1. Shall propose and submit for the sanction of the Governing Body the annual budget for each of the Society's Colleges and Schools;
2. Shall propose for the sanction of the Governing Body persons to be elected as Life-members or as Principals of the Colleges or Head-Masters of Schools or to fill any permanent appointment in a College or School;
3. Shall arrange for the collection of funds for the benefit of the Society.

All questions relating to discipline in Schools and Colleges shall be absolutely in the hands of the Heads of the institutions who shall be directly responsible to the Governing Body.