the University in accordance with accepted budgetary procedures and state law. He or she shall receive and disburse money under the control of the Board and perform all acts that pertain to his or her office under the direction of the Board. He or she shall also present at each regular meeting a statement of the financial statement of the University.

Section 9.1: The standing committees of the Board of Regents shall be the Executive Committee, the Academic Affairs Committee, the Finance & Advancement Committee, the Athletics Committee, and the Student Affairs Committee. Members and Chairs of the standing committees shall be selected and appointed by the Chair of the Board. Other standing committees of the Board shall be determined by the Board, with members to be appointed by the Chair of the Board. Ad hoc committees may be created by the Chair of the Board, who shall also determine their memberships.

Section 9.2: Committees shall possess no delegated authority of the Board of Regents unless approved by a majority vote of the Board or as allowed under these Bylaws. Unless taken with delegated authority, all actions of each committee shall be considered recommendations to the Board and shall be subject to approval by the full Board.

Section 9.3: All Committee members shall serve for a term of one (1) year or until their successors have been duly selected and appointed by the Board’s Chair. In the event of a vacancy on a committee, the successor

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