[committee] Protecting the rainy day fund

[Jeremy Cole]

Forgive me Dan, but does that still not give a committee the ability to use
all the funds they desire short of a two thirds majority of the committee
not being completed? I was of the understanding that we were trying to
protect the money to a greater degree then this.

P.S. Good to see I'm not the only one up at some ungodly hour :D

On Thu, Oct 14, 2010 at 1:36 AM, Daniel Axtens <danielax at gmail.com> wrote:

> Try this. (I've assumed that a special resolution is a 66% majority:
> haven't checked this.)
>
> = Term Deposits =
> This section is designed to provide a flexible method for dealing with
> club investments, and to guard against unauthorised access of such
> investments.
>
> == Definitions ==
> A term deposit is ... <some definiton here?> with a financial institution.
>
> == Use of term deposits ==
> 1. The club may, by special resolution at a general meeting, place an
> amount of club funds in a term deposit.
>    1.1. Unless otherwise resolved, when the term deposit matures, the
> committee must re-invest the principle and any interest in a similar
> term deposit.
>    1.2. Such re-investment is to continue until a special resolution
> as described in section 2 is made.
>    1.3. If the committee is unable to fulfil the requirements of
> subsections 1 or 2, the Secretary must call a special general meeting.
> <state what such a meeting must decide?>
>
>
>  2. The club may, by special resolution at a general meeting, put some
> or all of the funds of one or more term deposits towards an activity
> or endeavour that advances the objects of the club.
>
>
>  3. Any term deposit created under section 1 must not be dealt with
> except by special resolution passed at a general meeting.
>
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