The Executive Committee shall be a sub-committee of and empowered to act in the name of the Governing Board when prompt action is required. There will be five members of the Executive Committee, four of whom shall automatically be the President, Chief Measurer, Secretary and Treasurer. The fifth member will be elected by the Governing Board. The election will be decided based on a simple majority of the votes received within 45 days from the date the ballot is issued. The President shall be the Chairman of the Executive Committee. This Committee shall approve policy, procedure, and the appointment of sub-committees by the President. It shall grant charters, create and alter territorial limits, fill vacancies in office, subject to ratification by the Governing Board. This committee must approve the purchase and sale of securities and approve depositories.