By-Laws and Operating Procedures
A. Duties of Officers
Annually, at the last meeting in November, partners shall be selected through
fortuitous endeavors as deemed appropriate by the partnership to assume the
duties of Officer. These officers shall serve for a term of one year. The responsibilities
of each officer are described below, but are not limited by said description;
1. Overlord (President)
The Overlord shall preside over meetings, set meeting dates and locations, appoint
committees and see that resolutions passed by the partnership are carried out.
2. Underlord (Vice-President)
The Underlord will assign industries and/or companies to research and shall
take the place of the Overlord when the Overlord is absent or incapacitated.
3. Baron of All Things Written (Secretary)
The Baron shall keep record of the actions authorized by the partners and notify
partners of meetings and other activities. Meeting minutes will be recorded
and mailed to all members.
4. Admiral of Affluence (Finance Chair)
The Admiral shall place the buy and sell orders as authorized by the partners
with the partnership's broker and/or brokerage firm and shall help the Master
prepare the monthly Valuation Statement.
5. Master of' Prosperity (Finance Co-Chair)
The Master shall keep record of the partnership's receipts and disbursements
and partner's interests in the partnership. The Master will give partners receipts
for payments and prepare the partnership's monthly Valuation Statement in coordination
with the Admiral. The Master will see that the needed tax information is compiled
and file the necessary reports.
6. Knight of Knowledge (Education Officer)
The Knight shall be responsible for planning an educational program, which may
include field trips, guest speakers and assigned reading in various business
publications or local periodicals.
7. Sorcerer of Sustenance (Snack Coordinator)
The Sorcerer ensures that adequate supplies of snacks are provided for each
meeting. The Sorcerer shall coordinate the activities for the annual dinner
in December.
B. Guests
Partners may invite guests to any meeting of the partnership as long as advance
clearance is obtained from the host of the meeting. When consideration is given
to adding partners to the partnership under paragraph 16 of the partnership
agreement, anyone considered shall have been an invited guest for at least two
meetings.
C. Meetings
The partnership shall hold a monthly meeting on the second Sunday of every month
on the campus of Loyola Marymount University, Los Angeles, CA in Seaver 101
at one o'clock p.m. Changes to the meeting location will be announced no later
than one week prior to the scheduled meeting, unless unforeseen circumstances
demand less notice. The Baron shall give electronic notice of each meeting to
each partner at least one week before the meeting. The Overlord may call special
meetings by making similar notice to the other partners.
D. Procedures
The monthly valuation statement shall be effective as of a regularly scheduled
date and time preceding each monthly meeting as defined in the Articles of Association.
The Underlord shall appoint at least two partners at each meeting to prepare
a report on a security for presentation to the partnership at the following
meeting. The Underlord shall remind each person assigned to prepare a report
on his or her assignment one week before the meeting. Buy and/or sell action
may be taken after a period of discussion by the partners and when voted for
by a simple majority of the members' interests. A simple majority of a two-thirds
quorum is necessary to execute a market order of any type. A straw vote may
be called at any time. Approved disbursements must be reconciled with actual
disbursements on a monthly basis. All expenses must be pre-approved by a majority
vote during the monthly meeting and recorded in the minutes. Following the disbursement,
the Master is to bring a statement of actual disbursements to the next meeting
to be audited for accuracy of payee and amount by two officers. This record
shall be kept in a notebook maintained by the Baron.
amended March 1, 2001
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