Article VI: Scholarship Committees

Section 1.6.01 Executive Committee: The Executive Committee shall consist of the Chairperson of the Board of Directors, the President, the Vice President(s), the Secretary and the Treasurer of the Fund. The Executive Committee shall, during intervals between the meetings of the Board of Directors, possess and may exercise all the powers of the Board of Directors in the management of the business affairs of the Fund, except as such matters which the Board has, by resolution, expressly reserved to it. The Executive Committee shall keep full and fair records and accounts of its proceedings and transactions. All actions by the Executive Committee shall be reported to the Board of Directors and shall be subject to revision and alteration by the Board of Directors, provided that no rights of third persons shall be affected by any such revision or alteration.

Section 1.6.02 Special Committees: Special committees with limited authority may be established by resolution of the majority of the Board of Directors as such need for them arises.