BY-LAWS OF THE INSTITUTION. XV 



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 them- 

 selves 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 appro- 

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

 accounts, and the safety and economy of the business methods and safe- 

 guards employed. 



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. 



