Article I - Name of Organization
The name of
this organization shall be "Academy of Finance" (AOF)
Article II - Purpose and
- AOF is a
nonprofit organization whose basic purpose is the development and
recognition of individual efforts in the field of finance and
- The major
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
- The governing
body shall be the Board of Directors, which shall consist of all
elected officers, the immediate Past-President, and six at-large
Directors. The President shall be the Chairperson of the Board of
Directors. The additional Director positions shall initially be for
terms of 1, 2, and 3 years; thereafter, each position shall have a
3-year term so that each year 2 of the 6 positions shall come open.
- 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
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
Meetings. Special meetings of the membership may be called
by the President with at least thirty (30) days' notice.
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.
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
- 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 by mail, fax, or electronic mail
--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
- 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
- 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
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.
Amended March 16, 2006.
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).
- 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)