Source: http://www.sta-investsoc.com/constitution/
Timestamp: 2019-04-26 05:44:41+00:00

Document:
1.1. The Society shall be called the University of St Andrews Investment Society and shall be affiliated to the University of St Andrews Students' Association.
1.2. The Society shall have the form of a Scottish Unincorporated Membership Association, or SUMA, and no change to the form of the Society shall be allowed except upon a three-quarters vote of members present in a general meeting.
1.3. The authority to effect the operations of the society shall be supremely vested in its members, and shall be exercised on their behalf by a group of selected and elected accountable officials, the Committee. The Members shall have the authority to override and/or remove the decisions of the Committee and its Members. The Members shall have the authority, in a general meeting, to question the Committee, and to be presented with its records. The Committee may only exercise its authority in order to further the mission of the society.
2.1.1. The Society will refer to the University of St Andrews Investment Society.
2.1.2. The Association will refer to the University of St Andrews Students’ Association.
2.1.3. The University will refer to the University of St Andrews.
2.1.4. The Fund will refer to all activities and actions related to the account set up and managed using a Nominee Account format with the University of St Andrews Students’ Association as a signatory, as well as the account itself.
2.1.5. Any reference to any legislation shall include any statutory modification or re-enactment of that legislation.
3.1.1. To allow any matriculated student of the University to explore and develop their knowledge of investment management in a professional, open, and accessible environment.
3.1.2. To establish and manage a Fund to be used as an educational tool.
3.1.3. To establish consistent and reliable links between our members and various individuals within the investment community. In passing on their knowledge and experiences, we shall increase the employability of each of our members.
3.1.4. To endeavour to provide unique insight into the financial industry and deliver an excellent education for each and every one of our members. To that end, we will give our guest speakers free choice of the subject they wish to lecture on.
3.1.5. To establish partnerships with other societies and organisations whose interests align closely with those of the Society in order to increase the profile of the Society and, in turn, benefit our members and the community in which we operate.
3.1.6. To support a charity each year by making a contribution proportional to our Fund's performance.
4.1. All profits resulting from the Fund’s performance, contributions to the Fund, and proceeds of any dissolution of the Fund must remain in the Fund or be donated to a registered charity for the advancement of charitable purposes as defined by the Charities and Trustee Investment (Scotland) Act 2005.
4.2. No individual, member or non-member, may receive any reward in relation to the Fund or utilise the money in the Fund for any purpose not set out herein.
4.2.1. Exception will be given for non-monetary commendations, such as trophies and certificates, as formal recognition for achievement, provided there are no other attached rewards or favourable treatments. Committee members will be ineligible for these commendations and they must be awarded using an unbiased and fair process with decisions based purely on merit.
4.3. At the end of each academic year between 20% and 100% of dividend payments received by the Fund shall be donated to a registered charity.
4.3.1. Decisions regarding donations to registered charities from the Fund will be decided by the exclusive responsibility of the committee.
4.4.1. A report shall be published on the performance of the Fund and each of its investments no less than once each semester and made publicly available.
4.4.2. Members may request a list of all investments held in the Fund at any time, which must be filled within reasonable time.
4.4.3. Details of and rationales for purchases, sales, and reallocations within the Fund will be made publicly available.
4.5. The Fund shall be capitalised using money provided by corporate sponsors and membership fees. At no point will any financial support provided to the Society by the University, the Association, or any other charitable institution be used in relation to the Fund.
4.6. The Fund will be managed through an institution registered with the Financial Conduct Authority or the Prudential Regulation Authority, and of general repute. The signatories on the account shall bear a fiduciary responsibility to protect the assets of the Society. Committee members authorised to carry out approved transactions via this facility will be at the discretion of the President.
4.7. The management of the Fund shall be the full responsibility of the Society. The Association shall have no mandatory part in the management of the Fund, however, it shall retain the full powers and influence gained by being a co-signatory on the Nominee Account.
4.8. At no point will the Fund employ strategies which require it to post margin.
4.9. The Fund's strategy will be based on achieving returns in the medium to long term and no investment shall be made with the intention of holding the investment for less than three months. Should circumstances change sufficiently to invalidate the original rationale for making the investment, the investment may be sold less than three months after its purchase.
