later learned was one of the great wits and raconteurs of San Francisco, who was dressed in a black and white pair of knickers and a coat, with a little cap on the back of his gray curly hair, loud plaid socks, and high shoes that had not been polished in recent memory. With all the audience looking on, his son marched me up to him and said, "Dad, I'd like to have you meet one of the nuggets of the class". I reached out my hand to his and said, "I'm happy to meet you, Mr. Harris". As he shook hands with me, he looked me up and down and turned to the audience and said, "My God, if that's a nugget, I'm going off the gold standard". Like any other Board of Directors, the General Electric Board is elected by the shareholders but derives its powers from the State, which generally charges the Directors with managing the affairs of the company. The General Electric By-Laws say "the stock, property, and affairs of this company shall be managed by a Board of Directors...". The By-Laws go on to say, "the President shall be chosen by the Directors from their own number...", and "he (the President) shall have general management, subject to the control of the Board of Directors, of the business of the company...". The Board of Directors largely delegates authority and responsibility to the President and Chief Executive Officer for managing the ordinary, everyday affairs of the company within the broad policies and company objectives established by the Board. Certain of the authorizations include limitations on operating managers. On the other hand, the Board retains authority to act on those matters on which it is required to act either by statute, by the Certificate of