1. By-laws
  2. Each bylaw will be posted as a "Question"
  3. Post more by copying this one
  4. ARTICLE III: Board of Directors
  5. ARTICLE IV: Officers
  6. ARTICLE VI: Amendment of Bylaws
  7. ARTICLE VII: Miscellaneous Provisions

ARTICLE I: Membership

Answer

Section 1. Qualifications. Each alumnus, alumna and present student, officer, staff or faculty member of the Wharton School is eligible for regular membership—“Regular Membership”—in the Club. Any person eligible for Regular Membership may become a Regular Member by completing and submitting to the Vice-President of Membership an application in a form that officer prescribes, together with the payment of such fees or dues as the Board of Directors establishes. All Regular Members shall be eligible to vote on matters submitted to a vote of the members and to serve as directors, officers or committee members of the Club.

Section 2. Membership by Vote of Board of Directors. The Board of Directors, by affirmative vote of two-thirds of the directors present, may from time to time grant Regular Membership to individuals who do not fall within the Regular Membership qualifications but whom the Board nevertheless deems worthy of Regular Membership. Upon an affirmative vote of two-thirds of the directors present, the individual shall be invited to complete and submit to the Vice-President of Membership an application in a form prescribed by such officer, together with the payment of such fees or dues as shall be established by the Board of Directors. Upon the completion and submission of the application together with fees or dues, the individual shall become a Regular Member with all the rights and privileges of Regular Membership.

Section 3. Honorary Membership. The Board of Directors, by affirmative vote of two-thirds of the directors present, may from time to time extend and grant an honorary membership—“Honorary Membership”—to any person who is not eligible for Regular Membership. An Honorary Member shall not be entitled to vote or to become a director, officer or committee member of the Club. Notwithstanding the foregoing, the Club shall not extend any privileges or benefits of membership to any Honorary Member, or to any Regular Member through affirmative vote of the Board of Directors, nor permit any such persons to be engaged in the activities of or with the Club, if the effect of such extension or activity might be to cause the Club to fail to be fulfill the conditions of §501(c)(3) of the Internal Revenue Code of 1986, as amended (or the corresponding provision of any future United States internal revenue law).

Section 4. Member Contributions. All Regular Members shall pay such annual fees or dues as the Board of Directors determines. Such fees shall be due and payable on or before such a date as shall be fixed by the Board of Directors. Only those Regular Members who have paid such fees and dues shall be entitled and eligible to vote on matters submitted to a vote of the members or to serve as a director, officer, or committee member of the Club. However, the Board of Directors, by affirmative vote of two-thirds of the directors present, may from time to time extend and grant a waiver of the annual dues to any Regular or Honorary Member.

Section 5. No Vested Rights of Members. No member, incorporator, director or officer of the Club shall thereby have any vested right, interest, or privilege of, in or to the assets, functions, affairs, or franchises of the Club. Furthermore, no member of the Club shall have any right, title, or interest in or to the whole or any part of the assets of the Club, and no member shall be entitled to either the whole or any part of such assets in the event of the termination of such member’s membership in the Club for any reason.

Section 6. Non-Liability of Members. The members of the Club shall not be personally liable for the debts, liabilities, or obligations of the Club.

Section 7. Resignation of Members. Any member may resign by filing a written resignation with the Vice-President of Membership, but such resignation shall not relieve the member of his or her obligation to pay any fees or dues or other obligations due to the Club which have accrued and are unpaid at the time of resignation. The Club shall not refund any fees or dues the resigning member has previously paid to the Club.

Section 8. Termination of Membership. By an affirmative vote of two-thirds of the directors present at a regular or special meeting of the Board, the membership of any Regular or Honorary Member may be suspended or terminated if such member has engaged in conduct deemed improper, prejudicial, abusive or destructive to the Club or any member or members of the Club. Notice of the proposed action shall be given to the member at least ten (10) days before the meeting at which such action is proposed to be taken, together with a statement of any alleged cause for such action. The member shall be entitled to attend and answer the allegations at such meeting.

Section 9. Reinstatement of Membership. By an affirmative vote of two-thirds of the directors present, the Board may reinstate a former or suspended member to membership on such terms as the Board deems appropriate.