Constitution:
Article I - Name of Organization
The name of this organization shall be "Academy of Finance"
(AOF)
Article II - Purpose and Objectives
- AOF is a nonprofit organization whose basic purpose is the
development and recognition of individual efforts in the field of
finance and insurance.
- The major objectives are:
- to promote the association of finance and insurance professionals;
- to provide programs aimed at improvement of teaching, research and
writing by allowing application and exchange of finance and
insurance related ideas;
- to provide a forum for the publication of the results of research
and other scholarly work;
- to recognize excellence in research and writing in the fields of
finance and insurance; and
- to provide discussion and information exchange concerning ongoing
research activity.
Article III - Governing Body
- The governing body shall be the Board of Directors, which shall
consist of all elected officers, the immediate Past-President, and
three at-large Directors. The President shall be the Chairperson of
the Board of Directors.
- The elected officers shall be President, Vice President and
Secretary/Treasurer.
- The Board of Directors shall be the principal administrative body
and is subject to referendum by the total membership. The Board shall
be responsible for financial and other operations, especially as these
relate to the accomplishment of organizational objectives.
- The nominating committee shall consist of the President and the two
most immediate Past-Presidents who are willing to serve.
Article IV - Membership
- The membership shall consist of those persons who support the
objectives of the organization and pay the annual membership fee.
- The right to vote, to initiate referenda, to initiate and sign
petitions, and to hold office are reserved to members in good
standing.
Article V - Meetings
- Annual Business Meeting. There shall be a
general business meeting of all members to be held annually during the
Midwest Business Administration Association meetings. All members
shall be notified in writing as to the time and place of the annual
general meeting. Announcement of the general meeting made in the
program of the Midwest Business Administration Association shall
suffice to meet this requirement.
- Board of Directors' Meeting. A planning meeting
shall be held by the Board of Directors at least once a year at the
call of the President. Each member of the Board shall be notified in
writing of the meeting time and place at least fifteen (15) days prior
to the meeting date.
- Special Meetings. Special meetings of the membership
may be called by the President with at least thirty (30) days' notice.
- Quorum. At official meetings of the membership, the
members present will constitute a quorum. At meetings of the Board,
one-third of the Board members will constitute a quorum.
- Procedure. All questions of parliamentary procedure
shall be first settled by referring to the Constitution and Bylaws of
this organization, then to Robert's Rules of Order (Revised).
Article VI - Changes in the Constitution
- No article shall be added to this constitution and no part shall be
amended or annulled except either by: (a) formal proposal, discussion,
and written ballot approval by at least two-thirds of the members
present at the annual meeting; or by (b) formal proposal, an
opportunity to prepare briefs stating arguments pro and con, and a
mail ballot sent to the membership--approval is required by at least
two-thirds of the members responding within thirty (30) days after
posting.
- Proposal of change may be made by the Board of Directors or by a
petition to the President that is signed by at least five percent of
the members in good standing.
- A proposed change in the Constitution shall be submitted to the
membership at least thirty (30) days before the meeting or at least
thirty-five (35) days before the mailed ballots are due. Amendments to
the proposed constitutional change may be made during the discussion
of the proposed change at the annual business meeting provided that
such amendments do not deviate substantially from the originally
proposed constitutional change.
- Copies of amendments shall be distributed to the membership as soon
as possible after adoption.
Article VII - Referenda
Upon its own initiative or upon the request in writing of ten percent
(10%) of the members in good standing, the Board of Directors shall
submit a question to the membership for a mail referendum vote; the
ballot for such a vote shall be accompanied by briefs stating both sides
of the question.
Article VIII - Finances
Organizational financial records will be kept. Any revenues or
expenses of this organization will be handled by the
Secretary-Treasurer. Appropriate records of all financial transactions
will be kept by the Secretary-Treasurer. The Secretary-Treasurer shall
prepare an annual financial statement and budget which shall be
available to membership and presented at the annual business meeting.
Approved: March 16, 1990
Modifications
- The position of Journal Editor/Program Chair shall be split into two
positions. (Approved: March 18, 1994).
- The position of Secretary/Treasurer shall be split into two
positions. The position of Treasurer shall be for a 3 year term.
(Approved: March 18, 1994)
- It is recommended that not more than one person from each school
shall serve in an officer position during the same period. This
guideline shall not apply to the position of Treasurer (Approved:
March 18, 1994).
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