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provided in Section VII-3 hereof, a vacancy shall occur in that <br /> office. Upon such an occurrence the Committee shall fill the <br /> vacant position at its next meeting. <br /> Section 3. The President shall preside at all meetings of <br /> the Board and of the Executive Committee. The Vice President <br /> shall act as President in the absence of the President. <br /> Section 4. ' The Secretary-Treasurer shall be responsible for <br /> keeping a record of all proceedings of the Board and of the <br /> Executive Committee, for the custody of all MPRS funds, for the <br /> keeping of all financial records of the MPRS, and for such other <br /> matters as may be delegated to this position by the Board or by <br /> the Committee. The Executive Committee may designate one of its <br /> members as a Deputy Secretary-Treasurer, to serve in the absence <br /> or disability of the Secretary-Treasurer and to assist the <br /> Secretary-Treasurer in such a manner as it deems appropriate. __.__._ _. <br /> Section 5 . The President or Vice President and the Secretary- <br /> Treasurer or Deputy Secretary-Treasurer shall sign all vouchers <br /> disbursing funds of the MPRS. <br /> XI. Financial Matters. <br /> Section 1. The fiscal year for the MPRS shall be the <br /> calendar year. <br /> Section 2. An annual budget for the MPRS shall be adopted by <br /> the Board at its regular annual meeting, as provided in Section <br /> VI-5 hereof. Notice of the adopted budget shall be mailed <br /> promptly thereafter to the chief administrative officer of each <br /> member. This budget shall be deemed approved by each member <br /> -12- <br />