4.10. Should there be any substantive concerns regarding the activities of the Society, provided sufficient notice is given and in compliance with any agreements between the Society and the Association, the Association retains the right to disaffiliate the Society.
5.1. The Fund shall be administered by the Fund Management Team (FMT), a subcommittee of the Society. The FMT shall consist of the Head of Fund, two Deputy Heads of Fund, the President, the Vice President, and any other members added at the discretion of the committee. The President and Vice President need not attend FMT meetings or vote in FMT decisions, however, they must be made aware of any FMT meetings and their outcomes.
5.2. The Fund shall be divided into research sub-teams, which shall be administered by an appropriate number of individuals, known as Fund Leaders.
5.2.1. The number of positions and the selection process used will be decided upon by the FMT and made clear to the members of the Society. Decisions must be made based purely on merit and the selection process must be fair, open, and transparent.
5.2.2. At the discretion of the FMT, Fund Leaders may be invited to attend meetings of the FMT on an advisory capacity, but unless other procedure is outlined herein they will not be allowed to vote on proposals.
5.2.3. The FMT may remove Fund Leaders at any time if they have failed to fulfil the role they have been assigned.
5.3.1. Keeping the Fund open and accessible to all members whilst maintaining a non-judgemental environment in which members can learn and build skills in analysing investments.
5.3.2. Encouraging members, regardless of their career interests, to become involved with the Fund and ensuring ways to do so are well publicised.
5.3.3. Ensuring that at least five well researched investment proposals are made to the Society each semester.
5.3.4. Delivering educational talks and providing educational materials to members.
5.3.5. Actively managing Fund sub-teams to ensure they produce quality research.
5.3.6. Deciding on how Fund sub-teams are divided and allocating members to Fund sub-teams.
5.3.7. Resolving conflicts and acting upon complaints regarding the Fund.
5.3.8. Managing the current positions of the Fund and deciding the amount that should be allocated between investments.
5.3.9. Ensuring every member has the opportunity to make a proposal to the FMT to reallocate or sell an investment.
5.3.10. Scheduling regular discussion between the FMT and Fund Leaders to share ideas and further enhance each other's learning experience.
5.3.11. Awarding non-monetary commendations, such as trophies and certificates, as formal recognition for achievement in relation to the Fund, if they so choose, subject to § 4.2.
6.1. Any member may make any investment proposal at the sub-team meeting appropriate to present their proposal.
6.1.1. If the proposer believes the investment proposal has been prematurely or unfairly rejected at the sub-team level, they may present the proposal directly to the FMT who have the authority to grant the proposal inclusion in the Society Investment Meeting (outlined in § 6.3).
6.2. Investment proposals which have been successful at the sub-team level will then be assessed by the FMT at an Internal Review.
6.3. Any investment proposal which has been successful at the Internal Review must be voted upon at a Society Investment Meeting.
6.3.1. The Society will hold a Society Investment Meeting at least once per semester.
6.3.2. The Society Investment Meeting will be open to all members of the Society and all members will have the ability to vote on investment proposals.
6.3.3. At the Society Investment Meeting, the rationale behind the recommendation must be clearly explained followed by an opportunity for members to ask questions.
6.3.4. Proposals with a majority vote shall be purchased into the Fund unless they violate any of the conditions in § 4.2, § 4.8, and § 4.9. If a proposal is rejected as such, full reasons why must be explicitly and publicly stated.
7.1. The Corporate Relations Team (CRT), a subcommittee of the Society, shall be responsible for securing and liaising with corporate sponsors. The CRT will consist of the Head of Corporate Relations, the President, the Vice President, two Deputy Heads of Corporate Relations, and any other members added at the discretion of the committee. The President and Vice President need not attend CRT meetings or vote in CRT decisions, however, they must be made aware of any CRT meetings and their outcomes.
8.1. Ordinary Membership shall be open to all matriculated students of the University, on payment of an annual membership fee. On or after the first day of Candelmas Semester, Ordinary Membership may be purchased for the greater of half of the annual membership fee and the Association’s minimum membership fee.
8.2. Honorary Members may be elected by a General Meeting (GM) provided they are of some status in relation to the aims of the Society, either for life or for a specified period of time, in which case they will be eligible for re-election.
