Gamma Iota Sigma
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Code of RegulationsARTICLE 1 - PURPOSE The purpose of Gamma Iota Sigma is to promote, encourage, and sustain student interest in insurance, risk management, and actuarial science as professions; to encourage the high moral and scholastic attainments of its members; and to facilitate interaction of educational institutions and industry by fostering research activities, scholarship, and improved public relations. ARTICLE II - GRAND CHAPTER
ORGANIZATION A. Grand Chapter The Grand Chapter of Gamma Iota Sigma is the Board of Trustees. B. Board of
Trustees 1. Membership: The number of Trustees of the corporation shall consist of as many members as necessary for proper administration of corporation affairs. The Trustees shall be Chapter Advisors or other faculty from active collegiate chapters and an equal number of representatives from the insurance and risk management industries. If a Chapter Advisor leaves the college holding the collegiate chapter charter, the college or chapter may designate the replacement advisor to sit on the Board of Trustees; this Trustee seat does not follow the advisor to another college. An active collegiate chapter is defined as a chapter that submits membership applications and fees, and/or timely monthly reports to the Grand Chapter. A collegiate chapter must remain active for the Chapter Advisor to continue on the Board. If a collegiate chapter becomes inactive, the Chapter Advisor will continue to serve as a Trustee subject to the approval of the Board of Trustees. Non-advisor representatives must have credentials and/or time or financial resources to contribute to Gamma Iota Sigma. Non-advisor representatives may be recommended to the Nominating Committee by Trustees who are Chapter Advisors and other Grand Chapter members. 2. Election: The election of trustees other than Collegiate Chapter Advisors shall be held at the Annual Meeting. The affirmative vote of a majority of the Trustees voting shall be required for election as Trustee. 3. Term of Office: The term of office for Trustees other than Collegiate Chapter Advisors shall be three years, with one-third of a Board being elected yearly. 4. The Griffith Foundation Trustee: The Gamma Iota Sigma Board of Trustees will include one Trustee appointed by the Chair of the Griffith Foundation for Insurance Education. 5. Emeritus Trustee: In appreciation for past service as a Trustee, the Gamma Iota Sigma Board of Trustees may approve a non-voting position for those academic and industry representatives who are no longer active in the insurance industry and/or current Gamma Iota Sigma activities. 6. Honorary Trustee: In appreciation for exceptional contributions, the Executive Committee may nominate and the Gamma Iota Sigma Board of Trustees may approve an individual for a non-voting, honorary Trustee position. 7. Quorum: Trustees are required to be in attendance, or participating by mail ballot, to conduct business at a duly called meeting. 8. Powers: The Board of Trustees shall have general supervision and control over the affairs of the corporation, subject to this Code of Regulations, the Articles of Incorporation, Amendments thereto, or Chapter 102 of the Ohio Revised Code. 9. Removal: Any Trustee may be removed from Office by a majority vote of Trustees voting at any Annual Meeting or special meeting of the Board of Trustees, provided that written notice of the vote to remove a specified Trustee is mailed to all Trustees at least thirty days before such meeting. 10. Vacancies: Should vacancies on the Board of Trustees arise for other than Collegiate Chapter Advisor Trustee seats, the Executive Committee may fill them for the unexpired term. 11. Mail Ballots: Voting on revisions to the Code of Regulations, election of Officers and Trustees, and major issues and resolutions requiring only a yes or no vote, may be conducted by mail balloting. C. Executive
Committee 1. Membership: There shall be Executive Committee members as follows: President, Executive Vice President, Vice President(s), Secretary, Treasurer, Immediate Past President, Faculty Representative, and Student Representative. 2. Election: Except for the Faculty Representative and the Student Representative, the election of Executive Committee members shall be held at the Annual Meeting for the Board of Trustees. The affirmative vote of the majority of the Trustees voting shall be required for election as Executive Committee member. 3. President: The President shall preside at all meetings of the Executive Committee and over the Annual Meeting. He or she shall perform generally all duties usually performed by presidents of like corporations. 4. Executive Vice President: The Executive Vice President shall implement policy developed by the Executive Committee, coordinate fund raising, and perform other duties as directed by the Executive Committee. 5. Vice President(s): The Vice President(s) shall undertake projects as directed by the Executive Committee. 6. Secretary: The Secretary shall be responsible for minutes of all proceedings and all pertinent legal documents of this corporation, and generally shall perform such other duties as directed by the Executive Committee. 7. Treasurer: The Treasurer shall have charge of all monies and securities belonging to this corporation and shall disburse or otherwise deal with same as directed by the Board of Trustees. He or she shall keep an accurate account of all monies received and disbursed by him or her and shall generally perform such duties as may be required by him or her by the Executive Committee. On expiration of his or her term of office and after fully accounting for all funds entrusted to him or her, he or she shall turn over to his or her successor or to the Board of Trustees all books, accounts, money, and property of this corporation in his or her hands. 8. Faculty Representative: The Faculty Representative is elected by the majority of collegiate chapter advisors by mail ballot prior to the Annual Meeting in the year the term expires, to serve a term of two years on the Executive Committee. The Faculty Representative shall serve as a liaison between the collegiate chapter advisors and Executive Committee, and communicate to all collegiate chapter advisors the current affairs of the Executive Committee and undertake projects as directed by the Executive Committee. 