BY-LAWS. XV 



Article V. 



COMMITTEES. 



i. There shall be the following standing Committees, viz, an Executive 

 Committee, a Finance Committee, and an Auditing Committee. 



2. The Executive Committee shall consist of the Chairman and Secretary 

 of the Board of Trustees and the President of the Institution ex officio and, 

 in addition, five trustees to be elected by the Board by ballot for a term of 

 three years, who shall be eligible for re-election. Any member elected to fill 

 a vacancy shall serve for the remainder of his predecessor's term : Provided, 

 however, that of the Executive Committee first elected after the adoption of 

 these by-laws two shall serve for one year, two shall serve for two years, and 

 one shall serve for three years; and such Committee shall determine their 

 respective terms by lot. 



3. The Executive Committee shall, when the Board is not in session and 

 has not given specific directions, have general control of the administration of 

 the affairs of the corporation and general supervision of all arrangements 

 for administration, research, and other matters undertaken or promoted by 

 the Institution; shall appoint advisory committees for specific duties; shall 

 determine all payments and salaries ; and keep a written record of all trans- 

 actions and expenditures and submit the same to the Board of Trustees at 

 each meeting, and it shall also submit to the Board of Trustees a printed or 

 typewritten report of each of its meetings, and at the annual meeting shall 

 submit to the Board a report for publication. 



4. The Executive Committee shall have general charge and control of all 

 appropriations made by the Board. 



5. The Finance Committee shall consist of three members to be elected by 

 the Board of Trustees by ballot for a term of three years. 



6. The Finance Committee shall have custody of the securities of the cor- 

 poration and general charge of its investments and invested funds, and shall 

 care for and dispose of the same subject to the directions of the Board of 

 Trustees. It shall consider and recommend to the Board from time to time 

 such measures as in its opinion will promote the financial interests of the 

 Institution, and shall make a report at each meeting of the Board. 



7. The Auditing Committee shall consist of three members to be elected 

 by the Board of Trustees by ballot for a term of three years. 



8. The Auditing Committee shall, before each annual meeting of the Board 

 of Trustees, examine the accounts of business transacted under the Finance 

 Committee and the Executive Committee. They may avail themselves at 

 will of the services and examination of the Auditor appointed by the Board 

 of Trustees. They shall report to the Board upon the collection of moneys 

 to which the Institution is entitled, upon the investment and reinvestment 

 of principal, upon the conformity of expenditures to appropriations, and 

 upon the system of bookkeeping, the sufficiency of the accounts, and the 

 safety and economy of the business methods and safeguards employed. 



