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Close controls and review will continue to be maintained on the Institution's banking practices. As in the past, at least one of the persons authorized to draw on any account shall be an officer of the Institution (as in Section 5 of the proposed Bylaws). In addition, reports on the establishment and purpose or termination of any accounts will be provided to the Executive Committee of the Board of Regents at its regular meetings.

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The Regents approved the following motion:

VOTED that the Board of Regents confirms the authority of the Secretary of the Smithsonian Institution to establish on behalf of the Institution and any of its bureaux such commercial bank accounts as may be necessary for the conduct of business, including, but not limited to, payroll, depository, custodial and purchasing functions.