24 MARINE BIOLOGICAL LABORATORY. 



laboratory at Woods Hole, in the Town of Falmouth, State of Mass- 

 achusetts. All such payments shall he made to the Treasurer of 

 the Beneficiary or such other officer or person on its behalf, as the 

 said Beneficiary may from time to time designate. 



2. The investment and reinvestment of the fund shall be made by 

 the Trustee in consultation with the Treasurer of the Beneficiary. 



The Trustee shall be at liberty to retain any of the securities 

 received by it hereunder, and it may in its discretion sell all or any 

 part of the same, but in making reinvestments of such fund it shall 

 be limited to securities permitted to Trustees by the Laws of any 

 of the States of the United States. 



3. A Committee of Review is hereby constituted. Such Commit- 

 tee to consist of nine (9) members in all and to include an official 

 representative of each of the following: The National Academy of 

 Sciences, the National Research Council, and the American Associa- 

 tion for the Advancement of Science, and six (6) professors in the 

 field of biology named respectively by a majority vote of the professors 

 of the departments in the field of biology of the following universities, 

 to wit: Harvard University, Columbia University, University of 

 Chicago, Princeton University, Yale University, and University of 

 Pennsylvania. 



Membership on the Board of Trustees of the Marine Biological 

 Laboratory or other connection with the Beneficiary shall not dis- 

 qualify a person from acting upon said Committee of Review. 



In the event that any of the nine institutions mentioned shall be 

 unwilling or unable to appoint a representative, such vacancy shall 

 be filled by an appointment made in the same manner as above 

 provided by the departments in the field of biology of the following 

 universities, in order named: University of Michigan, Johns Hopkins 

 University and Leland Stanford University, and in the event of any 

 of these universities being unwilling or unable to fill such vacancy, 

 or of there being any further vacancies in said Committee, then such 

 vacancy or vacancies may be filled by appointment of professors in 

 the field of biology named by the majority vote of the members of 

 the Committee of Review already appointed. 



It shall be the duty of the Trustee to call once every ten years (10) 

 upon this Committee of Review, to make a study of the work at the 

 Marine Biological Laboratory, and if two-thirds of the entire Com- 

 mittee shall agree that the Marine Biological Laboratory is not per- 

 forming valuable services in biological research and shall file a written 

 memorandum with the Trustee stating such conclusion and their 

 reasons therefor, a copy of which memorandum shall be sent to the 



