61 STAT.] CHINIA-EDUCATIONAL FOUNDATION-NOV. 10, 1947 Article 3 All expenditures by the Foundation shall be made pursuant to an annual budget to be approved by the Secretary of State of the United States of America pursuant to such regulations as he may prescribe. Article 4 The Foundation shall plan its annual programs in such a way that full use shall as far as possible be made of the funds made available to the Foundation for each year. The Foundation shall not enter into any commitments or create any obligation which shall bind the Foundation in excess of the funds to be received during any given calendar year. Article 5 The management and direction of the affairs of the Foundation shall be vested in a Board of Directors (hereinafter designated the "Board") consisting of five Directors. The Principal Officer in Charge of the Diplomatic Mission of the United States of America to the Republic of China (hereinafter designated "Chief of Mission") shall be Chairman of the Board. He shall have the power of appointment and removal of members of the Board at his discretion. The four other members of the Board shall be as follows: (a) two members of the Embassy Staff, one of whom shall serve as treasurer; and (b) two citizens of the United States of Amer- ica, one representative of American business interests in China and one representative of American educational interests in China. The two members specified in (b) of the last preceding paragraph shall be resident in China and shall serve from the time of their appointment until the succeeding December 31 next following such appointment. They shall be eligible for reappointment. All the four members shall be designated by the Chief of Mission. Vacancies by reason of resignations, transfers of residence outside of China, expiration of term of service, or otherwise shall be filled in accordance with this procedure. The Chinese Government shall appoint a number of Advisers to the Board not to exceed five, who may attend all the meetings of the Board and participate in its discussions. The Advisers shall have no vote but their opinion shall be given due consideration by the Board at all its deliberations. The Directors and Advisers shall serve without compensation, but the Foundation is authorized to pay the necessary expenses of the Directors and Advisers in attending meetings of the Board. Article 6 The Board shall adopt such by-laws and appoint such committees as it shall deem necessary for the conduct of the affairs of the Foundation. 3585 Annual budget. Annual programs. Board of Directors. Chairman. Al vlsers. By-laws, etc.
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