Committee convened at Kellogg Center at 8.o'clock for breakfast.

The following members were present:  Messrs. Harlan, Hartman, Merriman, Nisbet, Smith, Stevens,;
Thompson, and White; President Hannah, Treasurer May, and Secretary Breslin.

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Investment
regulations

Absent:  No one. 

1.  Investment recommendations  from Scudder, Stevens and Clark and Mr. Earl Cress: 

Consolidated  Investment

Amount

Security

Recommend purchasing:

$40,000 

Federal National Mfg. Assn.
Parr. Ctfs. 4/6/87 5.10%

900 shs.  Lone  Star Cement  (mkg. 2,300
200 shs.  Minnesota Mining & Mfg.

H. W. & E. A. Klare

Recommend  purchasing:

up to
25 shs. 

Aluminum Co, of America
(Making 150)

Rackham Trust Income

Remit to the University:

Approx.
Price

Principal 

Income 

Yield

101
18
85

$40,400
16,200
17,000
$73,600

$2,040
900
260
$3,200

5.0%
5.5%
1.5%

85

2,125

40

1.9%

$34,000 

U.S. Treasury 3 7/8s 11/15/68

99

33,660

1,317 

3.9%

Retirement Fund

Recommend  purchasing:

up to:
1,500 shs.  Lone Star Cement  (mkg. 6,500)
300  shs  Aluminum Co. of America
(mkg. 1,300)

18

85

27,000

1,5.00

,5.5%

25,500
$52,500

480
$1,980

1.9%

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