Viewing page 81 of 151

This transcription has been completed. Contact us with corrections.

-51-

B. Receipt by the Institution from the Heye Foundation of financial and other data which shall establish to the satisfaction of the Institution that the realizable value of the assets of the Heye Foundation to be transferred hereunder, exclusive of the collections, exceeds it liabilities.

[[underlined]] Fourth. [[/underlined]] Not later than the ninetieth day following satisfaction of the conditions expressed in Articles Second and Third hereof and the provision of appropriations contemplated in Article Second B. hereof or at such time or times as may be agreed upon between the Heye Foundation and the Institution,

(A) the Board of Trustees shall be constituted and

(B) title to the collections listed in the schedules attached hereto, the endowment, and all other property of the Heye Foundation other than its interest in Audubon Terrace shall pass to the Institution for the benefit of the Museum. The Heye Foundation collections shall not be merged with those of the Institution and their identify shall be permanently preserved. Objects selected for display shall be of the highest quality and chosen with the purpose of ensuring the success of exhibitions in the State of New York and in the District of Columbia.

The Institution shall have the right to use the existing facilities of the Heye Foundation for purposes of

-11-