The Municipal Bond Women’s Club of New York was founded in 1948 by eight women who were all employed in the Municipal Bond profession. Membership today is comprised of Active, Associate and Honorary members and includes people in all phases of the business.
Constitution and By-Laws
Adopted October 1948
Amended November 1987 and June 1996
The following charter members comprised the founding Board of Governors:
V. Ronnie Smith
Marion St. Pierre
Ann Van Vechten
The organization shall be known as “The Municipal Bond Women’s Club of New York: (“Club”)
The purpose of this non-profit organization is to encourage association among those engaged in the municipal bond business within the metropolitan area of the City of New York.
The membership of the organization shall be divided into three classes: Active, Associate and Honorary.
Individuals with at least four years experience who are actively and directly engaged in a professional capacity in the municipal bond business shall be eligible for Active membership.
Any Active member who ceases to be directly connected with, or actively engaged in the municipal bond business shall automatically cease to be an Active member, and thereupon shall be eligible for Associate membership at the discretion of the membership
An Honorary member shall be one who shall have been recommended as such by the Board of Governors because of services of merit to the Club. The candidate must be approved by a majority vote of the Board members present at (any Board meeting). Such members shall be exempt from payment of dues. An Honorary member shall be subject to all obligations of membership except that they shall not be entitled to vote or hold office or serve any committee.
General Membership Rules
Each member shall file with the secretary of the Club a written statement of any change in membership status promptly after such changes occur.
The Board of Governors shall be the final authority of the classification of members and may eliminate from the Club roster any member who shall, for a period of one year, cease to possess the qualifications for membership as defined herein.
A member desiring to resign from the Club shall notify the Secretary of the intention to do so in writing.
Any Member who leaves the municipal bond business to enter the armed forces or related services of the United States Government or the services of any State or municipal government for a term of six months or more, may, upon application to and in the discretion of the Board of Governors, continue membership in the Club. In addition, the member may have all rights and privileges of membership restored upon return to the municipal bond business. The member may be relieved of all obligations for the payment of dues for the period wholly or partly covered by such term of service. A determination of each such application shall be recorded in the minutes the Board of Governors.
Any member may be expelled for conduct harmful to the interest of the Club by the unanimous vote of all members of the Board of Governors. The vote shall take place after the member has been given ten days notice and has had an opportunity to appear, in person, before the Board of Governors.
ELECTION OF MEMBERS
Candidates for Active Membership must be known to and sponsored by a member of the Club who is not a member of the applicant’s firm and who has been a member in good standing for at least two years. Application for membership shall be made in writing upon forms furnished by the Secretary and completed by both the prospective member and the sponsor throughout the Club year. Applications will be reviewed and candidates shall be elected by a majority of the Membership Committee. Membership application accepted after the Annual Outing shall pay dues of $25.00 in the remaining year. Former members who have been expelled may be restored to membership by the majority vote of the Membership Committee.
Five members of the Membership Committee shall constitute a quorum of said Committee.
A candidate shall not be considered a member until the candidate has received formal notice from the Secretary and has paid dues for the current membership period.
Active and Associate membership dues shall be seventy-five dollars ($75.00) annually. Candidates elected to membership shall, within 30 days from date of notice of election, pay full dues for the current membership period. A member whose dues are delinquent may not attend the Club's Annual Meeting.
Non-payment of dues for sixty (60) days following billing of annual membership dues will result in automatic suspension. A member so suspended shall not enjoy the privileges of the Club, nor may the member attend any meeting of the Club. The member may be reinstated at the discretion of the Board of Governors upon application and payment of arrears.
The right to hold office or be a member of the Board of Governors shall be limited to Active members.
The officers of the Club shall be President, Vice President, Secretary and Treasurer. Such officers shall be elected by a majority of the Active members. Voting shall be conducted at a duly called meeting held each year. Officers shall serve for a one year term.
The retiring President shall automatically continue as a member of the Board of Governors for the year following retirement. The retired President along with four additional Active members and the current Executive Board shall constitute the Board of Governors. The four non-office holding Governors shall be elected by a majority of the Active membership voting at a meeting held each year and shall serve for a period of two years. Any officer or member of the Board of Governors whose status changes from an Active member to an Associate member may, subject to the approval of the Board, continue to fulfill the unexpired term.
In the event of the death, resignation inability to act of any officer, the Board of Governors shall elect a successor who shall hold office until the next annual meeting. Should a vacancy on the Board of Governors occur, the Board shall elect a Governor to serve until the next Annual Meeting, at which time a successor shall be elected to fulfill the unexpired term.
ELECTION OF OFFICERS
The Board of Governors, at a meeting to be held not later than April 15 of each year, shall appoint the immediate outgoing President as chairperson of the Nominating Committee. The Board shall serve as the Nominating Committee, as printed in Article X. Officers and Members of the board of governors for the ensuing year shall be nominated by the Nominating Committee. The Nominating Committee shall notify the Secretary of its nominees no later than May 1 of each year. The names of the Nominating Committee and of those nominated shall be included in the Notice of meeting of the meeting, which is to be held at the Annual Outing (provided for in Article X.) This meeting shall be called by the President with the approval of the Board of Governors. Such notice shall state the time and place of the meeting and shall be mailed by the Secretary to each Active member not later that one month prior to the Annual Outing.
