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Although a number of worthy candidates could be named for consideration, it was pointed out that the legislation limits the number of Regents who reside in the District of Columbia. Therefore, this vacancy occurs in the category of citizen Regents who, by statute, "shall be inhabitants of some State, but no two of them of the same State."

[[underline]] Minutes of Meeting of January 25, 1977 [[/underline]]

It was noted that the Minutes of the Regents' meeting of January 25, 1977, had been circulated to the members of the Board. The Board having no changes to suggest recommended approval of the Minutes. It was

VOTED that the Minutes of the meeting of January 25, 1977, as circulated on February 23, 1977, are approved.

[[underline]] Annual Report of the Secretary for Fiscal Year 1976 [[/underline]]

Mr. Ripley reported that the Annual Report for Fiscal Year 1976 includes the transition quarter, a 15-month period, which delayed publication of the report. It is hoped that future reports can be reduced in size without impairing their comprehensiveness. Mr. Ripley called attention to the full disclosure of financial statements, including Federal and trust funds, a practice which has been followed since Fiscal Year 1972 and which he urged everyone to read. As is