Aimwell School Association Dissolution letter to the Officers and Directors of Friends Fiduciary Corporation

Mareh 7, 1935.

To the Officers and Direetors of
Friends Fiduciary Corporation,
1632 Chestnut Street,
Philadelphia, Pa,

Dear Friends:

You have asked that the outgoing officers of The
Aimwell Sehool Aseociation submit to the new Trustee 2 statement
summariging the purpose of the fund and enlarging on the discretion=
ary poyers of the new Trustee in regard to the use of funds and the
type of investments to be selected. Such a statement ie submitted
herewith, together with such other information as may have a prac-
tical value.

1. Incorporation and organization,

The Aimwell Sehool Association was incorporated
in 1859 by a group of women, members of the Religious Seciety of
Friends in Philadelphia, who had associated themeelves in the year
1796 for the purpose of imparting the advantages of a guarded educae
tion to the children of the poor in the City and Liberties of
Philsdelohia.

2. Dissolution.

The corporation was dissolved by decree of the
Court of Common Pleas #1 as of December Term 1934, #6555, dated
Pebruary 15, 1935, which decree became effective March 6, 1935, when
a copy of the decree was filed with the Secretary of the Commonwealth.

3. Vbject or purpose,

| The purpese of the Association was assingle one,

artiele and of the Qharter recites "the object of this Association
shall be the gratuitous instruction of poor female children not
members of the Society of Priends*,

Until the year 1923. the income from invested |
funds was used to Support a school managed by the Assogiation. After
the abandonment of the school in that year, the income has been paid
for the education of poor children &@ttending Friends Select School,

| While article 2nd of the Constitution does not
Limit the range of application of the funds, it appears from the
preamble thet the founders of the association wished it to be limited
to the "City and Liberties of Philadelphia". at the meeting of the
Association held January 15, it was the consensus of the meeting
that Friends Fiduciary Corporation should not be restricted to
Friends Select Sehool or any other organization in the use of the
funds; but that, if the occasion and necessity arose, the funds
might be apniied in such districts as would fall within ‘the- ‘
"liberties" or vicinity of Philadelphia. S

: You will note that one of the geacvatiane adopt~
ed at the meeting of January 15 authorized the Board of Directors of
Friends Fiduciary Corporation "to change or increase the number of
recipient institutions of said income from time to time, in its
discretion to conform, under changing ciroumstances, to the Purposes
set torth in the Charter", ee.

5, Investments. , 4
By the By-Laws of the Association the power and


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authority to make investments rested in the Secretary and Treasurer
and a member of the Purchasing Committee. Such investments were

made with the guidance and advice of the Provident Trust Company,
the agent and attorney-in-fact for the Association. The Associa-
tion did nét restrict itself to so-called "legal investments",

6. Powers of new Trustee.

a By decree of the Court above mentioned, all the
funds of the Association were transferred to the Friends Fiduciary
Corporation which was appointed Trustee “for the management and
control of the said funds, so far as in its discretion may be prac
ticable in accordance with the purposes of THE AIMWELL SCHOOL aSsO~
CIATION, as set forth in the Charter thereof", ie |

Fak We are advised by munsel that we do not have
power to enlarge or delimit the powers of the new Trustes. In any
event we feel that sugh would be unnecessary; for, reposing trust
and confidence in Friends Fiduciary Corporation, we requested the
Court to grant broad discretionary powers, which discretion appears
to be limited only by practicability and the purposes as expressed
in the Charter. The members of the Association have expressed their
desire that the new Trustee shall have full discretionary power in
the management of the funds, Lan

a | With regard to investments the Association is
Willing, and hereby consents, that the Trustee; oe

(a) hold and retain as investments the
stocks, bonds, real estate and all other
securities and property, lately held by
the Association, for such length of time
as Friends Fiduciary Corporation may deem
expedient or judicious so to do.

(b) to invest, reinvest and keep invested
the capital or principal of said trust

fund in such securities as Friends Fidu-
Clary Corporation may deem prudent without
restriction to so-called "legal investments"
for trustees. |

Sharter and seal.



7.

a. ) The original manuscript Charter of the Associa-
tion and its corporate seal are now lodged for safe-keeping with the
Provident Trust Company. The members of the Association have express- _
ed their desire that the Cnarter and seal be turned over to the

Friends Historical Society and we would therefore request that they

for that purpose, ae :

eae | we have furnished 8. Franeis Nicholson with the
petition for dissolution, the final decree and a copy of the minutes
of the meeting of The Aimwell School Association, at which meeting |
certain formal resolutions were passed, Attached hereto are a copy
of the Charter and By-Laws of the Association, a copy of the Treasur-
er's report for the fiscal year ending 12/31/33 and a list of the
Association's investments as at 12/31/34. | ee :

Sincerely thine, eee
THE AIMWELL SCHOOL ASSOCIATION



By. es

Treasurer



——“wearetaay