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   By-Laws

CONSTITUTION AND BY-LAWS OF THE
 MIDDLE ATLANTIC ACTUARIAL CLUB
As Amended September 18, 2003

NAME

Article I - The name of the organization shall be the Middle Atlantic Actuarial Club, Inc.
 

PURPOSE

Article II - The purpose of this club shall be to provide seminars, workshops, and other educational forums, open to the public, on actuarial science and related professions.

Article III- Any qualified person who lives or works in the states of Delaware, Maryland, North Carolina, or Virginia, or in the District of Columbia, shall be eligible to apply for membership.  A qualified person, as verified by the Executive Committee, shall be any person who:

    (1) is a Fellow or an Associate of the Society of Actuaries, or

    (2) is a Fellow or Associate of the Casualty Actuarial Society, or

    (3) is a member of the American Academy of Actuaries, or

    (4) is an Enrolled Actuary under the Employee Retirement Income Security Act of 1974, or

    (5) has either (a), (b), or (c), where:
     

      (a) received credit for at least 2 examinations as defined in a currently valid catalogue of the Society of Actuaries, or the Casualty Actuarial Society and has completed 3 years of relevant actuarial experience, or

      (b) received credit for at least 3 examinations as defined in a currently valid catalogue of the Society of Actuaries, or the Casualty Actuarial Society and has completed 2 years of relevant actuarial experience, or

      (c) has total relevant actuarial experience of at least 5 years, with one year waived for each completed examination as defined in a currently valid catalogue of the Society of Actuaries or the Casualty Actuarial Society, and favorable recommendation by the Executive Committee.

Written application for membership may be made to the Executive Committee not less than 30 days prior to any regular Club meeting.  Such application must be endorsed in writing by a club member.

The Executive Committee is responsible for validating all membership requirements.

Nominees must be approved by a majority of the Executive Committee.

The names of all persons approved for membership will be announced at the next regular Club meeting.

All members as of the effective date of the revised Constitution and By-Laws shall remain members subject to provisions of the By-Laws relating to payment of dues and expulsion or suspension.

 

OFFICERS

Article IV - The officers of the Club shall consist of a President, Vice President and Secretary-Treasurer.

The Executive Committee shall consist of the three Officers named above, the immediate Past President, and two members at large.  The Executive Committee shall serve as the Board of Directors.  All members of the Executive Committee shall be elected by the membership in attendance at the Annual Meeting to serve for a term of one year commencing at the end of the Annual Meeting.

The President and Vice President shall not serve two consecutive terms in the same position.  The Secretary-Treasurer shall not serve more than four consecutive terms in that position.  Vacancies occurring between Annual Meetings shall be filled by the Executive Committee for the remaining term except the Vice President shall fill in as President. Any person named to fill a position due to a vacancy after six months from the start of a term will be eligible to serve successive terms without regard to the partial term.

Officers shall perform duties normally associated with their office. The Executive Committee shall have responsibility for managing the affairs of the Club subject to the By-Laws and subject to any instructions given by majority vote of members present and voting at any regular Club meeting.

The President shall appoint all Committees as needed except as otherwise indicated in the By-Laws.

The Executive Committee shall have the authority to implement the following policies in the interest of the Club:

    (a) purchase insurance and bonding to protect the Club's assets, its members, and its officers;

    (b) secure the incorporation of the Club;

    (c) contract with hotels, restaurants, caterers, printers, and otherwise use Club funds as needed to facilitate the Club's meetings;

    (d) contract with attorneys, accountants, and other professionals as needed to further the purpose of the Club or the provisions of this Article; and

    (e) use Club funds as needed to further the purposes of the Club.

MEETINGS

Article V -  At least one regular meeting will be held each year. The exact time, location and format of each meeting shall be determined by the Executive Committee.

At all meetings, a Quorum for the transaction of any business shall be the lesser of 25 members or 50% of the membership.  For amendments to the by-laws under Article VIII, those members not present but voting by mail ballot shall be counted in establishing a Quorum.  Only dues paying members shall be counted in determining whether a Quorum is achieved.

The Executive Committee may develop rules and fees for guest attendance at all regular meetings.

DUES

Article VI - Annual dues in an amount to be set by the Executive Committee shall be required of each member. Upon written request of the member, dues will be waived for disabled and retired members.  If a member's dues remain unpaid beyond the first regular meeting after the due date, such member shall cease to be a member of the Club.

COMMITTEES

Article VII - The Nominating Committee shall consist of the three most recent Past Presidents who are still members.

Other committees shall be appointed by the President as needed.

AMENDMENTS

Article VIII- Amendments to the By-Laws may be made by a two-thirds majority vote of members present and voting at any regular meeting plus those voting by mailed ballot received by the Secretary-Treasurer not later than the day prior to the meeting. Notice of any proposed amendments and a ballot must be mailed by the Secretary-Treasurer to each member not later than 30 days prior to the meeting. The requirements for the Quorum must be satisfied.  Any proposed amendment submitted in writing to the Secretary-Treasurer and signed by at least ten members of the Club must be submitted to the membership for consideration.

EXPULSION OR SUSPENSION OF MEMBERS

Article IX - The Executive Committee shall hear all complaints made in writing against a member of the Club.  Any member against whom a complaint is filed may answer in person or in writing to the Executive Committee. The Executive Committee may recommend expulsion or suspension of such member but such action must be affirmed at any regular meeting by a two-thirds majority of members present and voting plus those voting by mailed ballot received by the Secretary-Treasurer not later than the day prior to the meeting.

USE OF FINANCIAL RESOURCES

Article X - The funds of the Club shall be devoted exclusively to the purposes stated in its Articles of Incorporation. No part of the net earnings of the Club shall ever inure in whole or part to the benefit of a member or individual.  If the Club is dissolved, all of its remaining assets shall be transferred to one or more organizations organized and operated exclusively for purposes similar to those of the Club.