BY-LAWS. 7 



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 transac- 

 tions 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 type- 

 written 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 general charge of the investments 

 and funds of the corporation, and shall care for and dispose of the same sub- 

 ject to the directions of the Board and of the Executive Committee. It shall 

 consider and recommend to the Board of Trustees 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. All vacancies occurring in the Executive Committee and the Finance 

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



8. The terms of all officers and of all members of comimittees shall continue 

 until their successors are elected or appointed. 



Article VI. 



FINANCIAI< ADMINISTRATION. 



1. 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 Chairman of the Board, 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. 



