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SMITHSONIAN INSTITUTION 1461

ANNUAL REPORT OF THE SECRETARY
    
The Secretary submitted his annual report for the fiscal year ending June 30, 1958, including the Financial Report of the Executive Committee, in printed form. Copies of this report were on the table and had been distributed to the members of the Board on January 7, 1959. On motion by Dr. Hunsaker, seconded by Dr. Haskins, and carried it was

VOTED that the Board of Regents accepts the Report of the Secretary for 1958.

SECOND SUPPLEMENTAL INDENTURE TO ORIGINAL INDENTURE ESTABLISHING ENDOWMENT FUND OF THE NATIONAL GALLERY OF ART
     
Before discussion the Secretary explained that the second supplemental indenture had been unanimously adopted by the Trustees of the National Gallery of Art and by the A. W. Mellon Educational and Charitable Trust (the original donor of the Endowment Fund). In substance this indenture allows the Trustees of the National Gallery of Art to expend surplus income from the Endowment Fund for the purchase of works of art rather than as at present requiring that such funds be added to the principal of the Endowment Fund. After some discussion in which it was clearly established that the proposal was in consonance with the original donor's wishes, and that this indenture would increase the flexibility in using the income, on motion by Dr. Greenewalt, seconded by Dr. Haskins and Dr. Compton, and carried it was
      
VOTED that the Regents of the Smithsonian Institution approve the Second Supplemental Indenture of December 4, 1958 to the Indenture of December 1, 1942, between the Smithsonian Institution, The Trustees of The A. W.