By Law

ARTICLE I - NAME

The organization shall be named the Korea-America Finance Association.

ARTICLE II - OBJECTIVES

The objectives of the Association shall be:

1. To encourage research in finance and financial economics and to promote professional communication among Korean finance professionals residing in the North American continent.
2. To facilitate cooperation and participation in research efforts among finance professionals in the academic, government, and corporate sectors who share interests in financial relations between North America and Korea or among the Pacific Rim nations in general.
3. To maintain close relations with professional organizations that share similar scholastic interests and concerns.
4. To sponsor programs and publications, to conduct such other activities as are appropriate for a non-profit professional society, and to foster the advancement of the members.

ARTICLE III - ACTIVITIES

The objectives stated in Article II may be furthered by professional means, including, but not limited to:

1. Professional or academic research meetings and conferences.
2. Information services and newsletters.
3. Technical publications.

ARTICLE IV - MEMBERSHIP

1. Any finance professional willing to pursue the objectives of the Association may apply for voting Regular Membership.
2. Graduate students in finance and related fields may apply for non-voting, Associate Membership.
3. Any institution sharing the interests stated in the objectives of the Association may apply for non-voting Institutional Membership.
4. Membership shall be granted, subject to approval of the Executive Board, upon submission of a written application and payment of the first year's dues, as may be determined by the Association.

ARTICLE V - MEETINGS OF MEMBERS

1. There shall be an annual meeting of the members at a time and place determined by the Executive Board. At the annual meeting there shall be a business session for the report of the Executive Board for consideration of changes in the by-laws and for other items of business.
2. Special meeting(s) of the members may be called at times and at places determined by the Executive Board or by written request of at least 20 members.
3. All meetings of members shall be called on with at least thirty (30) days written notice.
4. Twenty-five (25) percent of all Association members shall constitute a quorum for any business meeting of the members. Any decision or approval of the meeting requires the majority vote, except for amendments of the by-laws. In the absence of a quorum, recommendations of such a meeting shall be circulated for approval by mail ballot with provision of thirty (30) working days for recording disapproval of the recommendation.

ARTICLE VI - OFFICERS AND THEIR DUTIES

1. Officers shall consist of President, President-Elect, Secretary General, and Treasurer. However, Secretary General can concurrently hold the Treasurer's position with the approval of the Executive Board.
2. The President shall be the chief executive officer of the Association, performing all duties required by the by-laws or, if not there specified, by the Executive Board. The President shall be responsible for the planning and development of the program activities of the Association. The President shall also be responsible for overall liaison with other professional organizations and is the primary communications link between the Association and its members.
3. The President-Elect shall chair the Program Committee for organization of academic sessions or seminars, assist the President in liaison and fund-raising activities and assume the Presidency in the subsequent year.
4. The Secretary General shall conduct correspondence of the Association, prepare minutes of the annual meeting and meetings of the Executive Board, conduct the routine of all elections. The Secretary General shall also process applications for membership and maintain the Association's Membership Directory.
5. The Treasurer shall manage the funds of the Association, keep accounting records, issue checks with the approval of the President, and prepare reports of the financial condition of the Association.

ARTICLE VII - THE EXECUTIVE BOARD

1. The Executive Board shall consist of ex officio members. The elected Board members shall be elected by the Association according to Article VIII. The ex officio members are the President, President-Elect, Secretary General and Treasurer.
2. The Executive Board shall:
   1. Manage the affairs of the Association.
   2. Fill all vacancies in elected positions of the Executive Board occasioned by death or resignation. Any such appointment shall extend only until a successor shall be duly elected by the members.
   3. Call and organize meetings.
   4. Invest and administer the funds of the Association.
   5. Establish and appoint such committees as may be required.
3. Meetings of the Executive Board may be called by the President at such times and places as are necessary to carry on the business of the Association. A majority of the Executive Board shall constitute a quorum. The President chairs the meetings of the Executive Board.

ARTICLE VIII - ELECTION AND TENURE OF OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD

1. The Executive Board members of the Association shall be elected by a majority of the members at an annual meeting or by a mail ballot.
2. The President shall appoint a Nominating Committee no less than ninety (90) days prior to the beginning of the term for which an election is to be held. The Nominating Committee shall consist of three to five (inclusive of the Chairperson) voting members of the Association and the immediate past President shall chair the committee.
3. The Nominating Committee shall prepare the official ballot containing the names of candidates it selected and any other persons nominated by three percent (3%) or more of the membership at least thirty (30) days prior to the due date for return of ballots. The Nominating Committee shall count the ballots and report the results to membership.
4. The term of the President and President-Elect shall be one (1) year, except the President-Elect who will automatically become the President in the following year. The term of the Secretary General shall be three (3) years and can be reelected.
5. The terms of the Vice President and the Secretary General-Korea shall be (three) years.
6. The term of the Executive Board other than the officers is three (3) years provided that the first elected Board following the 1998 amendment shall serve on staggering terms of one, two, and three years.

ARTICLE IX - ADVISORY COUNCIL, COMMITTEES AND REGIONAL DIRECTORS

1. Advisory Council shall consist of former presidents and the members appointed by the Executive Board. The function of the Advisory Council includes, but is not limited to, developing short-term and long-term planning, helping fund raising and advising the Board on internal and external issues related to the Association.
2. Other ad hoc committees, as well as Regional Directors, may be appointed by the President in consultation with other members of the Executive Board.

ARTICLE X - FEES AND DUES

The dues for each category of membership will be determined by the Executive Board. Each member shall pay such annual dues as may be determined from time to time by the Executive Board. Instead of annual dues, members may elect to pay life-time dues once for an amount equal to fifteen (15) times of annual dues.

ARTICLE XI - SEVERANCE AND REINSTATEMENT OF MEMBERSHIP

1. A member in good standing may resign by submitting a written resignation to the President. A resigned member may reinstate membership upon payment of current dues.
2. A member whose conduct has been prejudicial to the good of the Association or inconsistent with its objectives and by-laws may be dropped from the membership and any office by the two-thirds vote of the Executive Board after the member has been notified at least twenty (20) days in advance of the meeting as to the charges against him or her, and has been given the opportunity to answer the charges in person, in writing, or by an authorized representative.

ARTICLE XII - RULES OF ORDER

1. The rules contained in Robert's Rules of Order shall govern the parliamentary procedure of all meetings of the Association and its organizations in all cases to which they are applicable, provided they are not inconsistent with these by-laws.
2. In the event of any inconsistency between Robert's Rules of Order and these by-laws, the procedures specified in the by-laws shall prevail.
3. All questions of interpretation of the by-laws shall be decided by the Executive Board.

ARTICLE XIII - AMENDMENTS OF BY-LAWS

1. The by-laws may be adopted, annulled, or amended by the affirmative vote of majority of the members voting by letter or at the annual meeting.
2. No such action shall be taken at the annual meeting unless the change in the by-laws is proposed by the Executive Board or by written request of at least twenty (20) members.

ARTICLE XIV - FOUNDING THE ASSOCIATION

The by-laws and any amendments shall become effective immediately after they are adopted by the affirmative vote of majority of the members voting by mail or at the annual meeting.