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Partnership By-Laws of the
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PARTNERSHIP PURPOSE:
To invest the assets of the partnership solely in stocks, bonds, mutual funds and other securities for the education and benefit of the partners.
INVESTMENT PHILOSOPHY:
SSVIC will follow these proven investment principles:
a. Reinvest All Earnings.
b. Invest in Growth Companies.
c. Diversify Risk.
GOAL:
Achieve an 8% annual Return on Investment.
DUTIES OF PARTNERS:
OFFICERS:
President:
Presides at all regular and special meetings of the Partnership and oversees all Partnership activities.
Ensures that all resolutions passed by the Partnership are carried out.
Appoints members to the Audit Committee.
Develops the agenda for regular and special Partnership meetings.
Has signature authority for the Partnership checking account.
Vice-president (Investments):
Take the place of the President when the President is absent or incapacitated.
Coordinates the portfolio management functions of the Partnership.
Has signature authority for the Partnership checking account.
Vice-president (Education):
Take the place of the President when the Vice-president (Investments) is absent or incapacitated.
Coordinates the educational program of the Partnership.
Coordinates the research activities of the Partnership.
Secretary:
Keeps the minutes of all regular and special Partnership meetings and distributes them (via Email) to all Partners.
Maintains a current roster of members and addresses.
Notifies partners (via Email) of regular and special meetings.
Keeps a record of attendance for regular and special Partnership meetings.
Treasurer:
Maintains a complete set of books.
Prepares and presents a monthly bank reconciliation at regular and special Partnership meetings.
Prepares and present a monthly statement of liquidating value at regular and special Partnership meetings.
Receives and deposits all receipts into the Partnership investment and/or administrative accounts and makes disbursements from the Partnership accounts.
Acts as Agent, placing all buy and sell orders authorized by the partners at regular or special Partnership meetings.
Responsible for the preparation the Partnership Tax Information Return and notifies all partners of their tax liability on the appropriate IRS forms.
Signs checks issued against the Partnership checking account.
Serves as the computer applications coordinator for the Partnership.
Executive Council (Comprised of the Officers):
Provides overall direction to meet the Partnership goals.
Develops the administrative budget for the Partnership.
PARTNER:
Pays yearly contributions in a timely manner.
Attends Partnership meetings on a regular basis.
From time to time, serves on the Partnership Audit Committee.
Participates in the stock selection and portfolio maintenance functions of the Partnership.
Participates in the Partnership education and research activities.
NEW PARTNERS:
Membership will be limited to a maximum of 20 Partners.
Membership is open only to residents of
Prospective members must be sponsored/mentored by an existing member.
A waiting list of prospective members will be maintained by the Secretary.
GUESTS:
Are welcome to attend any regular scheduled meeting or educational program.
Can not attend more than three (3) regular meetings per year.
Are welcome to attend any social events the club holds.
MEETINGS: (Regular, Special, Quorum)
Regular meetings of the Partnership shall be held on a day and at a time picked by the members. Meetings may be canceled or rescheduled by a majority vote of all partners present in a quorum at a given meeting.
The annual meeting shall take the place of the February meeting and at which time new officers will be elected and a full and complete annual accounting of the financial condition of the Partnership shall be made to the partners. New Officers will assume office the 1st of May and serve for one full year.
Special meetings may be called at any time by the President. Also, any three (3) partners may request a special meeting through the President, in writing. In all cases, special meetings shall be limited to the stated purpose which must be communicated in advance to all partners.
A quorum of a simple majority of the partners must be present at any regular or special meeting in order for Partnership business to be conducted. A simple majority of the members present is needed to approve any Partnership business not otherwise specified in the Partnership Agreement.
A simple majority of the Partnership shall be present at any regular, special, or annual meeting before the election of officers, amendments to the Partnership Agreement, or Partnership Bylaws can commence.
Each partner shall have one vote in all matters regardless of his or her capital account balance.
Any partner who fails to attend three (3) consecutive regular meetings or six (6) meetings in any twelve (12) month period and is not excused by the President from attending any such meetings, will be considered for termination.
CONTRIBUTIONS:
Contributions are made on a yearly basis.
The amount of annual capital investment contribution shall be $300 due and payable at the November meeting. There will be an annual administrative fee as determined by the Partners.
Any partner who fails to make contributions to capital when they become due and payable, and who shall continue in default in the payment of such assessments for a period of sixty (60) days, shall, at the expiration of said sixty (60) days, be given notice by registered mail of this delinquency by the President; and if all delinquent payments are not paid within fifteen (15) days from date of mailing notice of delinquency, then said partner, will be considered for termination
Special assessments may be required from time to time to cover administrative costs.
Partial Withdrawals.
No Partial Withdrawals will be allowed at this time.
MANAGEMENT:
All voting to elect officers, to admit new partners, to expel partners, or relieve officers of duties shall be conducted by secret ballot and shall be decided by a simple majority vote of the partners.
For any other voting, a secret ballot may be called for by any one partner of the Partnership.
Proxy votes are allowed at meetings. Proxies are defined as voting rights given by one partner to another partner who will be in attendance at the meeting. If a proxy is given and the partner giving the proxy is indeed able to attend the meeting, the proxy will be considered to be revoked
BOOK OF ACCOUNT:
There shall be a complete set of accounts, consisting of assets, liabilities, individual Partnership accounts, appropriate revenue and expense accounts, using the accounting system supported by Bivio.com.
ANNUAL ACCOUNTING:
All financial transactions shall be reviewed by a Partnership Audit Committee annually.
ACCOUNTS:
There will be two (2) separate money accounts – Investment and Administrative.
BROKER ACCOUNT:
All securities shall be kept with the broker.
ANNUAL REVIEW:
The Vision Statement, Partnership Agreement, By-Laws, and Special Instructions will be reviewed at the December meeting and any changes will be submitted at the next meeting. Changes will be reviewed at the January meeting and voted on by the partners at this time. A three-fourths (3/4) majority of the total membership as of the time of voting is required to amend any agreement.