THE BOND CLUB OF DETROIT BYLAWS
Constitution and by-laws (Amended and Corrected as of August 19, 1960, June 10, 1977, December 1, 1998, October 6, 2003 and January 23, 2014)
The object of this association shall be to promote the social and educational welfare of individuals associated with the fixed income business of Detroit.
Section 1. The name of this association shall be "The Bond Club of Detroit."
ARTICLE II OFFICERS
Section 1. The Officers of the Club shall be a President, a Vice President - Treasurer, and a Secretary, to be selected annually by the Board of Directors from the membership of the Directors.
Section 2. The President, and in his or her absence the Vice President-Treasurer, shall preside at the meetings of the Club and of the Board of Directors. The President, and in his or her absence the Vice President-Treasurer, with the Secretary, shall sign all the contracts and obligations of the Club and shall perform such other duties as the Board of Directors or the Club may assign. The President shall be an ex-officio member of all committees.
The President shall have the power to fill any vacancy in any office or in the directorate with the approval of a majority of the other members of the Board of Directors. The Vice President-Treasurer shall perform all the duties of President in his or her absence.
Section 3. The Secretary shall give notice of all meetings and all elections of the Club and of the Board of Directors, shall also keep such minutes and records as are necessary, and shall also notify persons elected to membership of their election.
Section 4. The Vice President-Treasurer shall collect all dues and assessments, shall keep the accounts of the Club, shall report whenever requested by the Board of Directors, and shall also submit an annual report at the end of the fiscal year.
ARTICLE III BOARD OF DIRECTORS
Section 1. The Board of Directors shall consist of seven members, at least two of which are to be elected at each annual meeting to serve for a three-year period. The retiring President shall automatically serve as a Director for one year after his or her term as President, but shall not be eligible to serve as an officer.
Section 2. The Board of Directors shall have general charge of the affairs of the Club. They shall have full power to carry out the By-Laws. A majority of the members shall constitute a quorum.
ARTICLE IV COMMITTEES
Section 1. The President, with the approval of the Board of Directors, shall annually appoint from the membership of the Directors, the chairpersons of Committees he or she deems necessary for the efficient operation of the Club.
Section 2. Each Committee shall consist of at least three members of the Club, with the chairperson of each Committee selecting the other members of the Committee subject to approval of the President. This Article IV shall not apply to the committee on nominations which shall be governed by Article IX.
ARTICLE V MEETINGS
Section 1. The annual election shall be held at least one week before the end of the fiscal year. The fiscal year of the Club shall begin January 1st. The newly elected officers shall assume their duties on January 1st.
Section 2. Regular business meetings of the Club shall be held at such times and for such purposes as the Board of Directors may elect.
Section 3. One-third of the total Active Membership of the Club, through attendance or proxy, shall constitute a quorum of any business meeting.
ARTICLE VI MEMBERSHIP
Section 1. The membership in the Club shall consist of three classes - Active, Honorary and Retired.
Section 2. Any person shall be eligible for Active membership in the Club who is a representative of any business involved with fixed income securities doing business for not less than one year, or whose principal business is so closely allied with the bond business that their membership is deemed by the Board of Directors to be of mutual benefit.
Section 3. The Active membership shall be unlimited in number.
Section 4. Active membership in the Club shall be by written application on a form provided by the Club and be accompanied with two written sponsor letters by Active members and by election by the Board of Directors. The unanimous consent of the Directors present at any regular or special meeting, provided there is a quorum of five, shall be necessary to such election.
Section 5. Honorary members may be appointed by the vote of the Board of Directors. A majority vote of the Board of Directors shall be necessary to elect an honorary member. Honorary members are entitled to all of the privileges of the Club except the right to vote at any meeting and the right to hold office.
Section 6. Any previous Active member no longer engaged in the business may become a Retired member upon application to the Club and by the approval of the Board of Directors.
ARTICLE VII GUESTS
Section 1. It shall be determined by the Board of Directors which outings of the Club shall be open to guests, and the members so advised.
ARTICLE VIII DUES AND ASSESSMENTS
Section 1. Dues of members shall be an amount established by the Board of Directors.
Section 2. There may be special assessments levied upon the members of the Club at the discretion of the Board of Directors.
Section 3. Should the dues or assessments of any member remain unpaid thirty days after they are payable, the membership involved shall automatically be suspended. Any member thus suspended may be reinstated at the discretion of the Board of Directors upon the payment of all dues and assessments in arrears. No member may attend any function of the Club unless his or her dues have been paid.
Section 4. Honorary and Retired members shall pay no regular dues but shall be entitled to attend functions of the Club upon the payment of fees determined by the Board of Directors.
Section 5. The initiation fee of members shall be an amount established by the Board of Directors.
ARTICLE IX NOMINATIONS
Section 1. It shall be the duty of the President, with the approval of the Board of Directors, to appoint by November 1, a committee on nominations composed ofthree members. The immediate Past President shall serve as
chairperson of such committee, and no other member of the Board of Directors shall be a member of this committee. Such committee shall prepare and announce, by December 1, a list of nominations for the Board of Directors of at least the number required to fill vacancies.
Section 2. It shall be the duty of the Secretary of the Club to mail to each member such nominations as may be made.
ARTICLE X AMENDMENTS
Section 1. Amendments to the Constitution may be proposed by any member of the Club, and may be voted upon at any regular or special meeting, provided the Secretary shall have been notified of such proposed amendment and provided also that the Secretary shall have notified each member in writing at least one week before the meeting at which the amendment is to be voted upon. A majority vote of the members voting, providing there is a quorum voting, shall be necessary to pass any such amendment.
Section 2. It shall be the duty of the Secretary of the Club to mail to each member notices of proposed amendments.