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.