Author Description

Excerpt from Year Book No. 30: July 1, 1930, to June 30, 1931; With Administrative Reports Through December 11, 1931 Sec. 4. That such board of trustees shall be entitled to take, hold, and administer the securities, funds, and property so transferred by said Andrew Carnegie to the trustees of the Carnegie Institution and such other funds or property as may at any time be given, devised, or bequeathed to them, or to such corporation, for the purposes of the trust; and with full power from time to time to adopt a common seal, to appoint such officers, members of the board of trustees or otherwise, and such employees as may be deemed necessary in carrying on the business of the corporation, at such salaries or with such remuneration as they may deem proper; and with full power to adopt by-laws from time to time and such rules or regulations as may be necessary to secure the safe and convenient transaction of the business of the corporation; and With full power and discretion to' deal With and expend the income of the corporation in such manner as in their judgment Will best promote the objects herein set forth and in general to have and use all powers and authority necessary to promote such objects and carry out the purposes of the donor. The said trustees shall have further power from time to time to hold as investments the securities hereinabove referred to so transferred by Andrew Carnegie, and any property which has been or may be transferred to them or such corporation by Andrew Carnegie or by any other person, persons, or corporation, and to invest any sums or amounts from time to time in such securities and in such form and manner as are permitted to trustees or to charitable or literary corporations for investment, according to the laws of the States of New York, Pennsylvania, or Massachusetts, or in such securities as are authorized for investment by the said deed of trust so executed by Andrew Carnegie, or by any deed of gift or last will and testam