Incorporation, or by the By-Laws. These would include the declaration of dividends, the election of officers, amendments of the By-Laws or the Certificate of Incorporation, the establishment of compensation plans for officers, and changes in the overall duties of the chief executive officers of the company. However, most of the Board's deliberations concern matters that are out of the ordinary course of business. Here the Board deals with such things as acquisitions, sales of a business, establishment of subsidiary companies, discontinuing operations in a major product line, company-wide financing, important business decisions that have an overall impact on the company. Typical of these matters would be the Supersonic Transport Program and the CF6 Engine Program (both considered at special Board meetings); a review of the operation of the nuclear energy operation; the 1968 major company reorganization; the recent borrowings in the United States and overseas; acquisitions; investments, and joint ventures (22 in number in the past 2 years and largely overseas); important legal matters, such as the disposition of derivative action suits arising out of the electrical industry case; plant appropriations of $500, 000 or more. The Board consists of 18 Directors and it regularly meets 10 times yearly, with special meetings called if required. Eight of the regular meetings are held in New York. Twice yearly the Board meets elsewhere in areas where General Electric has important operations. On these occasions the Directors visit the General Electric -4-