The Dawn of a New Day 41
The value of that initial gift was estimated at around $900,000, and
the value of the later properties implied in the letter would run several
times that.
The resolution committing the convention to acceptance of the
Reynolds offer was introduced at the morning session by former
Governor Broughton, chosen for that function not only because he
was a member of the Board of Trustees but also because he was
highly respected by the Baptists of North Carolina. In many respects
the resolution paralleled the one already approved by the trustees, the
General Board, and the Education Council. Since its wording is
slightly different and makes several new points, it is reproduced here
in the interests of a complete record:
Be it resolved by the Baptist State Convention, in session assembled as
First, that the resolution of the Board of Trustees of Wake Forest College,
concerning the proposal of the Z. Smith Reynolds Foundation, unanimously
passed by the board at its meeting on April 11, 1946, and unanimously
concurred in on the same date by the General Board of the convention and
by the Council on Christian Education be, and the same is hereby, in all
respects approved.
Second, that the Board of Trustees of Wake Forest College be, and it is
hereby, fully authorized and empowered to accept the proposal of the Z.
Smith Reynolds Foundation, made upon the condition that the college be
moved to Winston-Salem, North Carolina, where the Medical School of the
institution and the Baptist Hospital are already located; and that the trustees
be authorized and empowered to enter into an appropriate contract with the
trustees of the foundation in accordance with the proposal and this
resolution; provided, however, that the formal contract shall be subject to
judicial determination as to the validity and effectiveness of the perpetual
assignment of income by the foundation.
Third, that the acceptance of such proposal shall be upon the condition
that the name of the college be not changed, and that the control of the
institution shall continue unaltered and undiminished in the Board of
Trustees of Wake Forest College, as appointed by the Baptist State Con-
vention and subject to the control and authority of the convention.
Fourth, that the college be not moved to Winston-Salem in whole or in
part, and the construction of new buildings be not begun, until there is in
hand an amount of cash or solvent bonds, or securities or solvent and
collectible pledges or commitments, sufficient to erect on the new site in
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