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UNIVERSITY OF THE VIRGIN ISLANDS BOARD OF TRUSTEES RESOLUTION TO ELECT PERMANENT DIRECTORS TO THE FUVI BOARD OF DIRECTORS Resolution electing Permanent Directors on the Board of Directors of the Foundation for the University of the Virgin Islands, Inc. pursuant to Article Il, Section 3, of the Bylaws of the Foundation for the University of the Virgin Islands amended December 18, 1997. WHEREAS, The Foundation for the University of the Virgin Islands, Inc. (FUVI) has been operating under Bylaws last amended December 18, 1997; and WHEREAS, Article Il, Section 3, of the FUVI Bylaws provide in pertinent part that the Board of Directors of the FUVI shall consist of three “Permanent Directors” and twelve “Public Directors” and that “The three permanent Directors of the Corporation shall at all times be persons selected by the Board of Trustees of the University of the Virgin islands from among the incumbent members of such Board of Trustees and the administrative officers of the University, and shall serve as Directors for the Foundation only as long as they are Trustees of the University of the Virgin Islands or administrative officers of the University or until their replacements are selected by the Board of Trustees of the University; and WHEREAS, this provision further provides that “The initial permanent Directors of the Foundation shall be the Chairman of the Board of Trustees of the University, the President of the University and the Vice President for Institutional Advancement of the University”; and WHEREAS, there is no record of the subsequent election by the Board of Trustees of the University of the Virgin Islands of Permanent Members of the FUV! Board of Directors; and WHEREAS, the Executive Committee of the Board of Trustees met on October 13, 2008 and elected the Chairman of the Board of Trustees, President of the University, and the Vice President for Institutional Advancement as the three “Permanent Directors” on the FUVI Board of Directors commencing immediately and ending in February 2009; and WHEREAS, the Board of Trustees at its November 1, 2008 meeting, unanimously ratified this action by the Executive Committee of the Board of Trustees; and WHEREAS by oversight the Board of Trustees did not elect Permanent Directors of that Board of Directors during its meeting on March14, 2009; NOW THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY THAT: Section 1. | The Board of Trustees hereby elects as permanent members of the FUVI Board, the Chairman of the Board of Trustees of the University, the President of the University and the Vice President for Institutional Advancement of the University and ratifies the service on the FUVI Board of Directors of the incumbents in these positions prior to November 1, 2008. Section 2. The Board of Trustees of the University of the Virgin Islands authorizes the President and Vice-President for Institutional Advancement to take the necessary action to implement the Section 1 of this Resolution. Section 3. This resolution shall be in full force and effect from and after its adoption. CERTIFICATION The Undersigned hereby certifies that the foregoing is a true and exact copy of a resolution approved by the Board of Trustees of the University of the Virgin Islands at a meeting on June 13, 2009 as recorded in the minutes of that meeting. 5 4 June 13, 2009 Secretary of the Board Date