PROCEEDINGS. IOI5 



back to the Academy the proposed ameudments to Article III of the Cou- 

 stitutioa without change. 



The proposed amendments were then read, and, after the words "or in 

 approved interest - bearing corporation bonds " were stricken out, were 

 adopted, by sections. 



As adopted the proposed amendments read : 



"Section 5 of Article III of the Constitution of the California Academy 

 of Sciences is hereby amended so as to read as follows: 



"Section 5. Whenever the Trustees shall have in their hands funds 

 that in their opinion are not needed for the immediate use of the Acad- 

 emy, they shall have the power to loan the same in the name of the Cor- 

 poration upon such terms as they may deem Advisable. 



"No loan, however, shall be made except the same shall be secured by 

 mortgage of unincumbered real estate in the State of California; or by a 

 pledge of bonds of the United States, of the State of California, of a County 

 or City and County of this State, whose value shall, in the opinion of said 

 Trustees, be ample security for the amount of the loan and the interest 

 thereon. 



" The funds of the Academy shall not be loaned to any of its Trustees, 

 nor shall any loan be made except upon the vote of not less than five of 

 the Trustees, entered upon the record of their proceedings, and specifying 

 the amount, terms and security, and the person to whom the loan is made. 

 If any loan is made contrary to the provisions of this section, the Trus- 

 tees making the same shall be individually and severally liable to the Cor- 

 poration for the amount so loaned. 



" Section 6 of Article III of said Constitution is hereby amended so :5S 

 to read as follows: 



"Section 6. The Trustees shall have power, if in their judgment it is 

 advisable, to invest any of the fiinds of the Academy not needed for imme- 

 diate use, in bonds of the United States, of the State of California, of any 

 County or City and County of this State. Such investments, however, 

 shall be made only by the unanimous vote of all the Trustees, entered 

 upon the record of their laroceedings and specifying the amount and char- 

 acter of the investment." 



Mr. E. J. Molera read certain proposed amendments to Articles II, III, 

 IV and VI of the Constitution, consideration of which was postponed 

 until the next meeting. 



October 7, 1895. — Stated Meeting. 



The President in the chair. 



H. P. Johnson, John C. Merriam, W. A. Setchell, Vernon L. Kellogg, 

 David C. Booth and A. Van Der Naillen were proj)Osed for membershi]j. 



