Section 1
The Corporation
1.1
The members of the Corporation constitute the government of MIT. As such, they hold a fiduciary duty to govern MIT, to oversee the stewardship of MIT’s assets for MIT’s present and perpetual well-being and stability, and to ensure that MIT adheres to the purposes for which it was established. The Corporation also has broad responsibility for the generation of new funds and assets. The Corporation itself, without any delegation, shall take the following specific actions:
1.1.1
Elect and remove the Chair of the Corporation, the President, the Executive Vice President and Treasurer, and the Secretary, who have the powers and duties stated in these Bylaws.
1.1.2
Elect the members of the Corporation other than ex officio members.
1.1.3
Elect the members of the standing committees of the Corporation and approve such ad hoc and special committees as the Corporation determines from time to time.
1.1.4
Receive the reports of its committees and of the officers of MIT at times determined by the Corporation and takes such action on those reports as the Corporation deems fit.
1.1.5
Approve the award of degrees and approve any new degree program, in each case upon the recommendation of the faculty.
1.1.6
Upon recommendation of the Executive Committee, approve the sale or disposal of any educational real estate whose value exceeds $10,000,000.
1.1.7
Take such other action and transact such other business as the Corporation deems to be in the interests of MIT and as is consistent with these Bylaws and law.
1.2
The Corporation shall have the following standing committees: Executive Committee, Governance and Nominations Committee, Risk and Audit Committee, Development Committee, Visiting Committees and the Corporation Joint Advisory Committee on Institute-Wide Affairs (CJAC). The Corporation may also have such ad hoc and special committees as the Corporation approves from time to time.