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| The Cooper Union Deed of Trust | page 1 | |||||
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DEED
OF TRUST
(As Amended by Order of the Supreme Court of the State of New York dated August 6, 1971.) |
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| THIS
INDENTURE, made and entered into the twenty-ninth day of April, in the
year one thousand eight hundred and fifty-nine, by and between Peter Cooper,
of the city, county and State of New York, and Sarah, his wife, parties
hereto of the first part, and "The Cooper Union for the Advancement
of Science and Art," a corporation created by and existing under
the laws of the State of New York, party hereunto of the second part,
witnesseth that the parties hereto of the first part, for and in consideration
of the sum of one dollar, lawful money of the United States, to them in
hand paid by the said party hereto of the second part, at or before the
ensealing and delivery of these presents, the receipt whereof is hereby
acknowledged, and of other good considerations them thereunto moving,
have granted, bargained, sold, aliened, remised, released, and forever
conveyed and confirmed, and by these presents do grant, bargain, sell,
alien, remise, release, convey, and confirm unto the said party of the
second part, and to its successors forever, all and singular, the block
of ground situate, lying, and being in the city, county and State aforesaid,
and bounded northerly by Astor place, easterly by Third avenue, southerly
by Seventh street and westerly by the Fourth avenue, together with the
building thereon erected, and all and singular the tenements, hereditaments,
and appurtenances thereunto belonging, or in anywise appertaining, and
the reversion and reversions, remainder and remainders, rents, issues,
ana profit thereof and also all the estate, right, title, interest, dower
and right of dower, property, possession, claim and demand whatsoever,
as well in law as in equity, of the said parties of the first part, of,
in or to the above described premises, and every part and parcel thereof,
with the appurtenances, to have and to hold, all and singular the above-mentioned
and described premises, together with the appurtenances, unto the said
party of the second part and its successors; in trust, nevertheless, and
subject to the following conditions and restrictions to, for and upon
the following uses, intents, and purposes, and to, for, and upon such
other uses, intents, and purposes as are embraced in an act incorporating
the party hereto of the second part, passed by the legislature of the
State of New York, the thirteenth day of April, in the year 1859, and
entitled "An act to amend the act passed February seventeenth, eighteen
hundred and fifty-seven, entitled 'An act to enable Peter Cooper.to found
a scientific institution in the city of New York,' " and also to
amend the act passed March twenty-first, eighteen hundred and fifty-seven,
entitled "An act to amend the act entitled 'An act to enable Peter
Cooper to found a Scientific institution in the city of New York,' "
passed February seventeenth, eighteen hundred and fifty-seven, or as shall
be permitted thereby, and by any acts amendatory thereof: provided only
that such other uses, interests, and purposes shall not contravene, or
in any way be inconsistent with or opposed to the following specially
enumerated restrictions and conditions, uses, intents and purposes, to,
for and upon which the conveyance is specially made, that is to say: First.—That the above mentioned and described premises, together with the appurtenances, and the rents, issues, income, and profits thereof, shall be forever devoted to the instruction and improvement of the inhabitants of the United States in practical science and art. Second.—That the management and control of the above-mentioned and described premises, together with the appurtenances, and of any other property or money at any time to belong to the party of the second part, and the receipt and expenditure of the rents, issues, income and profits thereof, shall be forever committed, subject to the conditions and restrictions herein contained, and to such other conditions and restrictions as are or shall be contained in the aforesaid act of incorporation of the party thereto of the second part, or in any acts amendatory thereof, to a board of trustees, which shall consist of not less than seven and not more than fifteen persons; that every succeeding vacancy in said board of trustees shall be filled by the surviving or remaining trustees by ballot; that to elect any person trustee shall require the vote of at least a majority of trustees then in office for such person; and that the oldest lineal male descendant of Peter Cooper shall be a trustee ex gratia. Third.—The members of such Board of Trustees shall hold their offices as such Trustees for a term of three years or such longer or additional term or terms as the By-laws may provide; provided that for cause any such member may be removed by order of the Supreme Court of the State of New York, on application of either of the trustees, or a majority of the Council of "The Associates of The Cooper Union for the Advancement of Science and Art," on notice to him of application for such removal; and a trustee may resign his office, and thereupon he shall cease to be a trustee upon the election of his successor. Fourth.—The premises above mentioned and described, and the appurtenances, including all future endowments made to the party hereto of the second part, the appropriation of which shall not be specially provided by the parties making the same, and all money and property which shall at any time belong to the party hereto of the second part, and all the rents, income, issues and profits thereof, shall be devoted to and among the following objects and purposes: the division and appropriation of such rents, incomes, issues and profits to and among such objects and purposes being left discretionary with the Board of Trustees provided for as aforesaid, and it being left discretionary with such board when and to what extent they shall carry out any of such objects and purposes, save and excepting that the course of instruction on social and political science, hereinafter provided for, shall have the preference over all the other objects of expenditure specified herein, in case there shall not be means adequate for them all, and shall forever stand pre-eminent among them. |
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