The Michigan Investment Banking Club Bylaws

Transcription

1 The Michigan Investment Banking Club Bylaws Preamble The Michigan Investment Banking Club ( MIBC ) is a pre-professional student organization organized in accordance with the regulations of the University of Michigan. Article I. Name Section 1. The Michigan Investment Banking Club is the exact title to be used in addressing this organization. Section 2. MIBC is the official abbreviation that may be used in lieu of The Michigan Investment Banking Club when addressing this organization. Article II. Purpose Section 1. The purpose of The Michigan Investment Banking Club is to help students of the University of Michigan obtain internships and full-time positions in investment banking. Section 2. The Michigan Investment Banking Club accomplishes its mission by 1) familiarizing members with the investment banking industry and profession, 2) educating members by developing skill sets required in investment banking, 3) building networks with investment banking professionals. Membership Article III. Membership Eligibility Section 1. All undergraduate students of the University of Michigan, Ann Arbor campus are eligible for membership into The Michigan Investment Banking Club. Section 2. Only students of the University of Michigan, Ann Arbor campus are eligible for membership into The Michigan Investment Banking Club. Section 3. Eligible candidates must apply for membership during the formal recruitment period in order to be considered for membership into The Michigan Investment Banking Club. Section 4. Members must fulfill the comprehensive requirements in order to be eligible for promotion to higher ranks. Article IV. Recruitment Process Section 1. Interested candidates must undergo a screening process.

2 Section 2. The Board of Directors will develop and/or authorize the screening process. Section 5. The membership range per class (year of graduation) should be between members. Section 6. All candidates undergo the same recruitment process. Section 7. The Vice President of Internal Relations will manage the recruitment activities of The Michigan Investment Banking Club. Section 8. The Vice President of Internal Relations will report to the entire Executive Board. Section 9. The Executive Board makes the final decision for offering membership to candidates. Article V. Member Types Section 1. There will be two distinct classes of membership: Associate Membership and Partnership. Section 2. All incoming members who have been granted Associate Membership in The Michigan Investment Club will be called Associate Members. Section 3. The role of the Associate Member is to complete the comprehensive requirements for Associate Members. Section 4. Associate Members are eligible for promotion to Partnership when they have successfully completed the Comprehensive Requirements and are entering into their penultimate year in college. Section 5. Members who are elected into The Michigan Investment Banking Club Partnership will be called Partners. Section 6. The role of the Partner is to complete the comprehensive requirements for Partners, to act as advisers to the Associate Members, to be actively engaged in the affairs of MIBC, and to act in the best interest of MIBC. Section 7. Only partners are eligible for positions in the Executive Office or the Board of Directors. Section 8. The Board of Directors reserves the right to assign Associate Members to positions in the Executive Office. This power may only be exercised under circumstances where there is a shortage of qualified Partners. Article VI. Comprehensive Requirements Section 1. The requirements for Associate Members are as follows: Attendance: Associates must attend all meetings. Two excused absences are allowed per semester per member.

3 Current Events Presentation: Associates must present at least one power point on current events per academic year. The power point presentations must meet the standards of MIBC, which will be determined by the Board of Directors. Departmental Participation: Associates must participate in at least one department throughout their Associate Member period. Members must commit to a department for at least one academic year. Evaluation: Associates must satisfactorily pass the Board of Directors Evaluations at the end of each semester on the educational components of the organization. Section 2. All partners must fulfill the minimum requirements in order to retain their position as a partner of The Michigan Investment Banking Club. Section 3. The requirements for Partners are as follows: Board Meetings: Partners must attend all board meetings. Two excused absences are allowed per semester. Participation: Partners must be actively involved and committed in the affairs of The Michigan Investment Banking club. When a partner s involvement and commitment are put into question, the Board of Directors will deliberate and rule on the matter. Article VII. Member Dues Section 1. All new members must pay an annual membership fee of $100 upon acceptance into the club at the beginning of the fall semester. Section 2. All returning members must pay an annual membership fee of $50 at the beginning of the fall semester. Section 3. Dues paid will not be refunded for any reasons besides disenrollment from the University of Michigan. Article VIII. Member Removal Procedure Section 1. A member may withdraw from The Michigan Investment Banking Club by informing the Executive Board in writing. Dues paid will not be refunded. Section 2. If members do not fulfill the Comprehensive Requirements, then they are subject to removal from the organization, without a refund of the dues paid, at the discretion of the Board of Directors. Officers Article IX. Board of Directors Section 1. There will exist a Board of Directors who serves as the source of all authority within the Michigan Investment Banking Club.

4 Section 2. The Board of Directors will do everything in its power to ensure that the organization can sustain itself overtime. Section 3. The Board of Directors is responsible for monitoring and evaluating the performances of all members, and they will hold periodic meetings with members to discuss their performance. Section 4. The Board of Directors is responsible for recruiting new members. Section 5. The Board of Directors is the only body within the organization with the power to interpret and make amendments to the organization s bylaws. Section 6. There will exist two titled positions within the Board of Directors: Chairman and Vice-Chairman. Everyone else in the Board of Directors will be referred to Director. Section 7. All decisions made by the Board of Directors will be reached by a vote. Chairman Section 7. The Chairman is responsible for scheduling Board of Directors meetings. Section 8. The Chairman is responsible for creating the agenda for Board of Directors meetings. Section 9. The Chairman shall preside the Board of Directors meetings. Section 10. In the event of a tie in a Board of Directors vote, the Chairman will serve as the tiebreaker. Section 11. The new Board of Directors is selected by the previous Board of Directors during the first month of every calendar year. Candidates must complete the designated application and interview in order to be considered. Vice-Chairman Section 12. The Vice-Chairman shall preside the Board of Directors meetings in the event of the Chairman s absence. Section 13. The Vice-Chairman shall oversee all matters related to the financing of the club s operations. Gatekeepers Section 14. Three directors besides the Chairman and the Vice-Chairman will have access to the MIBC funds account with the Michigan Student Assembly. Article X. Executive Officers Section 1. There will exist Executive Officers whose primary purpose is to execute the directives given by the Board of Directors. Section 2. The Executive Officers are responsible for preparing for each event or activity.

