Word: escrowed
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Even as the last was in progress, another group of undergraduates began a more direct approach. The students created an alternative fund to the Senior Class Gift called the "Endowment for Divestiture," that looks senior donations into an escrow account. The funds will be turned over to Harvard it and when it divests from firms doing business in South Africa, or when the United Nations "clears" the South African government by lifting its 1976 call for corporate withdrawal from that country. It neither occurs within 20 years, the money will be given to charitable organizations in the Harvard community...
With its latest decision, Iran has agreed to payments of $896 million to U.S. banks from a $1.42 billion escrow fund deposited in the Bank of England as part of the January 1981 hostage-release agreement. Iran had said it would repudiate its debts to American banks in late 1979, after Jimmy Carter froze Iranian assets in the U.S. Bankers from both countries now meet almost daily at the London branch of Iran's Bank Melli to allocate the fund, and participants say the talks have become increasingly free of polemics. The biggest settlement to a commercial bank came...
...motto for potential defendants today is "Be prepared." Some corporations are setting up million-dollar escrow funds to pay damage claims. Others are increasing their insurance coverage. One worried potential defendant upped its coverage last year from $5 million to $25.5 million. The prudent possessor of the deeper pocket: the Brentwood, N.Y., school district...
...Student protests over University investments in firms doing business in South Africa took a new twist from the rallies that have taken place in previous springs. A group of seniors set up, and the Undergraduate Council agreed to administer an Endowment for Divestiture, an escrow account which will be turned over to Harvard on the condition that it divests within the next 20 years. Another band of students held a week-long hunger strike as a symbolic protest of Harvard's policies. (For a comprehensive look at South Africa and its connections with Harvard, see Section...
...process. Some challenge the objectivity of that grant decision since the vote came shortly after the council had taken a strong stance in favor of divestiture and had asgreed to administer an alternative to the Senior Class Gift--known as the Endowment for Divestiture--which will be held in escrow until the University divests its South Africa-related holdings...