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6.06 EXECUTION OF DOCUMENTS

Pursuant to the Secretary's general authority as chief executive officer of the Institution, the Secretary may execute in the name and behalf of the Institution any documents necessary to the acceptance, transfer, sale or redemption of real or personal property (including the sale or redemption of stocks, bonds, other investments) acquired or to be acquired, held, or disposed of by the Institution through gifts, devises, bequests, or other transfers, and may execute loans, mortgages, sureties, contracts, and any other documents necessary to the administration of the Institution. Such actions shall be reported to the Board of Regents in accordance with policies established by the Board. The Secretary may delegate authority for executing such documents to employees of the Institution.

[[underlined]] REPORT OF THE NOMINATING COMMITTEE [[/underlined]]

The Nominating Committee had met four times since the last Regents' meeting to bring forth a recommendation for a nominee to fill the vacancy which is anticipated upon the expiration of Judge Higginbotham's current term. Letters had been sent to the Regents, the Chairs of cognizant Committees in the Congress, the Director of the Office of Management and Budget, and Smithsonian management asking for their suggestions.

The Nominating Committee recommended three distinct possibilities, giving their highest recommendation to Mr. I. Michael Heyman, Chancellor of the University of California at Berkeley. With the understanding that the other candidates would be considered for future vacancies to occur in the next several years, the following motion was approved: 

VOTED that the Board of Regents nominates Ira Michael Heyman as a citizen member of the Board and requests the Congressional members of the Board to introduce and support a Joint Resolution of the Congress effecting his appointment to the Board of Regents for the statutory term of six years, beginning at the expiration of the current term of A. Leon Higginbotham, Jr. (October 18, 1990).

[[underlined]] REPORT OF THE AUDIT AND REVIEW COMMITTEE [[/underlined]]

The Audit and Review Committee met on April 3. Coopers & Lybrand presented findings from their audit of fiscal year 1989 financial transactions (giving the Smithsonian statements a "clean opinion") and outlined procedures for the ensuing year's audit. It was noted that the Smithsonian may face liability for the settlement of claims stemming from the General Services Administration's termination of a contract for the installation of storage equipment in the Museum Support Center. Coopers & Lybrand's 1990 Report to Management cites thirteen specific recommendations emanating from their review of the fiscal year 1989 financial transactions. Several recommendations relate to the increased need for more central controls as the Institution implements decentralized entrepreneurial and development activities.