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SMITHSONIAN INSTITUTION

Correspondence with the Riggs National Bank concerning the handling of the Institution's investment securities by the Riggs National Bank has developed a procedure for needed flexibility in effecting purchases, sales, and exchanges. 

A proposal has now been submitted by the Trust department of the Riggs National Bank to assume the duties as custodian for these securities. The Executive Committee recommends acceptance of the proposal as being in the best interest of the Smithsonian, and to enter into an Agency Agreement with Riggs Bank. 

The Following Resolution is therefore recommended by the Executive Committee to the Board of Regents .

Voted: That the Secretary is authorized to enter into an Agency Agreement with the Riggs National Bank of Washington, D.C., covering the custody and keeping of all investment securities as outlines in the attached Agency Agreement.

Respectfully submitted: 
/s/ 
Robert V. Fleming, Chairman 
Executive Committee 
Board of Regents of the 
Smithsonian Institution


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