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EXTRACT FROM THE LAWS.
THE HENRY M. PHILLIPS PRIZE ESSAY FUND.
Miss Emily Phillips, of Philadelphia, a sister of Hon. Henry M. Phillips, deceased, presented to the American Philosophical Society, held at Philadelphia for Promoting Useful Knowledge, the sum of five thousand dollars for the establishment and endowment of a Prize Fund, in memory of her deceased brother, who was an honored member of the Society. The Society accepted the gift and agreed to make suitable rules and regulations to carry out the wishes of the donor, and to discharge the duties confided to it. In furtherance whereof, the following rules and regulations were adopted by the Society :
First. The Prize Endowment Fund shall be called the “Henry M. Phillips Prize Essay Fund."
Second. The money constituting the Endowment Fund, viz., five thousand dollars, shall be invested by the Society in such securities as may be recognized by the laws of Pennsylvania, as proper for the investment of trust funds, and the evidences of such investment shall be made in the name of the Society as Trustee of the Henry M. Phillips Prize Essay Fund.
Third. The income arising from such investment shall be appropriated as follows:
(a) To making public advertisement of the prize and the sum or amount in United States gold coin, and the terms on which it shall be awarded.
(6) To the payment of such prize or prizes as may from time to time be awarded by the Society for the best essay of real merit on