One of the most important acts of the Alumni Association at its annual meeting
on the Tuesday of Commencement week was the appointing of a committee to
perfect the organization of the Colby Educational Association. This was done at
the suggestion of Mr. Emery B. Gibbs, of the class of 1888.As Mr. Gibbs pointed out, there are always at Colby worthy students who, from a
temporary lack of funds, are unable to complete their course and graduate with
their class. It is, therefore, desirable to create a fund from which temporary
loans can be made to the student on the security of his personal note. It is
accordingly proposed to organize under the laws of Maine an association for the
purpose of assisting needy students during their course of study at Colby, and
the committee, consisting of C. P. Chipman, '06; N. L. Bassett, '91, and W. C.
Philbrook, '82, was named to perfect the organization.In view of the fact that the necessary legal steps will require considerable
time, the committee appointed President A. J. Roberts as Trustee of the loan
fund until the formal incorporation can be accomplished. This was done that the
fund might be available for the present college year. A number of the alumni
had already pledged their support, and to them a statement of the plan proposed
has already been sent. In brief that plan is as follows:Membership: Any alumnus or friend of the college may become a member of
the Association upon the payment of the annual dues ($5.00) to the Treasurer.
Any member may withdraw at any time provided his dues for the year have been
paid.Loans: Loans shall be limited to members of the two upper classes of the
men's division of the college. Recipients of loans shall be required to give
their promissory note, bearing interest at two per cent. per annum until
graduation; thereafter interest shall be at the rate of four per cent. until
the loan is repaid. Notes shall be payable on demand. Loans to any one borrower
shall not exceed $100 in any one year. When loans are repaid the money shall
return to the general fund to be loaned again as occasion demands. In the event
of the death of the borrower no obligation shall rest upon his family.Officers: No officer of the Association shall receive any remuneration
for his services; but bills for necessary printing, stenography, and postage,
to a reasonable amount, shall be met from the funds of the Association.For the present loans are made upon the recommendation of President Roberts.
When the Association has been incorporated there will be a board of three
Trustees and loans will be made only after investigation by this board and upon
its recommendation.To date less than one-half the pledges made in June have been paid to the
acting Treasurer, Mr. C. P. Chipman. Already there have been calls for loans
largely in excess of the sum available. It is most important that all who have
pledged their support should forward their dues at once. Any person who wishes
to aid in this worthy effort may become a member of the Association by
forwarding his name and five dollars to Mr. Chipman. At least five hundred
dollars will be needed each year for the work of the Association. Are there not
one hundred Colby men who will bear a hand in this work?
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