Not less than ten percent (10%) of the Active members of the Club may, by petition, nominate a candidate or candidates for office or the Board of Governors. Such petition must be filed with the Secretary no later than June 1 of each year and must be communicated by the Secretary to the Active members as soon thereafter as may be reasonably practicable.
In the absence of any petition, the candidates proposed by the Nominating Committee shall be elected by a majority vote of the Active members voting at the meeting.
In the event that two or more candidates for the same office have been nominated by petition, election shall be by a majority vote of the Active members voting at the meeting by secret ballot.
The newly elected Officers and Members of the Board of Governors shall take office at the Annual meeting to be held the third Thursday of September of each year, as provided in Article XI.
DUTIES OF OFFICERS
The President shall preside at all meetings and shall exercise general supervision over the affairs of the Club. The President shall appoint all committees not otherwise provided for herein and shall be ex-officio member of such committees. With the Treasurer, the President shall approve all written contracts and obligations of the club. The President shall have signing authority in the Club’s checking account.
The Vice-President shall fulfill the duties of the President in the event the President is absent or disabled. Should both the President and Vice-President be absent, a majority of the Board of governors may appoint a presiding officer at any meeting.
The Secretary shall keep all records of the club and conduct its correspondence; shall notify all candidate of election to membership; and shall give notice of all meetings of the Club and of the Board of Governors. The Secretary shall be ex-officio Assistant Treasurer.
The Treasurer shall receive all monies of the Club and shall have custody and keep an account of the same. Upon approval of the Board of Governors the Treasurer shall make disbursements of such funds. The Treasurer, with the president’s approval shall sign all written contracts or obligations of the Club and shall be ex-officio Assistant Secretary.
The Board of Governors may impose upon all the aforesaid officers such other duties not inconsistent herewith, as it may deem expedient.
BOARD OF GOVERNORS
The Board of Governors shall meet for the transaction of business at least four times in each year and at such other times and places as may be determined by the President. Five members shall constitute a quorum of the Board of Governors. A Governor who fails to attend two successive meeting shall, unless excused by the Board, forfeit the office.
The activities of the Club shall be those prescribed by the Board of Governors not inconsistent herewith. However, neither the Board nor any Committee shall have any authority to incur or contract on behalf of the Club any liability whatsoever beyond the amount of funds on hand available for the discharge of such liability.
The Board of Governors shall have the power to adopt all necessary rules for the conduct of the business of the Club.
The Membership Committee shall be a standing committee and shall consist of the Board of Governors.
The Nominating Committee shall consist of a Chairperson, who shall be the immediate outgoing President, and a committee consisting of the Board of Governors as provided in Article VII.
The Entertainment Committee shall consist of a Chairperson, appointed by the President and not less the four additional Active members. It shall have general charge of all entertainment and social affairs of the Club, with the exception of the Annual Outing and the Holiday Party and shall make all necessary arrangements for such affairs.
The Education Committee shall consist of a Chairperson, appointed by the President, and not less than four additional Active members. It shall have charge of making all necessary arrangements for educational meetings, including any luncheons in connection therewith, and the selection of speakers.
The Outing Committee shall consist of Chairperson, appointed by the President, and not less than four additional Active members. It shall have charge of making all necessary arrangements for the Annual Outing, including the selection of the date and location, subject to the approval of the Board of Governors. Except as provided herein, the powers and duties of all committees shall be controlled by the Board of Governors.
The Holiday Party Committee shall consist of chairperson, appointed by the President, and not less than four additional Active members. It shall have charge of making all necessary arrangements for the Annual Holiday Party, including the selection of the date and location, subject to the approval of the Board of Governors. Except as provided herein, the powers and duties of all committees shall be controlled by the Board of Governors.
The Annual Meeting shall be held the third Thursday of September of each year. Notices of the Annual meeting shall be mailed by the Secretary to each member at least thirty (30) days prior to the date of such meeting.
Special Meetings shall be held at the call of the President or the written request of not less than ten percent (10%) of the Active members, provided at least two weeks written notice shall be served upon the membership. No business other than that specified in the call or petition shall be considered at a special meeting except by the unanimous consent of those present.
A majority of the membership of the Club present at any regular or special meeting shall constitute a quorum, but nothing contained in this Article shall alter the provisions amending the Constitution and By-Laws.
Voting privileges shall be vested solely in the Active Membership.
The order of business at all meetings of the Club shall be according to Parliamentary Law.
The Board of Governors or the majority of the Active membership voting at a regular or special meeting, with the approval of the Board of Governors, may determine what luncheons or other entertainment shall be held by the Club.
The Constitution and By-Laws may be amended at any meeting of the Club by a vote of not less than two third (2/3) of the Active membership voting at such meeting either in person or by proxy, provided that a quorum is present. Amendments may be proposed by the Board of Governors or by petition of not less than ten (10) Active members. Proposed amendments must be served on the Secretary not less than thirty (30) days before the meeting. No amendment may be adopted unless a notice stating the time and place of the meeting and including a copy of the amendment has been mailed to the members by the Secretary at least twenty (20) days prior to such meeting. An amendment to the proposed amendment may be made at the meeting without notice.
For the purpose of this Article XIII, Active members submitting a proxy shall be deemed present in determining whether a quorum is present at such meeting.