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

[Matt Didcoe]

I've had another crack... 2.3 - policy needs clarifying

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
currently (that is, at the time the resolution is approved at a General
Meeting) residing in the term deposit held in the name of the Club with its
nominated financial institution as an investment as follows:

1. The initial sum shall remain in the term deposit 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 must be no less than the previous
interest rate by more than one percent.
        2.2 The term of the new deposit must be no less than twenty four
(24) months.
        2.3 The Committee must select the policy with the highest available
return on investment.

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 contributed shall be the greater of $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 current value of the cash reserve account shall
be considered as part of the initial investment and shall not count towards
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 minimum 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.
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