Word: mckaye
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Dates: during 1910-1919
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...court, in its decision, says: "We are constrained to instruct the plaintiff corporation that it cannot lawfully carry out this agreement between it and the Institute, as far as respects the property received by the University under the deeds of trust and the will of Gordon McKay...
...decision of the full bench of the Supreme Court of Massachusetts in the Gordon McKay Fund litigation, the agreement between the University and Technology in regard to the Fund was declared invalid. The endowment is founded under the will of the late Gordon McKay '96, and when eventually paid over to the University, will probably amount to over $30,000,000. Under the agreement the University suspended its instruction in applied science and devoted three-fifths of the income of the endowment to the maintenance of the engineering department of Technology...
...income of the McKay endowment must be administered according to the intention of the founder, Gordon McKay, even though it be at variance with our views of policy and expediency...
...opinion this intention of Gordon McKay is not in fact carried out in the agreement in controversy, as we have construed its provisions in their practical operation...
...Supreme Court's decision that the terms of the Gordon McKay will and the intent of the donor are not satisfied by the terms of the existing agreement between Harvard and the Massachusetts Institute of Technology creates, for the future, a very serious problem. Indeed, the responsibility of discovering a way in which the money can be wisely used becomes a question requiring the most arduous thought of all those in direction of Harvard's policy...