[committee] Resolution to recognise term deposit as investment (was: No subject)

[matches at ucc.gu.uwa.edu.au]

Hi,

I've tried re-wording Bob's draft, if I have interpreted it correctly  
(which I probably haven't) this should mean the same thing.

[SZM]

--------------------------------

This resolution is made in accordance with the University Computer  
Club Investments Policy as detailed in section 1 of Appendix 1 of the  
Constitution.

The University Computer Club Inc. hereby resolves to set aside the sum  
of $50,504.79 currently in the term deposit with the Club's Westpac  
account as an investment as follows:

1. The initial sum of $50,504.79  shall remain in the term deposit  
with the Club's Westpac account until maturity or until the Club  
resolves otherwise at a General Meeting.

2. At maturity of the term deposit a new term deposit must be started  
under the following conditions:
	2.1 The new interest rate may not be less than the previous interest  
rate by more than one percent.
	2.2 The term of the new deposit must be no less than 24 months.
	2.3 The Committee must select the policy with the highest available  
return on investment.

NOTE: Bit that I predict will cause arguments and fist fights follows.

NOTE 2: Bob's original paragraph seems to say that Committee has to  
find $1000 even if the investment didn't earn that much..., BUT:
    <bob> but I've made it so that only interest money *must* be added
So I tried to make that clearer.

3. Each financial year the Committee must set aside a minimum amount  
of money to be added to the investment.
	3.1 The minimum amount shall be the smallest out of either $1000, or  
all interest earned from the investment in that year.
	3.2 These funds must either be added directly to the term deposit, or  
put into a reserve account until such time as they can be added to the  
term deposit.
		3.2.1 Funds in the reserve account are considered part of the investment.
		3.2.2 The existing $595.91 in the cash reserve account shall be  
considered as part of the initial investment and shall not count as  
part of the 2013 contribution.
		3.2.3 The Committee shall have the power to move funds from the  
reserve account to another bank account so as to maximise the interest  
generated by those funds.

4. Access to the investment, including the reserve account, will  
require the signatures of at least two members of the Executive.

5. The funds in this investment may only be accessed in accordance  
with the terms of this resolution, or a subsequent resolution passed  
in a General Meeting .



Quoting Andrew Adamson <bob at ucc.gu.uwa.edu.au>:

> Here's the investment resolution I just banged up as a draft for tomorrow:
>
> <resolution>
> The "Rainy Day" fund:
>
> This resolution is made in accordance with the University Computer Club
> Investments Policy as detailed in section 1 of Appendix 1 of the
> Constitution.
>
> The $50,504.79 currently in the term deposit with the Club's Westpac
> account shall remain in the deposit until maturity or until the club in
> general meeting resolves otherwise. At maturity of the term deposit a new
> term deposit must be started under the following conditions:
>
> 1. The new interest rate is not less than one percent less than the old
> interest rate
> 2. The policy with the highest monthly interest rate is selected with a
> term of no less than 24 months
>
> Where these condition are unable to be met, a General Meeting must be
> called to decide new terms for the investment.
>
> Each calendar year the Committee must add $1000 to the investment, either
> by adding to the investment directly or putting the funds aside in a
> reserve account until such time as they can be added to the term deposit.
> Those funds put aside shall be considered a part of the investment. The
> existing $595.91 in the cash reserve account shall be considered as part
> of the existing investment and shall not count as part of the 2013
> contribution. The funds in the reserve account may be moved to another
> bank account by the Committee so as to maximise the interest generated by
> those funds until they can be added to the term deposit.
>
> The profit arising from this investment may be spent as normal club funds
> only after the yearly addition has been made.
>
> The funds in this investment may only be accessed in accordance with the
> terms of this resolution, or a subsequent resolution.
>
> Access to the investment will require the signatures of at least two
> members of the Executive.
> </resolution>
>
> Unfortunately I can't be around tonight to debate this as I have band, but
> I'm sure this can be improved upon. The appendix in question is here:
> http://www.ucc.asn.au/infobase/policies/appendix.ucc
>
> See you all tomorrow!
>
> Andrew Adamson
> bob at ucc.asn.au
>
> |"If you can't beat them, join them, and then beat them."                |
> | ---Peter's Laws                                                        |
>