Proposed Constitution Amendments for Ratification
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Constitution Amendments Approved for
Consideration for Ratification by the Chapters
Four amendments were approved by the Convention
Chapter members are encouraged to review the
changes prior to voting
Chapter officers are encouraged to present the
changes to members during a meeting
All amendments are subject to chapter ratification
Approval requires ¾ of chapters to vote in favor
Approval by a chapter requires ¾ of its members to vote in
favor
Chapters must report their vote by April 1
Chapters may conduct balloting electronically
Abstentions and absentees count as NO votes
Purpose:
Update the Association’s seal to include a Bent
that adheres to the dimensions specified in the Constitution.
Impact:
Article XIV, Section 2 (f)
Context:
The Association’s seal uses a Bent that does not
adhere to the dimensions outlined in Constitution Article
XIV, Section 2 (c). The proposed change uses a Bent with the
proper dimensions and updates the words surrounding the
Bent to include “The Tau Beta Pi Association” instead of
“Founded at Lehigh University.” The font is also updated to
make it easier for reproduction.
SECTION 2.
Insignia.
…
(f) The official seal shall be as shown in Figure 3.
Figure 3
Figure 3
[
struck figure deleted
;
underlined figure added
]
Purpose:
Adjust the Trustee requirements to allow
management by a registered investment advisor..
Impact:
Article XIII, Section 7 (a)
Context:
The Constitution currently restricts the Trustee
to be an incorporated bank or trust company. There are
now many registered investment companies that do not
meet these requirements but still offer valuable services
that Tau Beta Pi could leverage. The proposed change
would allow the Association to utilize these types of firms
in addition to a bank or trust company.
SECTION 7.
Trustee.
(a) The trustee shall be an incorporated bank
,
or
a trust company
, or a registered investment advisor
authorized by
the laws of any state in the United States of America to engage in the
business of acting as a trustee of private trusts. Such trustee shall be
selected by the Council in consultation with the Trust Advisory
Committee.
[
struck words deleted
;
underlined words added
]
Purpose:
Update allowable trust investments to include
Exchange Traded Funds and Real Estate Investment
Trusts.
Impact:
Article XIII, Section 8
Context:
The Constitution limits the types of investments
the trustee and the Trust Advisory Committee are
allowed to purchase. The proposed changes would
expand the options to include more recent types of
investments such as Exchange Traded Funds (ETFs) and
Real Estate Investment (REITs). A recent Financial
Review Committee recommended these changes to
diversity the investment options the Association could
purchase in the future.
SECTION 8.
Investment Options.
The trustee and the Trust Advisory
Committee shall invest the funds by purchasing some combination of:
(a) Shares of fixed income and equity mutual funds,
(b) Shares of exchange-traded funds and real estate investment trusts
(b)
(c)
Preferred and common stocks,
(c)
(d)
Money market funds,
(d)
(e)
Corporate bonds and debentures,
(e)
(f)
Certificates of deposit, and
(f)
(g)
Direct obligations of the United States Treasury and of legal
agencies of the United States Government.
[
struck words deleted
;
underlined words added
]
Purpose:
Allow the Convention to select a future
Convention site more than three years in advance.
Impact:
Article IX, Section 7 (d)
Context:
The Constitution limits the selection of a
Convention location to three years in advance. The
proposed change would eliminate this restriction. This
would allow the Association to enter into a multi-year
contract with a single city or hotel chain. It would also
allow a Convention to select multiple sites in a single year
if multiple favorable sites are available in a given year.
The selection process would not change, and the
Convention retains the authority to select sites as it sees
fit.
SECTION 7.
Responsibilities.
In addition to the responsibilities
defined elsewhere in the Constitution and Bylaws, the responsibilities of
Convention include:
…
(d) Fixing the time
and place of the Convention
not more than three
years in advance
.
[
struck words deleted
]
Four amendments have been approved for consideration and ratification by the Chapters. These amendments include updating the Association's seal and adjusting trustee requirements to allow management by a registered investment advisor. Chapter members are encouraged to review the changes before voting, with all amendments subject to chapter ratification. Voting by chapters and members must be completed by April 1, with electronic balloting allowed. Abstentions and absentees count as NO votes.
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Presentation Transcript
Constitution Amendments Approved for Consideration for Ratification by the Chapters
Four amendments were approved by the Convention Chapter members are encouraged to review the changes prior to voting Chapter officers are encouraged to present the changes to members during a meeting All amendments are subject to chapter ratification Approval requires of chapters to vote in favor Approval by a chapter requires of its members to vote in favor Chapters must report their vote by April 1 Chapters may conduct balloting electronically Abstentions and absentees count as NO votes
Purpose: Update the Associations seal to include a Bent that adheres to the dimensions specified in the Constitution. Impact: Article XIV, Section 2 (f) Context: The Association s seal uses a Bent that does not adhere to the dimensions outlined in Constitution Article XIV, Section 2 (c). The proposed change uses a Bent with the proper dimensions and updates the words surrounding the Bent to include The Tau Beta Pi Association instead of Founded at Lehigh University. The font is also updated to make it easier for reproduction.
SECTION 2. Insignia. (f) The official seal shall be as shown in Figure 3. Figure 3 Figure 3 [struck figure deleted; underlined figure added]
Purpose: Adjust the Trustee requirements to allow management by a registered investment advisor.. Impact: Article XIII, Section 7 (a) Context: The Constitution currently restricts the Trustee to be an incorporated bank or trust company. There are now many registered investment companies that do not meet these requirements but still offer valuable services that Tau Beta Pi could leverage. The proposed change would allow the Association to utilize these types of firms in addition to a bank or trust company.
SECTION 7. Trustee. (a) The trustee shall be an incorporated bank, or a trust company, or a registered investment advisor authorized by the laws of any state in the United States of America to engage in the business of acting as a trustee of private trusts. Such trustee shall be selected by the Council in consultation with the Trust Advisory Committee. [struck words deleted; underlined words added]
Purpose: Update allowable trust investments to include Exchange Traded Funds and Real Estate Investment Trusts. Impact: Article XIII, Section 8 Context: The Constitution limits the types of investments the trustee and the Trust Advisory Committee are allowed to purchase. The proposed changes would expand the options to include more recent types of investments such as Exchange Traded Funds (ETFs) and Real Estate Investment (REITs). A recent Financial Review Committee recommended these changes to diversity the investment options the Association could purchase in the future.
SECTION 8. Investment Options. The trustee and the Trust Advisory Committee shall invest the funds by purchasing some combination of: (a) Shares of fixed income and equity mutual funds, (b) Shares of exchange-traded funds and real estate investment trusts (b)(c) Preferred and common stocks, (c)(d) Money market funds, (d)(e) Corporate bonds and debentures, (e)(f) Certificates of deposit, and (f)(g) Direct obligations of the United States Treasury and of legal agencies of the United States Government. [struck words deleted; underlined words added]
Purpose: Allow the Convention to select a future Convention site more than three years in advance. Impact: Article IX, Section 7 (d) Context: The Constitution limits the selection of a Convention location to three years in advance. The proposed change would eliminate this restriction. This would allow the Association to enter into a multi-year contract with a single city or hotel chain. It would also allow a Convention to select multiple sites in a single year if multiple favorable sites are available in a given year. The selection process would not change, and the Convention retains the authority to select sites as it sees fit.
SECTION 7. Responsibilities. In addition to the responsibilities defined elsewhere in the Constitution and Bylaws, the responsibilities of Convention include: (d) Fixing the time and place of the Convention not more than three years in advance. [struck words deleted]
