R7.51 - The William J. Foote Bequest

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Recitals-

1. William James Foote, late of Parkville, formerly assistant librarian of the University library, who died on 4 July, 1952, bequeathed his residuary estate "upon trust for the University of Melbourne to be used for the endowment of the Library of that University".
   
2. The University received the sum of £3,341 in satisfaction of the bequest, which sum increased to $6,927 at 31 December 1994.

It is provided as follows-

1. The sum of $6,927 and any accumulations and additions to the sum forms the endowment of a fund called the "William J. Foote Bequest" ("the fund") and the fund must be paid into an investment pool and remain there until the Council directs otherwise.
   
2. The net income of the fund is used for the purchase of books for the University library. Books so purchased must bear a book-plate indicating that they were provided from the fund.
   
3. The Council may at any time direct that the whole of the capital of the fund or any part thereof be resorted to for the purpose or purposes stated above.