July 21, 1922] 



SCIENCE 



67 



because it perpetuates it under a proper guar- 

 antee and makes it a permanent instrument in 

 the service of science for the good of mankind. 

 To meet these needs, a type of organization to 

 be known as the Elector Plan is proposed. 



I. The Plan 



1. A board of trustees entrusted with the 

 administration of a fund shall be elected at 

 stated periods by a committee of electors. 



2. There ^hall be five electors appointed an- 

 nually, two to be chosen by the board itself and 

 three by some stable institution or institutions 

 designated in the charter. 



3. The board of trustees shall be composed 

 of five members or some multiple of five, 

 such as ten or fifteen. Election shall be 

 for five years, and a member shall not be eligi- 

 ble for re-election until after a lapse of one 

 year. Rotation established, one fifth of the 

 board shall be elected each year. Irregular 

 vacancies shall also be filled at the annual elec- 

 tion. The chairman of the board of trustees 

 shall be designated annually by the board itself. 

 Either the original board or the original elec- 

 tors may be named in the charter by the donor. 



4. The powers and duties of the board of 

 trustees shall be prescribed in the charter, and 

 must include the following provisions: (1) 

 Full power to carry out the provisions of the 

 charter in regard to the organization and 

 supervision of projects and the expenditure of 

 funds; (2) power to adapt the provisions of 

 the charter as to object of funds, to meet 

 changing conditions and needs in the spirit of 

 the original intent of the donor; (3) power to 

 change custodianship of funds, on good evi- 

 dence for need of change, to guarantee safety 

 and profitable investment. The charter shall 

 also prescribe how any of the institutions 

 which designate electors may be replaced in 

 ease of loss of fitness for the service. 



5. The funds shall be placed in the custody 

 of a trust company or companies having a cap- 

 ital and surplus of not less than ten million 

 dollars, empowered to make investments and 

 pay out the income with the consent of the 

 board of trustees. 



6. The charter shall provide for an annual 

 auditing and public accounting of the expendi- 

 tures. 



II. Advantages of the Plan 



It provides that the board of trustees shall 

 be elected by persons a majority of whom are 

 approved representatives of the science or sci- 

 ences named, fully conversant with the situa- 

 tion in the age in which they are acting, free 

 from self-interest in the election, and by virtue 

 of their position charged with responsibility 

 for rendering this type of service. 



It harmonizes a progressive flexibility and 

 growth in adaptation to purpose as determined 

 by a progressively evolving science with sta- 

 bility and good faith in permanent service- 

 ableness. 



It prevents the unwise restriction of funds by 

 donors, the diversion or dissipation of funds 

 by self-perpetuating boards, the loss of value 

 in funds as a result of changing conditions and 

 interests in the service of science, and unin- 

 formed and whimsical procedure in the alloca- 

 tion of funds for research. 



It serves the purpose of encouraging donors 

 in generous and confident giving of funds for 

 research, creates an interest in this type of 

 permanent and far-sighted service as a personal 

 monument or memorial, and points to the 

 opportunity and wisdom of consulting repre- 

 sentative scientific bodies on technical matters 

 in the allocation of funds for research. 



III. Stabilizing Organization 



The National Research Council, a working 

 organization of the National Academy of Sci- 

 ences, would seem to commend itself as a suit- 

 able body for this type of responsibility in that 

 it is permanent, progressively adaptable, rep- 

 resentative of the sciences, composed of per- 

 sons highly qualified for scientific guardianship, 

 and takes a genuine interest in rendering 

 service of this kind with forethought. The 

 National Research Council should therefore 

 hold itself ready to designate one, two or three 

 of the electors in accordance with the wish of 

 the donor as expressed in the charter. 



Other agencies, such as other scientific foun- 

 dations, national societies, state or federal offi- 

 cials, universities, musemns, community trusts, 

 or other organizations representing a particular 

 interest involved, may be found suitable for 

 acting in a coordinate capacity with the Na- 

 tional Research Council. Among the qualiflea- 



