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A Study of Student Loans and 
The election of members under (6) and (c) must take place before the 
annual meeting of the General Assembly, otherwise the election will be taken over 
by the General Assembly. In case of members retiring before their term expires, 
a replacement election for the rest of the period is to take place. 
14 
The Managing Board decides as to the budget and as to the establishment of 
local branches. It can also propose by a two-thirds vote a change in the by-laws, 
to be addressed to the General Assembly. If this majority cannot be obtained, 
the Managing Board can by a simple majority call another meeting four weeks 
later, at which again a two-thirds vote can decide on proposing a change in the 
by-laws. Generally the Managing Board decides all cases which are not dealt with 
by the Executive Committee and by the General Assembly. It has to work out the 
number of loans distributed, to determine the rate of interest and the terms of 
paying back the loan, and to prepare all the matters that are to be decided upon 
by the General Assembly. It has also to make preparations for the elections. 
The Managing Board has at least one meeting annually and besides that, at the 
invitation of the President, can be called together at any time. Upon the written 
application of at least one-third of the members of the Managing Board, a meeting 
must be held within six weeks’ time. In pressing cases a mailed or wired decision 
is possible. 
15 
A quorum of the Managing Board is twelve members. Matters are decided 
by a simple majority. In case of a tie vote, the President decides the issue. The 
members of the Managing Board with the exoeption of those under (c) receive 
no compensation. The Managing Board decides its own procedure and fixes the 
compensation for the members. 
16 
At least once a year the General Assembly has a meeting. Its date and 
agenda are to be communicated in written form to the members at least ten days 
ahead of time. An extraordinary meeting can be called by the President. It has 
to be called by him within six weeks if at least one-fifth of the members require it 
through a written application indicating the topics to be discussed. 
17 
The General Assembly listens to the annual report and receives the annual 
accounts and votes approval of the Executive Committee. It has to choose mem 
bers of the Managing Board indicated in Paragraph 13 d and two representatives 
of accounts. It has to decide by a two-thirds majority as to the proposals of the 
Managing Board to change the by-laws. 
18 
Legal bodies, business firms, partnerships, and individual firms can be repre- 
sented in the General Assembly by an executive member or by their own member. It 
is also permissible to transfer their representative and voting power to another 
member of the firm or to another representative of the legal body, business 
firm, etc.