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:
Elect 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.
Elect the members of the Corporation other than ex officio members.
Elect the members of the standing committees of the Corporation (subject to section 18.1) and the committees of annual recurrence, and act upon requests of the Chair of the Corporation for approval of such ad hoc and special committees as the Chair may appoint from time to time.
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.
Approve the award of degrees and approve any new degree program, in each case upon the recommendation of the faculty.
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.
The officers of the Institute shall be the Chair of the Corporation, the President, the Executive Vice President and Treasurer, and the Secretary of the Corporation, and such other officers as may be appointed from time to time in accordance with these Bylaws.
The Corporation shall have the following standing committees: Executive Committee, Membership Committee, Risk and Audit Committee, Development Committee, and Development Committee Executive Board. The Corporation shall have the following committees of annual recurrence: Visiting Committees and the Corporation Joint Advisory Committee on Institute-Wide Affairs (CJAC). The Chair of the Corporation may also appoint ad hoc and special committees from time to time as required, subject to the approval of the members of the Corporation.
The Institute shall have an investment management company established by the Executive Committee under Section 16.1 of these Bylaws.