8.3. The Director of Student Development & Activities, the SSC Societies Officers, the SSC Member for Societies Grants, and the SSC Member for Societies Election shall be deemed Honorary Members.
9.1. The Executive Committee shall be made up of the President, Vice President, Head of Fund, Head of Corporate Relations, Secretary, and Treasurer. The Committee may co-opt further members at a GM as it sees fit, but these shall not be Executive Committee members.
9.2.1. Candidates for unelected positions will be chosen purely on merit and applications will be well advertised and open to all members of the Society, provided they are a paid members before the announcement that applications are open.
9.2.2. In exceptional circumstances and by a two-thirds majority, the Committee may choose to not use the procedure outlined for a non-elected role and open the position for election at a GM.
9.2.3. Core FMT and core CRT positions will be allocated prior to the Annual General Meeting (AGM) and the position of President must be filled before the end of each academic year.
9.2.4. In cases where the position of Head of Fund is left vacant due to resignation or removal and no GM is outstanding, the Committee may, by a two-thirds majority, appoint a Deputy Head of Fund as Head of Fund.
9.2.5. In cases where the position of Head of Corporate Relations is left vacant due to resignation or removal and no GM is outstanding, the Committee may, by a two-thirds majority, appoint a member of the core CRT as Head of Corporate Relations.
9.2.6. If positions remain vacant on the core CRT or core FMT following the selection process, the vacant positions will be reopened and the relevant process will be repeated until all vacant positions are filled.
9.3. A FMT Selection Committee (FSC), a subcommittee of the Society, will conduct the FMT selection process.
9.3.1. The FSC will be composed of all members of the current FMT, who are graduating, or for reasons other than having not fulfilled the responsibilities of their role, cannot reasonably be expected to return to the Society in the following year. If less than three Committee members satisfy this condition or are otherwise able to participate in the selection process, members of the Executive Committee not applying for core FMT positions will join the FSC. If the shortcoming is not met, the core FMT positions will be opened for election at a GM.
9.3.2. The FSC, by unanimous decision, may bring on other Committee members in an advisory role. These additional members will not be allowed to vote on FSC decisions.
9.3.3. After conducting interviews, the FSC will present each of their chosen candidates to the Committee. The Committee may disqualify any candidate by a two-thirds majority in favour of disqualification. If any candidate is not approved, the FSC, if they so choose, may present further candidates using the same procedure.
9.3.4. Any candidates approved by the Committee must be presented at a GM of the Society for approval by the members. If a majority of the members present at the GM disagree with a proposed candidate, the position will be opened for election at the current or subsequent GM.
9.3.4.1. A candidate approved by the Committee for a role which was vacant at the time application for the positions were opened will assume their role immediately upon approval and will not be subject to approval by the members at a GM.
9.4. A CRT Selection Committee (CSC), a subcommittee of the Society, will conduct the CRT selection process.
9.4.1. The CSC will be composed of all members of the current CRT, who are graduating, or for reasons other than having not fulfilled the responsibilities of their role, cannot reasonably be expected to return to the Society in the following year. If less than three Committee members satisfy this condition or are otherwise able to participate in the selection process, members of the Executive Committee not applying for core CRT positions will join the CSC. If the shortcoming is not met, the core CRT positions will be opened for election at a GM.
9.4.2. The CSC, by unanimous decision, may bring on other Committee members in an advisory role. These additional members will not be allowed to vote on CSC decisions.
9.4.3. After conducting interviews, the CSC will present each of their chosen candidates to the Committee. The Committee may disqualify any candidate by a two-thirds majority in favour of disqualification. If any candidate is not approved, the CSC, if they so choose, may present further candidates using the same procedure.
9.4.4. Any candidates approved by the Committee must be presented at a GM of the Society for approval by the members. If a majority of the members present at the GM disagree with a proposed candidate, the position will be opened for election at the current or subsequent GM.
9.4.4.1. A candidate approved by the Committee for a role which was vacant at the time application for the positions were opened will assume their role immediately upon approval and will not be subject to approval by the members at a GM.
9.5. A President Selection Committee (PSC), a subcommittee of the Society, will conduct the presidential selection process.
