Bylaws of the MIT Corporation

« Previous: Section 17 | Next: Section 19 »

Section 18

Audit Committee

18.1
The Audit Committee shall consist of five members, three of whom shall serve for a term of five years and two of whom shall serve for a term of three years. They shall be chosen from among the members of the Corporation, except any ex officio member under Paragraph 2.1.1 or under Paragraph 2.1.2 (other than the President of the Alumni Association, who may serve as a member of the Audit Committee). A quorum for any meeting of the AuditCommittee shall consist of three members.

18.1.1
The chair of the Audit Committee shall be one of the members serving a five-year term. The chair shall be recommended for the office by the Membership Committee and elected annually by the members of the Corporation.

18.1.2
The three members who shall serve for a term of five years shall be nominated by the Membership Committee from the members of the Corporation, one at each succeeding annual meeting, as vacancies occur, or at any stated or special meeting in the call for which notice has been given that a vacancy on the Audit Committee is to be filled. The members of the Corporation shall give careful consideration to the nominations proposed by the Membership Committee but shall not be obliged to follow the nominations. To provide for the terms of these three members to end in different years, the appointment of any member under this Paragraph may be for a term of less than five years. If any vacancy occurs through death, resignation, or otherwise before the expiration of the five years, the member elected to fill the vacancy shall serve for the unexpired term.

18.1.3
The two members who shall serve for a term of three years shall be nominated by the Membership Committee from the members of the Corporation, one at eachsucceeding annual meeting, as vacancies occur, or at any stated or special meeting in the call for which notice has been given that a vacancy on the Audit Committee is to be filled. The members of the Corporation shall give careful consideration to the nominations proposed by the Membership Committee but shall not be obliged to follow the nominations. To provide for the terms of these two members to end in different years, the appointment of any member under this Paragraph may be for a term of less than three years. If any vacancy occurs through death, resignation, or otherwise before the expiration of the three years, the member elected to fill the vacancy shall serve for the unexpired term.

18.2
Subject to the approval of the members of the Corporation, the Audit Committee shall employ public accountants to examine the books of MIT for the next fiscal year, and such other financial and investment records as the Audit Committee deems appropriate from time to time. The public accountants shall report thereon to the Audit Committee, which shall in turn present the report of audit, including the scope of the examination, to the members of the Corporation at their next annual meeting with such recommendations as the Audit Committee shall deem appropriate.

18.3
The Committee shall keep a record of its proceedings and may appoint a secretary for that purpose.

 

« Previous: Section 17 | Next: Section 19 »

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.

SEARCH MIT

MIT Office of the Corporation

Room 7-203
77 Massachusetts Ave Cambridge MA 02139
Phone 617.253.5614
Fax 617.253.8544
E-mail the office