The Merger Agreement
Written on April 23rd, 1973, the New York University School of Engineering (NYU/SES) and PIB 1973 Merger Document was divided into 10 primary articles (NYU-SES and PIB 1973 Merger Document”).
In the first article, the document asserted that the "parties hereto agree that as as required by statue, on the Closing Date hereafter specified there shall be merged into PIB, to form MI, the educational and research programs and faculty of the NYU School of Engineering and Science as hereinafter provided" (article 1). Additionally, the first article stated the Merged Institute (MI) would only be a temporary name and would quickly change.
The second article dealt with governance. This section declared that the chairman would obtain as many resignations from inactive trustee members as possible and have faculty appoint two representatives from each school to create the faculty advisory committee.
The third article discussed students in the merged institute and granted NYU engineering students the choice about which school they continue studying at. However, they did state that transfer students to MI will be offered financial aid at the same basis that it is offered to current PIB students.
The fourth article article highlighted the role of personnel in the merged institute. They school would send appointment letters to non-tenure faculty of both schools except for those who have resigned, been advised that they would not receive appointment in the Merged Institute, or have reached the age of 65 before September 1st, 1973. Each tenured faculty will be offered a terminal leave option that will "provide for one year's academic salary, together with the other appropriate fringe benefits.
The fifth article, though short, stipulated that teaching and research will be allowed to take place outside of Brooklyn in either the Farmingdale Campus, Washington Square, Harlem River Complex, the Bronx, or Westchester.
The sixth article discussed the transfer of relevant property from NYU to MI. This included the names and addresses of all NYU/SES alumni who consented to giving their information. This also included the transfer of contracts, grants, and equipment where appropriate.
The seventh article details the continued affiliation of NYU with MI. This included the plans for joint-degree programs, joint faculty appointments, and joint use of facilities.
The eighth article checked miscellaneous representations and covenants. This essentially contained clauses essentially checking that both the school and their representatives were honest about the information about their party.
The ninth article asserted mutual indemnities. Specifically the document asserted that the merger was more of a "transfer of faculty and the assignment of research and training contracts and grants". PIB or MI would not take on any financial liability of NYUSES before the merger, and NYU would not take on any after the merger.
The last article stated that announcement of the merger will occur on June 29th, 1973 and the actual transfer of faculty and staff will occur on September 1st, 1973.