The story
The Universidad Libre was established in 1890 as Universidad Republicana (Republican University of Colombia) by the Colegio Académico. In 1910, Universidad Republicana went through terrible economic mishaps. A group of investors determined to save the institution led by Don Eugenio Lopez, proceeded to try to amass the necessary funds to keep the institution alive. On April 13, 1912, Universidad Republicana S.A. was constituted as a society but its commercial name was Universidad libre. In 1913 after many legal battles, Universidad Libre became an independent entity from Universidad Republicana.
Now constituted as a separate entity, Universidad Libre once again faced economic issues with many of the contributors withdrawing their funds. Cesar J. Rodriguez was in charge of the daunting task of yet again raising capital for the institution. Mr. Rodriguez hired the seasoned and charismatic leader Benjamin Herrera as head of the project.
Mr. Herrera was in charge of Universidad Libre until 1921, when he ran an unsuccessful presidential campaign against Pedro Nel Ospina. The defeated Mr. Herrera finally raised the desired amount of capital in 1922 and Julio Cesar Rodriguez announced on March 29, 1922, the beginning of activities.
It was not until February 13, 1923, that Universidad Libre actually started classes, in the first faculty dedicated to Law and Science.
From Wikipedia’s article on Free University of Colombia, shared under CC BY-SA 4.0.4