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[[underlined]] Delegations of Authority in Financial and Related Matters [[/underlined]]

Mr. Hohenlohe noted that the Bylaws of the Board of Regents, adopted by the Board at its meeting on September 17, 1979, contemplate the continuation of broad delegations of authority to the Secretary and other employees of the Institution, necessary to the effective administration of the Institution. The policies adopted by the Board and the specific delegations of authority should be documented and reviewed periodically for conformity with current administrative requirements. At the meeting of September 17, 1979, the Board reviewed and confirmed the authority of the Secretary to establish bank accounts, and the following reaffirmations of policies and delegations of authority in other financially related areas were recommended for approval.

I. With regard to the acceptance of gifts, grants, bequests and other transfers, approval of the Board, or of the Executive Committee on behalf of the Board, is necessary for a transfer of cash, securities, or other personal property which would involve a new program, a significant change of police, or restrictions requiring major financial or program commitments, and for any acquisition of real estate, whether for program or investment purposes. All major gifts and acquisitions will continue to be reported to the Board. To carry out these policies, the authority to accept gifts and other transfers is delegated to the Secretary and may be further delegated by the Secretary.

II. The Secretary, or the Treasurer, is authorized, subject to policies approved by the Board from time to time with regard to investments, and subject to any applicable legal restrictions, to sell or