XVI CARNEGIE INSTITUTION OF WASHINGTON. 



9. All vacancies occurring in the Executive Committee and the Finance 

 Committee shall be filled by the Trustees at the next regular meeting. In 

 case of vacancy in the Finance Committee or the Auditing Committee, upon 

 request of the remaining members of such committee, the Executive Com- 

 mittee may fill such vacancy by appointment until the next meeting of the 

 Board of Trustees. 



10. The terms of all officers and of all members of committees shall con- 

 tinue until their successors are elected or appointed. 



Article VI. 



FINANCIAL ADMINISTRATION. 



i. No expenditure shall be authorized or made except in pursuance of a 

 previous appropriation by the Board of Trustees. 



2. The fiscal year of the Institution shall commence on the first day of 

 November in each year. 



3. The Executive Committee, at least one month prior to the annual meet- 

 ing in each year, shall cause the accounts of the Institution to be audited by 

 a skilled accountant, to be appointed by the Board of Trustees, and shall 

 submit to the annual meeting of the Board a full statement of the finances 

 and work of the Institution and a detailed estimate of the expenditures for 

 the succeeding year. 



4. The Board of Trustees, at the annual meeting in each year, shall make 

 general appropriations for the ensuing fiscal year ; but nothing contained 

 herein shall prevent the Board of Trustees from making special appropria- 

 tions at any meeting. 



5. The securities of the Institution and evidences of property, and funds 

 invested and to be invested, shall be deposited in such safe depository or in 

 the custody of such trust company and under such safeguards as the Trus- 

 tees and Finance Committee shall designate ; and the income available for 

 expenditure of the Institution shall be deposited in such banks or deposi- 

 tories as may from time to time be designated by the Executive Committee. 



6. Any trust company entrusted with the custody of securities by the 

 Finance Committee may, by resolution of the Board of Trustees, be made 

 Fiscal Agent of the Institution, upon an agreed compensation, for the trans- 

 action of the business coming within the authority of the Finance Committee. 



Article VII. 



AMENDMENT OF BY-LAWS. 



I. These by-laws may be amended at any annual or special meeting of the 

 Board of Trustees by a two-thirds vote of the members present, provided 

 written notice of the proposed amendment shall have been served personally 

 upon, or mailed to the usual address of, each member of the Board twenty 

 days prior to the meeting. 