5 Section 3. The Executive Officers are selected by the Board of Directors during September of every calendar year. Candidates must complete the designated application and interview in order to be considered.

6 President Section 4. The President is responsible for the execution of all club events and activities. Section 5. The President shall provide a report to the Board of Directors in the beginning of every semester, including but not limited to 1) Plans for upcoming events 2) Updates on each committee. Treasurer Section 6. The Treasurer is responsible for providing cost estimates for each upcoming club event, and has the responsibility to ensure that actual costs are within the cost estimate. Section 7. The Treasurer has the responsibility to secure funds from all available sources including but not limited to, University of Michigan institutions: the Michigan Student Assembly (CSG), LSA Student Government, College of Engineering and Ross School of Business, and corporate sponsors as long as club membership meets the requirements stipulated by the providing institutions. Section 8. The Treasurer is responsible for collecting dues. Section 9. The Treasurer shall maintain a record of the inflow and outflow of funds for the MIBC account. Section 10. The Treasurer shall provide a report within one month of each activity with a detailed breakdown of the sources and usage of funds for executed events to the Board of Directors. Section 11. The Treasurer shall provide quarterly report to the Board of Directors. The report should include, but not limited to, detailed breakdown of the sources and usage of funds for executed events, amount received from sponsors and method of allocation of funds to each committee, surplus/deficit for the semester and, projected funds usage for the next semester. Section 12. The Treasurer shall consult the Board of Directors on all matters relating to the sourcing of funds and the usage of funds before execution. VP-Marketing Section 13. The VP-Marketing is responsible for developing and executing the marketing campaign for each club activity. Expenses for the marketing campaign should be decided upon through consultation with the Treasurer. Section 14. The VP-Marketing shall provide a report within one month of each activity to the Board of Directors. The report should include 1) types of publicity methods utilized 2) number of members and non-members who attended the event 3) proportion of members from each school attending the event.

7 Section 15. The VP-Marketing has the responsibility to ensure that all MIBC activities and public materials are presented with professionalism. VP-Records Section 16. The VP-Records shall take minutes of all Executive Officer meetings and Board of Directors meetings, and maintain a record of all event proposals and post-event review reports. Section 17. The VP-Records shall maintain all official records of MIBC, including a mailing list of all members and any historical records. Financing Article XI. Sources of Funding Section 1. The Michigan Investment Banking Club will seek funds from all eligible sources, private or public. Section 2. The Treasurer is responsible for seeking sources of funding. Section 3. The Treasurer shall compile a list of all sources of funding that the Michigan Investment Banking Club is eligible for and present the list to the Board of Directors. Section 3. The Treasurer is responsible for securing funding from all eligible sources. Article XII. Access to Account Section 1. Three directors besides the Chairman and the Vice-Chairman will have access to the MIBC funds account with the Michigan Student Assembly. Article XIII. Bookkeeping Section 1. The Treasurer shall serve as the official bookkeeper for the Michigan Investment Banking Club as outlined in their Duty Manual. Constitution Article XIV. Constitution Section 1. The organization s constitution must be ratified by a Board of Directors vote, with a 2/3 - majority vote in favor of the constitution, in order for the constitution to go into effect. Section 2. The Board of Directors will review the constitution annually at the beginning of each school year to ensure it aligns with the club s mission and practices. Article XIV. Amendments Section 1. The Board of Directors is the only body within the organization with the power to make amendments to the organization s bylaws. Section 2. The Board of Directors must vote on a proposed amendment, with a 2/3- majority vote, in order for the amendment to take place.

8 Removal Article XIV. Removal Section 1. The Board of Directors can vote to remove any Director(s) from his/her/their positions and/or from the organization by obtaining a 3/4-majority consent to hold the vote. Once the consent is reached, the Chairman of the Board of Directors must schedule a deliberation and voting session within five business days. There must be a 3/4-majority vote for a Director to be removed from their position and/or the organization. Section 2. The Board of Directors can vote to remove any Executive Officer(s) from his/her/their positions and/or from the organization by obtaining a 2/3-majority consent to hold the vote. Once the consent is reached, the Chairman of the Board of Directors must schedule a deliberation and voting session within five business days. There must be a 3/4-majority vote for an Executive Officer to be removed from their position and/or the organization. Section 3. The Board of Directors can vote to remove any Member(s) from his/her/their positions and/or from the organization by obtaining a 2/3-majority consent to hold the vote. Once the consent is reached, the Chairman of the Board of Directors must schedule a deliberation and voting session within five business days. There must be a 2/3-majority vote for a Member to be removed from their position and/or the organization. University Policy Article XIV. University Policy Section 1. The Michigan Investment Banking Club will abide by all rules and regulations put forth by the University of Michigan. Section 2. The Michigan Investment Banking Club will abide by all rules and regulations put forth by the Michigan Student Assembly. Section 3. The Michigan Investment Banking Club is committed to a policy of equal opportunity for all persons and does not discriminate on the basis of race, color, national origin, age, marital status, sex, sexual orientation, gender identity, gender expression, disability, religion, height, weight, or veteran status in its membership or activities unless permitted by university policy for gender specific organizations. Section 4. Upon joining the organization, all members agree not to undermine the purpose or mission of the Michigan Investment Banking Club.