HomeMy WebLinkAboutJames Brice White Foundation
Augusta Richmond GA
DOCUMENT NAME: :J A y(\ G" & BR;C.~ W\-\ IT l!" F' f>\J'" DA-T/oN
DOCUMENT TYPE: R f: SoD L\) T ID rU
YEAR: l C\ q l1
BOX NUMBER: l..p
FILE NUMBER: '1 L{ D l (
NUMBER OF PAGES: 3
-
- .
V!
t T ,
.." ;..,,6"
l
,
'"
..
\'
LBL/jvn 12/15/98;12/16 (WHlTE.JB\RESOLUTION)
RESOLUTION BY AUGUSTA-RICHMOND COUNTY COMMISSION"
WHEREAS:
It has been shown and recalled to the Commission the following:
That the James Brice White Foundation was established in 1923 by the
then City Council of Augusta, pursuant to a bequest under the Will of the late James
Brice White. The background of the bequest was as follows:
The late James Brice White was originally a citizen of England. He came
to this country as a bachelor, later establishing residence in the .City of Augusta,
Richmond County, Georgia; and he died on March 31, 1917. By virtue of hard work
he had amassed what would be considered in terms of the then times, a small fortune.
In his Will, there was included abequest to the City of Augusta, for the public good
and benefit of such City, in such manner as shall be decided by the Municipal
representatives of the said City, of the sum of $200,000, such bequest being the
subject of this Resolution..
The City Couhcil of Augusta, together with the Trustees in England
under the Will of Mr. White, thereafter made a Trust Deed, dated November 6, 23,
1923, to the then Citizens & Southern Bank, in Augusta, conveying and turning over
the said $200,000 to such Bank, with the provision hereinafter briefly summarized.
Such Bank was to invest said sum in only municipal, state, and federal
. .
L
,.
t
~~
" i
.-
bonds of "unquestioned validity," and was to pay over to such persons as should be
designated in writing by five individual then named Trustees, and their successors,
the income to be derived from $150,000, and to pay over to the Officers of the Young
Women.ts Christian Association of Augusta) Georgia) the income derived from
$50,000, etc. The present individual Trustees are:
LANSING B. LEE, JR.,
CHAIRMAN, JOHN C. F. TILLSON, III,' MAJ.GEN. (RET.), J. RICHARD
BLANCHARD, AND ROY WITHERINGTON, M. D., TRUSTEES (an application having
been made to the City for the appointment of EARL A. LOOMIS, JR., M. D. to fill the
vacancy as to the fifth Trustee). Such first named individual Trustees have
heretofore since then designated the income from the $150,000 for student loans,
with whatever income may be left over to worthy charitable institutions in the
Augusta area, as designated by such individual Trustees. The YWCA expects to
merge with the YMCA, but its identity will continue sufficiently for payment of the
income of the Trust in accordance with the original intent.
The individual Trustees have filed a proceeding in Superior Court of
Richmond County, Georgia, for the following main relief:
(A) To change the fiscal Trustee from NationsBank, now Bank of
America, originally Citizens & Southern Bank as aforesaid, to SunTrust Bank,
Augusta, N.A.; and (B) to seek authority fr.om the Court for investment by said
SunTrust Bank of a portion of the funds of the Trust, in sound "equity" I stock
investments, in view of ~he very restrictive such requirement of the original
Resolution.
The reason for the change of banks is that NationsBank, now
Bank of America, has closed its Trust Department in Augusta, and operates out of
Atlanta, etc. The reason for the request for power to invest a portion of the funds
-2-
'.
\
,'-
!Ii
'. 1 '
;
r/ .
..... "
in stocks I "equity" investment is: Substantial inflation since 1923, and a quite major
rise in the stock market, particularly in recent times. The legal basis of the last
change is called the "cy pres" doctrine. (The "cy pres" doctrine provided by law is
that if a charitable bequest cannot be executed in the exact manner provided by the
testator, the person making the will, the Superior Court will as nearly as possible
carry out the intention of the testator.)
NOW, THEREFORE, it is RESOLVED: While it is not clear that City
Council of Augusta, now by merger Augusta-Richmond County Commission, has any
further power in the matter since said 1923 Trust Deed (except to appoint individual
Successor Trustees) , the Commission has no objection to the pursuance through said
Superior Court proceeding by said Foundation of the two matters set forth above,
viz, the change of Trustees, and such enlargement of investment powers for the said
Foundation to invest a portion of the funds in "equity" Istock investments.
Duly adopted this.~ day of January, 1999.
,
I
-3-