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 and Honorary members and includes people in all phases of the business.
Constitution and By-Laws
Adopted October 1948
Amended November 1987, June 1996 and December 2018
The following charter members comprised the founding Board of Governors:
President Sybil Gordon
Vice President Mary Ciarlo
Secretary Marilyn Madden
Treasurer V. Ronnie Smith
Governors Marion Ford
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 two categories: Active and Honorary.
Individuals with at least one year experience who are actively and directly engaged in a professional capacity in the municipal bond business shall be eligible for Active membership.
An Honorary member shall be one who shall have been recommended as such by the Board of Governors for 1.) change of membership status due to retirement from the municipal bond business provided they have been a member in good standing for at least five years, or 2.) services of merit rendered to the Club. The candidate must be approved by a majority vote of the Board of Governors. An Honorary member shall be entitled to all rights and privileges of membership except that they shall not be entitled to vote or hold office.
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.
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 notification 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 notification 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 thirty days’ notice and has had an opportunity to respond, in person or via email, to the Board of Governors.
ELECTION OF MEMBERS
Candidates for Active Membership must be known to and sponsored by a member of the Club in good standing. Applications for membership shall be made via our website by using the following link www.mbwcny.com/join.
Applications are accepted throughout the year and will be reviewed by the Board of Governors. Approval is subject to the payment of dues of $100. A candidate shall not be considered a member until the candidate has received notice from the Secretary and has paid dues for the current membership period.
Candidates approved within 90 days of the Club’s new year beginning each October 1st shall have their dues applied to the new year.
Former members who wish to re-establish membership can do so at any time by submitting payment of dues for the current year subject to the above provision.
Active membership dues shall be one hundred dollars ($100) annually. Honorary members are not required to pay annual dues.
Candidates elected to membership shall, within 30 days from date of notice of election, pay full dues for the current membership period. Non-payment for more than six months will result in a reclassification of status to the Contact category of the Club’s website and the individual shall no longer enjoy the privileges of membership. Former members who wish to re-establish membership can do so at any time by submitting payment of dues for the current year. All officers shall participate via email in the task of contacting members to collect unpaid dues.
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. Officers shall serve for a one year term unless no other candidate can be found.
The retiring President may continue as a member of the Board of Governors for the year following retirement.
The retired President along with five additional active members shall constitute the six-member Board. The Board along with the four current officers shall constitute the Board of Governors. The six non-office holding Governors may serve for a period of up to five years. Any officer or member of the Board of Governors whose status changes from an Active member to an Honorary member may, subject to the approval of the Board, continue to fulfill the unexpired term.
In the event of the death, resignation or inability of any officer to act, the Board of Governors shall elect a successor who shall hold office until the next annual meeting. Should a vacancy among the non-office holding Governors occur, the Board shall elect a Governor to serve until the next Annual Meeting, at which time a successor shall be elected.
ELECTION OF OFFICERS AND BOARD MEMBERS
Active members may nominate a candidate or candidates for office of the Board of Governors. Such nomination must be submitted to the Secretary via email within 30 days prior to the Annual meeting. Additionally, available positions may be offered by the Board of Governors allowing Active membership the opportunity to volunteer for service. Positions will be offered via email from the Club’s website within 30 days of the Annual meeting.
Such officers and board members shall be elected by not less than two thirds (2/3) majority of the Active members.
Voting shall be conducted via email from the Club’s website prior to the Annual Dinner to be held between September 15th – October 15th of each year. The newly elected Board of Governors shall be announced at the Annual Dinner. If voting is not completed via email, Active members of the Club present at the Annual Dinner shall constitute a quorum to vote on any issues deemed necessary by the Board of Governors.
The Board of Governors may also present any additional topics for a vote that arise throughout the year either during an in-person meeting, event or via email from the Club’s website.
Newly elected Officers and Board members shall take office at the Annual Dinner to be held between September 15th – October 15th of each year.
DUTIES OF OFFICERS
The President shall preside at all in-person meetings, plan all activities and events with the support of the Board of Governors and shall exercise general supervision over all affairs of the Club.
The Vice-President shall work with the President in the planning and execution of all activities and events and 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 Secretaryshall keep all records of the club. Correspondence is primarily conducted on the club’s website www.mbwcny.com. Other responsibilities include recording and maintaining meeting minutes, membership applications, membership categories, updating dues payments on the club’s website using information provided by the Treasurer, event announcements and reminders, event registrants and attendees, event photos, club letterhead and any correspondence conducted outside of the website, updates to website content, management of administrative access to the website and submission of annual website costs. All duties are subject to review and approval by the Board of Governors. The Secretary shall also be responsible for compiling the Annual Report which is required for IRS tax filing by May 15th of each year to preserve the club’s tax-exempt status under section 501 (c) (6) of the Internal Revenue Code. All records created outside of the website shall be maintained by the Secretary in an electronic format and shall be delivered electronically to the next succeeding Secretary at the end of their term.
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 Treasurer shall provide updates as requested by the officers of dues payments and bank account balance. The Treasurer shall coordinate the annual tax filing with an Accountant approved by the Board of Governors.
The Board of Governors may impose upon all the aforesaid officers such other duties not inconsistent herewith, as it may deem expedient. All officers shall participate via email in the task of contacting members to collect unpaid dues.
BOARD OF GOVERNORS
The Board of Governors shall meet in person for the transaction of business at least once 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. The balance of club business shall be conducted via email. Minutes of all meetings shall be recorded by the Secretary and included in a summary of club business in the Annual report.
The activities of the Club shall be those prescribed by the Board of Governors not inconsistent herewith. However, the Board 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 and committee members designated by the Board of Governors. Term limits for committee members shall be set by the Board of Governors. It shall have general charge of recruiting new members and reviewing applications for membership. This committee has the option to waive the minimum experience requirement for Active membership in Article III.
Annual Board Meeting shall be held each year on a date approved by the Board of Governors as soon as practical after the Club’s new year beginning October 1st. At least five members of the Board of Governors must attend in person. Additional Board meetings shall be held at the call of the President as deemed necessary whether they be in person or via conference call. Members shall not be invited to attend Board meetings.
Annual Dinner shall be held each year between September 15th– October 15th of each year. The Board of Governors shall approve the date and location of the annual dinner. All members of the Board of Governors shall endeavor to attend the Annual Dinner. Annual voting for the new Board of Governors shall be conducted via email from the Club’s website prior to the Annual Dinner. The newly elected Board of Governors shall be announced at the Annual Dinner. If voting is not completed via email, a majority of the membership of the Club present at the Annual Dinner shall constitute a quorum to vote on any issues deemed necessary by the Board of Governors.
Voting privileges shall be vested solely in the Active Membership.
Active members submitting a proxy shall be deemed present in determining whether a quorum is present at such meeting.
The order of business at all meetings of the Club shall be according to Parliamentary Law.
Amendments shall be proposed by the Board of Governors. Amendments may also be proposed by Active members in writing via email to the Board of Governors at least 10 days prior to an announced meeting.
The Constitution and By-Laws may be amended at any meeting of the Club or via email from the Club’s website by a vote of not less than two thirds (2/3) of the Active membership voting either in person or by proxy.