In 1929, founding member William E. Walsh and other members of the board of regents resigned in the wake of the collapse of the Florida economy. UM's plight was so severe that students went door to door in Coral Gables collecting funds to keep it open. A reconstituted ten-member board was chaired by UM's first president Bowman Foster Ashe (1926–1952). The new board included Merrick, Theodore Dickinson, E.B. Douglas, David Fairchild, James H. Gilman, Richardson Saunders, Frank B. Shutts, Joseph H. Adams, and J. C. Penney. In 1930, several faculty members and more than 60 students came to UM when the University of Havana closed due to political unrest. UM filed for bankruptcy in 1932. In July 1934, the University of Miami was reincorporated and a board of trustees replaced the board of regents. By 1940, community leaders were replacing faculty and administration as trustees. The university survived this early turmoil. During Ashe's presidency, the university added the School of Law (1928), the Business School (1929), the School of Education (1929), the Graduate School (1941), the Marine Laboratory (1943, renamed in 1969 as the Rosenstiel School), the School of Engineering (1947), and the School of Medicine (1952).