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United Nations - 36 Treaty Series 1950


(6) Provide for periodic audits of the accounts of the Treasurer of the Foundation as directed by auditors selected by the Secretary of State of the United States of America. (7) Engage an Executive Officer, administrative and clerical staff and fix the salaries and wages thereof out of funds made available.

Article 3 All obligations, commitments and expenditures authorized 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 management and direction of the affairs of the Foundation shall be vested in a Board of Directors consisting of eight directors (hereafter designated " the Board "), four of whom shall be citizens of the United States of America and four of whom shall be citizens of Egypt. In addition, the principal officer in charge of the Diplomatic Mission of the United States of America to Egypt (hereinafter designated " Chief of Mission ") and the Egyptian Minister of Education (hereinafter designated " Minister of Education ") shall be jointly Honorary Chairmen of the Board. The Chief of Mission shall have the power of appointment and removal of the United States citizens on the Board, at least two of whom shall be officers of the United States Foreign Service establishment in Egypt. The Minister of Education shall have the power of appointment and removal of the Egyptian citizens on the Board. A Chairman with voting power shall be selected by the Board from among its members. The members shall serve from the time of their appointment until the following December 31 and shall be eligible for reappointment. Vacancies by reason of resignation, transfer of residence outside Egypt, expiration of term of service or otherwise shall be filled in accordance with this procedure. The members shall serve without compensation, but the Board may authorize the payment of the necessary expenses of the members in attending the meetings of the Board and in performing other official duties assigned by the Board.

Article 5 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. No. 908

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