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[[underlined]]Bylaws of the Board of Regents[[/underlined]]

Mr. Webb reported that the Executive Committee had reviewed the proposed Bylaws very carefully at their meeting of August 20, and that Committee recommended their adoption.  The Chancellor pointed out the added responsibility of the Audit and Review Committee, as amplified in the following report which was provided for the Regents' convenience in reviewing the revised draft.

Since the last meeting of the Board of Regents, the Executive Committee has further reviewed the draft Bylaws against the Institution's practice over the last twenty years.  On the basis of this review, the Executive Committee recommends that, with several refinements of text described below, the Bylaws be approved, printed, and distributed to all members of the Board of Regents and to such other organizations or persons as the Secretary deems appropriate.

The Executive Committee invites the Regents' attention to the changes recommended in the text of Sections 4.01 and 6.06.

Section 4.01 deals with the Audit and Review Committee.  The revised language retains the "Audit and Review" designation under which this committee has operated in the past.  Revised language consistent with that designation was submitted for the Regents' consideration.  New language is recommended only for the fourth sentence of Section 4.01, which has been amplified to read as follows:

The audit and review committee shall review the Institution's operations for compliance with approved programs and policies and shall perform related functions as directed by the Board of Regents.