9. Student Representative: The Student Representative is elected by the most votes in an approval vote of the collegiate chapters in attendance at the Annual Management Conference. Each collegiate chapter in attendance has one vote. The Student Representative will serve a one-year term. The Student Representative shall be an active student member in good standing at the time of the election, willing and able to attend at least four Executive Committee meetings, willing and able to give a report at the following Annual Management Conference (does not have to be a student at the time of the second Conference), shall communicate with current members and undertake projects as directed by the Executive Committee. 10. Compensation of Trustees and Officers: Trustees and Officers of this corporation shall serve without compensation unless specifically authorized by the Executive Committee. 11. Powers: Between formal meetings of the Board of Trustees, its policies shall be executed by the Executive Committee. Its function shall be to handle such matters as extend beyond the scope of responsibility of any Officer acting alone. In general, the Executive Committee shall have all the powers of the Board of Trustees to transact business between meetings of the Board of Trustees. Approval of the actions of the Executive Committee shall be requested at each Annual Meeting of the Board of Trustees. 12. Vacancies: Should vacancies on the Executive Committee arise, the Executive Committee may fill them for the unexpired term. D. Nominating
Committee 1. Membership: The Nominating Committee shall be appointed by the President sixty days prior to each Annual Election. The Committee shall consist of at least three Trustees not currently being re-elected. 2. Duties: The Nominating Committee shall receive the names of recommended candidates for the Board of Trustees and Executive Committee. The Nominating Committee shall investigate the qualifications of all persons under consideration and obtain the consent of the individual selected for each Trusteeship of office and mail its slate of nominees with the Annual Meeting notice. The Nominating Committee shall propose one or more nominees for each Trusteeship or office. E. Audit
Committee 1. Membership: The Auditing Committee shall be appointed by the President. The Committee shall consist of at least three members. 2. Duties: The Audit Committee shall annually audit the books and records of Gamma Iota Sigma and report to the Executive Committee. ARTICLE III - RELATIONSHIP
WITH CHAPTERS A. Charter: The Grand Chapter shall issue a charter to qualifying entities and shall have the power to withdraw said charter for cause. B. Bylaws: Local chapter’s bylaws shall be on file with the Grand Chapter. C. Payments: Chapters shall pay to the Grand Chapter such dues and fees as from time to time levied by it. D. Responsibilities: Chapters agree further to provide the Grand Chapter with periodic reports on chapter activity. E. Local Chapter Finances: Nothing in this Article III shall be construed to prevent local chapters from financing local activities with membership dues in addition to those required by the Grand Chapter. ARTICLE IV - MEETINGS A. Annual Meeting: The purpose of the Annual Meeting shall be to receive annual reports, approve the actions of the Executive Committee, elect officers, and receive comments of the Trustees. The Annual Meeting of the Trustees of this corporation shall be held immediately preceding or following the Annual Management Conference, at the general location of the Annual Management Conference, in the Fall of the year. Written notice, containing the meeting location, date and time, shall be mailed to all Trustees at least thirty days before such meeting. In the event of a Fall Annual Management Conference is not held, the Annual Meeting shall be held by the end of November at a location to be established by the Executive Committee. B. Special Trustees' Meeting: Special meetings of the Board of Trustees may be called for a specific purpose by the President upon written request for such meeting by any three Trustees, provided that mailed written notice, containing the specified purpose for the Special Trustees' meeting, is mailed to all Trustees at least thirty days before such meeting. C. Annual Management Conference: The Annual Management Conference is sponsored by the Grand Chapter for the training of collegiate chapter officers, and is hosted each year by a collegiate chapter that has submitted the accepted bid. The bid winner shall be determined by the Executive Committee. The bid specifications shall be established by the Executive Committee. ARTICLE V - ALUMNI A. Alumni All fraternity members shall attain national ALUMNI status upon graduation from the institution at which their collegiate chapter is located. B. Alumni Chapters 1. Formation: Interested alumni in a state or defined regional area may establish a group, which must be officially chartered as an Alumni Chapter by the Grand Chapter. 2. Membership: Membership shall consist of Alumni of Gamma Iota Sigma. Associate Members of Collegiate Chapters may join an Alumni Chapter as a non-voting member. 3. Governance: Alumni Chapters are subject to the Fraternity Code of Regulations, including Article III in its entirety. Alumni Chapters shall have as a minimum an elected Board consisting of a President, President-elect, Treasurer, Secretary, and three Board members. Alumni Chapters shall have representation at the Fraternity's Annual Meeting through program participation. 4. Mission: The Alumni Chapter shall select (a) local collegiate chapter(s) to support and assist, and will consider support and assistance to other collegiate chapters when requested by the Grand Chapter. ARTICLE VI - AMENDMENTS A. Procedure: Suggested amendments to the corporation's regulations may be submitted to the President of the Grand Chapter at least sixty days prior to the next Annual Meeting. The President shall mail the suggestions in turn to the Trustees for their consideration in writing at least thirty days prior to the Annual Meeting. B. Required Vote: Proposed amendments to the corporation's code of regulations which receive a two-thirds majority of Trustees voting at any Annual Meeting and voting by mail ballot shall be adopted on the date specified in the amendment.
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