Skip to content

Added Plan of Dissolution #8

New issue

Have a question about this project? Sign up for a free GitHub account to open an issue and contact its maintainers and the community.

Sign up for GitHub

By clicking “Sign up for GitHub”, you agree to our terms of service and privacy statement. We’ll occasionally send you account related emails.

Already on GitHub? Sign in to your account

Open
ThomasGaubert wants to merge 2 commits into
base: master
Choose a base branch
from
Open

Added Plan of Dissolution #8

Changes from all commits
Commits
Show all changes
2 commits
Select commit Hold shift + click to select a range
b207ea4
Added Plan of Dissolution
ThomasGaubert Oct 11, 2016
33930a2
Reorder articles
ThomasGaubert Oct 11, 2016
File filter

Filter by extension

Filter by extension
Conversations
Failed to load comments.
Loading
Jump to
Jump to file
Failed to load files.
Loading
Diff view
Diff view
12 changes: 12 additions & 0 deletions bylaws.md
View file
Open in desktop
Original file line number Diff line number Diff line change
Expand Up @@ -158,3 +158,15 @@ Any communications through social media must follow an official announcement in
Changes to these bylaws may proposed and drafted by the Board, which is will then present the proposed changes to the general membership in a full meeting called for that purpose.
Additionally, once every academic year in the spring semester, the current Board shall meet with the general membership to discuss the current bylaws and determine if any changes must be made.
At such special meetings, a vote of 2/3rds of the membership may approve changes to the bylaws drafted by the Board, and a vote of 2/3rds of the membership may propose changes to the Bylaws to the Board.

**Article XI. Plan of Dissolution and Liquidation**

1. Authorizing Dissolution:
1. The Board may propose the dissolution of the Fraternity to the general membership. After such proposal, a vote of 2/3rds of the membership may approve the dissolution of the Fraternity. In such case, the remainder of this plan shall be executed as follows.
2. This plan shall also be executed in the event of an involuntary dissolution of the Fraternity.
2. Winding Up:
1. Upon the initation of the dissolution process, the Treasurer shall compile all outstanding debts, remaining assets, and current balances of all accounts and report each to the Board.
2. The Treasurer shall be responsible for the payment of all outstanding debts and the sale of remaining assets.
Copy link
Contributor

@arrdem arrdem Oct 11, 2016

Choose a reason for hiding this comment

The reason will be displayed to describe this comment to others. Learn more.

Who's financially responsible in the case of insolvency? Do we have a corporate or other legal structure in place to ensure that it isn't a probably insolvent student officer? This seems to suggest that the Treasurer may be personally liable which isn't acceptable.

Copy link
Contributor Author

@ThomasGaubert ThomasGaubert Oct 11, 2016

Choose a reason for hiding this comment

The reason will be displayed to describe this comment to others. Learn more.

Great point, I agree. We won't move forward with this change until we're able to more clearly define this.

3. Any assets loaned to the Fraternity shall be returned to its original owner.
4. All remaining funds and assets must be distributed to another 501(c)(3) organization.
5. The Vice-President of Administration shall be responsible for the reporting of the dissolution of the Fraternity to the general and Alumni membership of the Fraternity, the University, and necessary government organizations, along with closing all accounts associated with the Fraternity.