Added Plan of Dissolution #8
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arrdem
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Oct 11, 2016
| 2. This plan shall also be executed in the event of an involuntary dissolution of the Fraternity. | ||
| 2. Winding Up: | ||
| 1. Upon the initation of the dissolution process, the Treasurer shall compile all outstanding debts, remaining assets, and current balances of all accounts and report each to the Board. | ||
| 2. The Treasurer shall be responsible for the payment of all outstanding debts and the sale of remaining assets. |
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Who's financially responsible in the case of insolvency? Do we have a corporate or other legal structure in place to ensure that it isn't a probably insolvent student officer? This seems to suggest that the Treasurer may be personally liable which isn't acceptable.
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Great point, I agree. We won't move forward with this change until we're able to more clearly define this.
aaaanderson
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Oct 11, 2016
bylaws.md
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| Any communications through social media must follow an official announcement in email form. | ||
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| **Article X. Amendments** | ||
| **Article X. Plan of Dissolution and Liquidation** |
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IMO we ought to tack this on the end instead of changing existing article numbers
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Added a plan of dissolution, which states how the Fraternity may be dissolved and the process by which this happens. This process needs to be defined to qualify for non-profit status.
***This should not be merged in until it has been approved by the Board and the general membership.