Astronomical League Bylaws and Standing Resolutions

Article XI. The Trust Fund

Section 1.

A trust fund shall exist with moneys donated or Council-designated assets to be placed in said fund. The principal shall remain inviolate except under the following conditions: This rule may be waived should a grave fiscal crisis face the League. A 3/4 (75%) majority of Council and at least 4 of 5 Trustees must declare such a crisis. This expenditure will be considered a loan at interest, if possible.

The income from the trust fund not used in any given year may be accumulated and added to the principal of said fund, according to the discretion of the trustees.

Section 2.

The fund shall be administered, in a manner consistent with Standing Resolution #1, by five (5) trustees appointed by the Council. Trustees may be bonded and shall serve for a term designated by Standing Resolution #1.

Section 3.

All actions of the trust fund shall be by agreement of a majority of the trustees.

Further Reading...

 

Next Article (Article XII - Amendments) in the Astronomical League Bylaws.

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