UA-R-GC-1914-01-01-1921-10-29_Page-003

53. TREASURER'S Mr. E. E. Olcott, Treasurer, presented a Report REPORT of Income and Expenditures for the year ending June 30, 1921; also a Balance Sheet as of June 30, 1921. (See Appendix A) These financial state-ments, having been reviewed in detail previously by the Finance Committ-ee, and approved subject to audit, were similarly approved by the Board. 54. AL NDr'ENT S ADOPTED A. quorum of the Trustees, namely fourteen mem-bers, being present, the following amendments to the By-Laws of the American University at Cairo, were unanimously adopted; Article II. Section 3, substitute the following: "Seven Trustees shall constitute a quorum for the trans-action of routine business at any meeting of the Board, but to amend the By-Laws, or to change general policies, a majority of the Trustees shall be'required. to constitute a quorum." Article II, Section 5, (add the following to the last sentences "but without vote unless speloifically appointed as regular members of given committees." Article II, Section 5 (a) substitute the following: "The Chairman of the Board, or one of the Vice-Chairman, together with the Treasurer and three or more other Trusteés, elected by .the Board, shall constitute an Executive Committee to act for the Board ad interim and to dispose", etc. Articlell, Section 5 (e) "Three or more Trustees, to be elected by the Board, and one of the General Secretaries, shall constitute a Committee on Education. It shall be their duty, in consultation with the President of the University to seek"etc. Article II, Section 9. C ange Five ousand Dollars" to "Ten Thousand Dollars". Also omit entirely sentence beginning "Bills presented (etc. to) secretaries." 55. REPORT OF FINAYCE Mr. Ralph W. Harbison, Chairman, presented the COMMITTEE report of the Finance Committee. This report was received, discussed, and approved, (See Appendix B), and the following recommendations were adopted: a. That the Trustees express to Mr. E. E. Olcott their deep appreciation of his untiring devotion and sacrificing service to the University in serving as Treasurer for the University since the year 1914 up to the present time. b. That in view of his repeated request for the transfer of this office because of health reasons, the Trustees accede to his request and accept his resignation. c. That Mr. Joseph M. Steele be elected Treasurer of the American University at Cairo