9.5.1. The PSC will be composed of all members of the Executive Committee who are graduating, or for reasons other than having not fulfilled the responsibilities of their role, cannot reasonably be expected to return to the Society in the following year. If less than three Committee members satisfy this condition or are otherwise able to participate in the selection process, all Committee members who are not applying for the role of President and who are not already on the PSC will be able to elect, from themselves, members to the PSC, by a two-thirds majority. If the shortcoming is not met, the position of President will be opened for election at a GM of the Society.
9.5.2. The PSC, by unanimous decision, may bring on other Committee members in an advisory role. These additional members will not be allowed to vote on PSC decisions.
9.5.3. After conducting interviews, the PSC will present their chosen candidate or candidates to the Committee. Candidates will be approved if a two-thirds majority vote in favour. If any candidate is not approved, the PSC, if they so choose, may present further candidates using the same procedure.
9.5.4. If no candidates are approved by the Committee the position will be opened for election at the current or subsequent GM.
9.5.5. If only one candidate is proposed by the Committee for the position of President and if a majority of the members present disagree with the Committee’s proposed candidate, the position will be opened for election at the current or subsequent General Meeting.
9.6. GM’s may be called exclusively by normal Committee vote, and shall be announced ten (10) working days before such meeting. Reasonable notice shall be given to all members of record of any such meeting.
9.7. Quorum for a general meeting shall be any group of members of record greater than five percent (5.0%) of the members of record of the Society at the time of the GM’s announcement.
9.8. While engaged in a general meeting, the Members of the Society shall have the authority, by simply majority vote, to make any decision or adopt any such policy as those members deem necessary and appropriate for the aims of the Society, unless another voting procedure is specified herein.
9.9. GMs shall be chaired by the President of the Society, or the Vice President should the President be incapacitated or unable to attend, or the Secretary if both the President and Vice President are incapacitated or unable to attend.
9.9.1. The Chair of the GM may use any form of parliamentary procedure they deem appropriate, provided that it gives due regard to the opinion of members and allows for debate to continue until a majority of members call for its conclusion.
9.10. The Committee shall, during Candlemas semester, call annually an AGM, for the purposes of electing new Committee Members, and for ratifying the following Year’s membership dues, and for any other purposes.
9.10.1. All elected positions will be reopened for election at the AGM. If no member is elected to the position at the AGM, the position will remain vacant.
9.11. By a duly proposed and seconded motion at a GM, any member may propose the removal of a Committee member from their position. The motion will pass if a two-thirds majority of members present vote in favour.
9.12. Any member who is elected or otherwise approved for a role on the Committee at a GM will assume there role when said GM is adjourned. The previous holder of the role will cease to hold that role when said GM is adjourned.
9.13. GMs will be conducted in a manner that is fair, open, and upholds the aims and values of the Society.
10.1. The Committee shall consist of at least nine members and shall meet at least four times each semester.
10.2. Only the President has the authority to call Committee meetings unless a written proposal is presented to the President by two-fifths of the members of the Committee.
10.3. Committee members must be given at least 24-hour notice of any Committee meeting.
10.4. The FMT and CRT will give a summary of their activities at each Committee meeting.
10.5. The Committee shall ensure that minutes are made of all proceedings at GMs and Committee meetings and that the minutes include explicit vote counts for all proposals which are voted on.
10.5.1. The Secretary shall take minutes for each GM and Committee meeting unless the President designates another individual to do so.
10.6.1. Any proposal which does not fall under the responsibilities of a subcommittee and for which no alternative voting procedure is specified will be voted on by the Committee. To pass, a simple majority including the President must vote in favour or a two-thirds majority must vote in favour if the President is opposed.
10.6.2. Any proposal which falls under the responsibilities of a subcommittee and for which no alternative voting procedure is specified will only be voted on by members of the subcommittee. To pass, a simple majority is needed. If the vote ties and no compromise is subsequently reached, the Committee will vote on the given proposal.
10.7. Committee members may not share the contents of Committee meetings to persons who are not members of the Committee. Subcommittee members may not share the contents of subcommittee meetings to persons who are not members of said subcommittee.
