Viewing page 39 of 91

This transcription has been completed. Contact us with corrections.

2

tution[[sic]] to serve until the next Annual Meeting of the Board.

The Secretary called the attention of the Board to the provisions of the Foundation Deed and of the Constitution requiring that the Board of Trustees shall annually report to the Founder during his life, and after his death to the Secretary of State of New York, a full account of their proceedings and of their financial operations for the preceding year and a statement of the financial affairs of the institution. The Secretary then presented to the Board a draft of said report. The Treasurer then presented his annual statement which was incorporated into and made part of the annual report. After due consideration on motion duly made and seconded the annual report was approved and adopted as and for the annual report of the Board of Trustees to the Founder and the Chairman and the Secretary were instructed to file the same with the Grantor of the Foundation Deed in accordance with the provisions of said Foundation Deed and of the Constitution and to insert a copy in the minute book. The Chairman then submitted at the meeting a proposed budget for the fiscal year 1948-1949, which after motion duly made and seconded was adopted as submitted. 

At the regular meeting held on October 5, 1948, the Secretary presented to the meeting a notice of the meeting together with an affidavit of the mailing thereof to all the trustees which was approved and ordered filed with the records of the meeting. 

The Treasurer presented his report and on motion duly made and seconded was accepted and ordered placed on file. He also brought to the Board's attention certain uneven numbers of shares