The "agreement" is a June, 1891 vote of Dartmouth's Board of Trustees that allowed the alumni to nominate a "suitable person" for each of the next five vacancies on the Board (and their successors), except the seats held by the Governor of New Hampshire and the President of the College.
There have been a number of recent analyses and discussions of what the 1891 resolution means.
Yale Law Professor Kate Stith-Cabranes, a 1973 graduate of Dartmouth and a former Trustee of the College, published this analysis in the current edition of The Dartmouth Independent.
Trustee and George Mason Law Professor Todd Zywicki '88 wrote this opinion piece in The Dartmouth.
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