Their  Relation  to  Higher  Educational  Finance

155

19
In  elections  and  decisions,  if  not  otherwise  specified,  matters  are  decided  by
a  simple  majority  of  the  metnbers  present.  In  case  of  a  tie  vote,  the  proposal  is
considered  to  be  rejected.  In  election  it  is  decided  by  casting  lots.
20
In  every  meeting  of  the  General  Assembly  minutes  have  to  be  taken  and  to
be  signed  by  the  presiding  officer.

21
The  business  year  of  the  Association  extends  from  April  1  to  March  31.
22
The  dissolution  of  the  Association  can  be  decided  only  by  the  General
Assembly  following  a  proposal  by  the  Managing  Board.  In  both  bodies  there
must  be  a  four-fifths  majority.  In  case  of  dissolution,  the  General  Assembly
decides  on  the  disposal  of  the  funds  in  existence  according  to  the  main  purposes
of  the  Association.

23
For  the  first  business  year,  the  members  of  the  Managing  Board,  under
section  13  b,  were  chosen  by  the  meeting  which  founded  the  Association.  The
members  under  section  13  o,  b,  and  c  were  nominated  according  to  the  rules  of  the
by-laws.  The  present  Managing  Board  of  the  first  business  year  has  its  powers,
even  though  the  indicated  maximum  number  of  members  is  not  yet  reached.  It
has  a  right  to  complete  itself  and  to  elect  the  Executive  Committee.  The  present
Managing  Board  has  the  right  to  change  the  by-laws  by  a  unanimous  vote  in  the
presence  of  at  least  one-half  of  its  members.  The  proposal  to  change  the  by-laws
must  be  communicated  in  written  form  to  the  members  at  least  fourteen  days
before  the  decision.
24
The  by-laws  are  in  effect  from  June  2,  1922.

Registered—June  17,  1923.