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SMITHSONIAN INSTITUTION 525 
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MADE BY BAKER-VAWTER CO.
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WHEREAS, after a full discussion of the matter, it is the sense of this meeting that the plan of procedure outlined by the Executors in their letter of October 21st, referred to, is advantageous and for the best interests of the Smithsonian Institution in the conservation of the remaining and undistributed assets of said estate and constituting a part of the residue thereof.

THEREFORE, BE IT RESOLVED that the Smithsonian Institution, residuary legatee under the Last Will and Testament of Charles L. Freer, deceased, doth hereby authorize and request the Executors of said will to negotiate and consummate a loan, as such Executors, upon such terms and conditions as to them may seem best, for an amount sufficient to cover the payment in full of the balance of the outstanding and unpaid liabilities of the estate of said deceased, and particularly for the balance of the Michigan State Inheritance tax upon the transfer of the residue of said estate, as assessed, with interest thereon accrued to the date of payment, and any additional Federal Estate tax which may be levied or assessed against said estate, and any further administration expenses; the amount of said loan, however, not to exceed the sum of $250,000. To secure said loan said Executors be and they are hereby authorized to pledge and assign as collateral any of the assets of the estate still in their hands and particularly any of the stock of Parke Davis & Company so held by the said Executors.

RESOLVED FURTHER, that with the proceeds of said loan Executors are authorized and instructed to pay said outstanding and unpaid liabilities of the estate and expenses of administration.

RESOLVED FURTHER, that in consideration of the loan to be negotiated by said Executors, and of the benefits by the Smithsonian Institution to be derived therefrom, and by the payment of the indebtedness of said estate, the Smithsonian Institution hereby agrees that upon the transfer, assignment and delivery of the residue of said estate to it by the Executors of said will, it will and doth hereby assume the indebtedness so incurred by the Executors and will and doth hereby agree to pay said indebtedness according to the terms of the obligation, and will thereupon formally release and hold said Executors and the Estate of Charles L. Freer harmless on account thereof, and will accept said residue subject to such indebtedness.

RESOLVED FURTHER, that the Smithsonian Institution doth hereby join with the Executors of said will in a petition to be filed by them for an order from the Probate Court of Wayne County, Michigan, for authority to said Executors to negotiate said loan, and hereby waive notice of hearing thereon.

RESOLVED FURTHER, that a copy of these resolutions when passed, certified by the Secretary of the Smithsonian Institution, or by its Acting Secretary, and delivered to the Executors shall constitute their full authority in the premises, subject

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