10.7.1. This condition will be waived entirely or in part to comply with any enclosures mandated herein.
10.7.2. This condition can be waived entirely or in part by the President or by a proposal passed by the Committee or relevant subcommittee. The President may not waive this condition with relation to the PSC if they are not a member.
10.7.3. This condition will be waived entirely or in part to comply with § 12 or a request from the University, the Association, the Director of Student Development & Activities, the SSC Societies Officers, the SSC Member for Societies Grants, or the SSC Member for Societies Election.
10.8. No Committee member shall derive any financial profit or gain through their position, including favourable rates on goods or services, unless the same benefit is available to any and all members of the Society.
10.9. Any Committee member may resign at any point by submitting written notice thereof to the President or Secretary. Such resignation shall take effect at the time specified in the notice therefor or, in the absence of a specified time, upon receipt of the notice.
10.10. No contract may be signed on behalf of the Society unless it is approved by a vote of the Committee or relevant subcommittee.
10.11. The Committee may delegate any of their powers to any existing or newly created subcommittee consisting of one or more Committee members.
10.11.1. Any delegation of powers may be made subject to such conditions as the Committee may impose and may be revoked or altered.
10.11.2. The rules of procedure for the subcommittee for powers delegated to it by the Committee shall be as prescribed by the Committee, provided they do not conflict with other procedure outlined herein.
10.11.3. The Committee may not revoke, reduce, or impose conditions on any of the authorities or responsibilities of any subcommittees or their members which are stated herein.
10.12. The Committee shall be able to take action by unanimous consent upon any duly made motion in a Committee meeting.
10.13. The Committee shall have the authority to take any action by written consent, transmitted physically or electronically, and such actions shall be governed by the same procedure as would apply in any regular meeting of the Committee.
11.1. The President shall be the Society’s primary point of contact with the Association.
11.2.1. The President may not allocate tasks and responsibilities which would conflict with § 3, § 12, or the principles and policies of the Association or the University.
11.2.2. The President may not allocate tasks and responsibilities which are otherwise covered herein or which conflict with any proposal or modification to the Society approved at a GM or through the procedures outlined herein.
11.3. The President shall be responsible for outlining objectives for the Society. The Committee may amend these objectives by passing a proposal.
11.4. The President may delegate any of their powers to any existing or newly created subcommittee consisting of one or more Committee members.
11.4.1. Any delegation of powers may be made subject to such conditions as the President may impose and may be revoked or altered.
11.4.2. The rules of procedure for the subcommittee for powers delegated to it by the President shall be as prescribed by the President, provided they do not conflict with other procedure outlined herein.
11.4.3. The President may not revoke, reduce, or impose conditions on any of the authorities or responsibilities of any subcommittees or their members which are stated herein.
12.1. The Committee shall follow the Standing Orders for all affiliated societies as laid down by the Societies Committee of the Association.
13.1. The finances of the Society shall be dealt with along the lines laid down by the Societies Committee.
13.2. In the event of a deficit, this shall be paid off by an equal subscription from all members.
13.3. The annual subscription shall be reviewed annually by the Committee and consequently approved at the AGM.
13.4. Two signatories of the Association Cash Office shall appear on the Society's bank mandate.
13.5. Society funds will only be used to benefit the Society as a whole or for the fulfilment of its aims.
14.1. We are in the process of establishing more relationships with outside organisations to increase the educational benefit we can offer as a Society.
14.2. All members shall have the option of not contributing to outside affiliations.
15.1. The quorum for a Committee meeting of the Society shall be at least two-thirds of all Committee members, provided at least one of them is the President or Vice President.
15.2. The quorum for a meeting of a subcommittee of the Society shall be a simple majority of all subcommittee members. If the President is a member of the subcommittee or if there is a designated head of the subcommittee other than the President, quorum for the subcommittee meeting will additionally require that at least one of the subcommittee members present is the President or the head of the subcommittee.
16.1. A copy of this constitution will be made publicly available and displayed at every Committee meeting and GM.
16.2. Constitutional amendments shall be voted on at a GM on the advice and consent of the Committee or by a duly proposed and seconded motion. The motion will pass if a two-thirds majority of members present vote in favour.

References: § 4
 § 6
 § 4
 § 4
 § 4
 § 12
 § 3
 § 12