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Each standing committee shall make a written report to the Board at least once annually giving a review of the activities and accomplishments of the committee during the preceding year, except that the Executive Committee shall not make formal annual reports and the Visiting Committee shall make a formal report once in every two years. Committee reports shall be made according to a schedule prepared by the Secretary of the Board except where the reporting date of a committee is expressly stated in the Administrative Code. All reports shall be filed with the Secretary at least fifteen days prior to the meeting at which the report is to be presented.

(a) THE EXECUTIVE COMMITTEE

The Executive Committee shall consist of twelve members who shall be members of the Board and who shall be elected by the Board for terms of six years.

The Governor shall be ex-officio Chairman of the Executive Committee, and the Secretary of the Board shall be ex-officio Secretary of the Executive Committee, both of whom shall serve in addition to the twelve elected members of the Executive Committee, but the Secretary shall not have the right to vote unless the Secretary is an elected member of the Executive Committee and not merely acting as Secretary in an ex-officio capacity. The Governor shall have the right to vote only in case of a tie vote by regular members.

MEETINGS

The Executive Committee shall hold at least six regularly scheduled meetings each calendar year on the second Monday in September, November, January, March May, and July. Special meetings may be held at the discretion of the Chairman or upon request of three members of the Committee.

POWERS

The Executive Committee shall have full power to act for the Board of Trustees except that it shall not have power to alter or revoke any order, resolution or vote of a regular or special meeting of the Board of Trustees, and it shall not have power to elect a President, Vice President for Graduate Studies and Research, Business Officer and Treasurer, Chancellor, or Business Manager for The University of North Carolina or any of its component institutions.

The Executive Committee shall report, in writing, all of its actions to the Board of Trustees.

The Executive Committee shall review the proposed budgets of the institutions comprising The University of North Carolina before they are submitted to the Budget Commission of North Carolina.

The Executive Committee shall approve or disapprove all appointments to the faculties and staffs of the institutions comprising The University of North Carolina which are proposed by the President, and which are for a term of more than one year.

(b) THE FINANCE COMMITTEE

The Finance Committee shall consist of seven trustees who shall serve for a period of four years.

It shall be the duty of the Finance Committee: