By-Laws For New York Yearly Meeting Trustees

(ADOPTED 19th MAY 1973. AMENDED 4th APRIL 1992.)

Section I – Appointments and Duties

The corporation shall appoint a Board of Trustees of not less than five nor more than seven members, which shall be responsible for holding title to and administration of properties, both real and personal, owned by the Yearly Meeting, and for the management of bequests and deed of trust received by the Yearly Meeting in a fiduciary capacity. Appointment of Trustees shall be for individual terms of five years each, with rotating dates of termination so that one or two Trustees are appointed each year. Trustees are eligible for two successive reappointments of five years each. Any session of Yearly Meeting may appoint Trustees to succeed those whose terms have expired, or to fill vacancies for unexpired terms.

Section 2 – Officers

The Trustees shall appoint from their own number a Clerk-President, a Secretary and a Treasurer, with such duties as the Trustees may direct.

Section 3 – Investment Committee

The Trustees shall appoint not less than three members of their Board to constitute an Investment Committee. This committee shall have interim responsibility for supervision of investments, including decisions regarding purchases and sales of securities, but subject to such policies and directions as the Board may determine. The Trustees may engage the services of an investment adviser, a custodian of securities, and such clerical assistance as may be necessary.

Section 4 – Meetings of the Board

The Trustees shall meet at such times as they may determine
or may fix by adjournment. Special meetings shall be called by the Clerk-President, or by the Secretary upon request of two Trustees. At least ten days’ notice of special meetings shall be given by mail to each Trustee, and the purpose for which the meeting is called shall be stated.

Section 5 – Quorum

A majority of the Trustees shall constitute a quorum for the transaction of business, but one less than all the Trustees then in office shall constitute a quorum for action by mail or telephone poll.

Section 6 – Reports

The Trustees shall report annually to the Yearly Meeting.