Bylaws of the MIT Corporation

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Section 11

Custodians of Securities

11.1
One or more Custodians of Securities shall be appointed by the Executive Committee. Each Custodian shall have custody of all securities of the Corporation turned over by the Corporation to the Custodian and shall, on the instructions of the governing body of the investment management company, or of any officer or officers of such company or any investment manager designated by the company’s governing body for this purpose, purchase, sell, exchange, and transfer securities for the account of the Corporation. During any period in which the Executive Committee has not established or continued the existence of an investment management company, the Custodian shall take such actions on the instructions of the Executive Vice President and Treasurer or of any other officer designated by the Investment Committee with concurrence of the Executive Committee. During any period in which the company exists but the Executive Committee has not invested the company with the foregoing function for any or all securities of the Corporation, the Custodian shall take such actions regarding securities that are not under the company’s purview on the following instructions. The Custodian shall act on the instructions of the Executive Vice President and Treasurer or of any other officer designated by the Executive Committee, or if the Executive Committee determines such designation to be the function of the Investment Committee under Paragraph 16.3.1, of any officer designated by the Investment Committee with the concurrence of the Executive Committee. On like instructions, a Custodian may sell and transfer or subscribe upon any subscription rights attaching to any of said securities, and may deposit or exchange any of said securities under any reorganization or protective plan affecting any of them, and may assent or dissent or take any other action in connection with any such plan, and may execute all other documents appropriate in connection with any of the foregoing powers or with the collection of any income from any securities held by the Custodian of Securities hereunder. All transfers or other documents connected with the power conferred by this Section shall be signed in the name of the Corporation by a Custodian of Securities and no person or corporation dealing with said Custodian, whether in connection with the transfer of securities or otherwise, shall have the duty to ascertain whether or not the required instructions have been obtained. Nothing in this Section contained, however, shall relieve the Audit Committee of any duty it may have to determine whether or not the provisions of this Section have been complied with.

 

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The Bylaws of the MIT Corporation were most recently amended on October 3, 2008. They are available in an easy-print version (PDF). To view this file, you will need the Acrobat reader.

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