THE REPORT OF THE TREASURER. 5 



Trustees; they shall appoint a Director of the Laboratory; and they 

 may choose such other officers and agents as they may think best; 

 they may fix the compensation and define the duties of all the officers 

 and agents; and may remove them, or any of them, except those 

 chosen by the members, at any time; they may fill vacancies occurring 

 in any manner in their own number or in any of the offices. They 

 shall from time to time elect members to the Corporation upon such 

 terms and conditions as they may think best. 



VI. Meetings of the Trustees shall be called by the President, or by 

 any two Trustees, and the Secretary shall give notice thereof by written 

 or printed notice sent to each Trustee by mail, postpaid. Seven 

 Trustees shall constitute a quorum for the transaction of business. 

 The Board of Trustees shall have power to choose an Executive Com- 

 mittee from their own number, and to delegate to such Committee 

 such of their own powers as they may deem expedient. 



VII. The accounts of the Treasurer shall be audited annually by a 

 certified public accountant. 



VIII. The consent of every Trustee shall be necessary to dissolu- 

 tion of the Marine Biological Laboratory. In case of dissolution, 

 the property shall be disposed of in such manner and upon such terms 

 as shall be determined by the affirmative vote of two-thirds of the 

 Board of Trustees. 



IX. These By-laws may be altered at any meeting of the Trustees, 

 provided that the notice of such meeting shall state that an alteration 

 of the By-laws will be acted upon. 



X. Any member in good standing may vote at any meeting, either 

 in person or by proxy duly executed. 



IV. THE REPORT OF THE TREASURER. 



To THE TRUSTEES OF THE MARINE BIOLOGICAL LABORATORY. 



Gentlemen: I beg to submit my report as treasurer for the 

 year 1925. 



The books have been audited by Messrs. Harvey S. Chase & 

 Company, Certified Public Accountants. A copy of their report 

 is on file at the Laboratory and is open to inspection of any 

 member of the Corporation. 



The principal of the Endowment Fund at the close of the year 

 consisted of securities of the book value of $905,452.50 and cash 



