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dispose of securities accepted by the Institution, and to transfer securities accepted by the Institution for Endowments to Investment Managers to be administered according to the terms of their agreements with the Institution.

III. For the management of Current Trust Funds, the Secretary, or the Treasurer, is authorized to purchase or sell securities for the Current Trust Funds. Such securities are to be bills or notes of the U. S. Treasury or of other U. S. Government agencies, bank certificates of deposit, high-grade commercial paper or similar short-term investments of like quality, with maturities not to exceed five years from date of purchase.

To carry out the delegations specified in items 1, 2, and 3 above, and where the Board has authorized particular actions, the following specific delegations of authority, including the authority to execute all requisite transfer documents as contemplated in Section 6.06 of the Regents' Bylaws, were approved by the Regents.

VOTED that the Board of Regents confirms the authority of the Secretary of the Smithsonian Institution to accept or receive for the Institution gifts, grants, bequests, and other transfers of real and personal property, and to hold and dispose of the same in promotion of the purposes of the Institution. The Secretary may delegate this authority to employees of the Institution.

VOTED that the Board of Regents authorizes the Secretary or the Treasurer to purchase and sell securities for the Current Trust Funds, such securities to be bills or notes of the U. S. Treasury or other U. S. Government agencies, bank certificates of deposit, high-grade commercial paper, or similar short-term investments of like quality, with maturities not to exceed five years from date of purchase.