Constitution and By-Laws

Article I: Name

This organization shall be known as “The Bond Club of Philadelphia.”

Article II: Purpose

The purpose of this Club is to encourage a spirit of cooperation among persons engaged in the business of investment securities, to provide professional educational opportunities, and to promote and maintain high standards and just principles in the profession.

Article III: Membership

The membership shall consist of four classes; resident, non-resident, honorary and inactive;

1. 1. The resident membership shall consist of persons engaged in the Investment business in the City of Philadelphia or within a radius of 50 miles thereof.
   2. The non-resident membership shall consist of persons engaged in the investment business who live at a distance greater than 50 miles from the City of Philadelphia.
   3. The honorary and inactive membership shall be conferred by the Board of Governors.
   4. The inactive membership shall consist of those members in good standing who have been retired by their firms and no longer are registered representatives. Such retired members, upon request, may be designated inactive members by action of The Board, and, upon payment of one half of the regular dues, less outing assessments, shall enjoy all privileges of membership except voting.
   5. Membership in the Club shall be limited to three hundred (300) resident members, which number may either be increased or decreased by vote of the Board of Governors.
   6. The Board of Governors may request the resignation of a member who changes his business to one not involving investment securities.

Article IV: Voting

Voting privileges shall be vested solely in the resident membership.

Article V: Officers

The right to hold office shall be limited to resident membership.

The administration of the Club shall be vested in a President, a Vice-President, a Secretary and a Treasurer, and a Board of Governors. The Board of Governors shall consist of the above four officers and seven additional members, who shall have been elected by a majority vote of the members present at the annual meeting.

The four officers shall hold office for one year. Members of the Board shall hold office for three years, two or three (as the case may be) members being elected each year, with the exception that the retiring President may be elected for one year.

At least two months before the annual meeting, the Board of Governors shall appoint a committee of five past Presidents of the Club, which shall nominate a ticket for the ensuing year. The committee shall be chaired by the person who has most recently served as President. This committee shall notify the Secretary of its nominations at least one month before the annual meeting. The names of the Committee and those nominated shall be included in the notice calling the annual meeting.

Any five members of the Club may by petition nominate a candidate or candidates for office. Notice of such nominations must be in the hands of the secretary at least three weeks before the annual meeting and communicated by the Secretary to the members as soon thereafter as reasonably possible.

Article VI: Advisory Council

There shall be an Advisory Council consisting of the last seven presidents of The Bond Club who are still resident or honorary members. The Chairperson will be the preceding year’s President. This Council shall have no active function but shall be considered a source from which the officers of the Club may receive guidance in the solution of major problems.

Article VII: Committees

Except as otherwise provided, there shall be standing committees, to be appointed by the President, as follows:

Committee on Arrangements, which shall have charge of all meetings of the Club and make all necessary arrangements for such meetings, including the obtaining of speakers and guests, subject to the approval of the Board of Governors.

Publicity Committee, which shall have charge of all matters pertaining to press notices and to such other publicity as the Board of Governors may consider desirable.

Attendance Committee, whose duty it shall be to encourage attendance of members to all meetings, to see that new members are made welcome and otherwise to advance the social welfare of the Club.

Membership Committee, which shall receive and screen all proposals of candidates for membership and submit them to the Board for final vote.

Article VIII: Meetings

The annual meeting shall be held during the month of January preferably, or on such date as may be decided upon by the Board of Governors, notices being mailed to each member at least ten days previously.

Special general meetings shall be held at the call of the President, a majority of the Board of Governors, or on the written request to the Secretary of ten members. At least one week’s notice shall be given to members of special meetings.

Order of Business

The order of business shall be substantially as follows:

Reading of minutes of the last meeting
Secretary’s report
Treasurer’s report
Report of special committees
General business
Election of officers and governors
New business