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

[James Cox]

Seems a bit silly to me to require a hapless committee to call a SGM
just to ratify a new term deposit should general interest rates fall
more than one percent over two years' time.

Surely clause 2.3 is enough to encourage research and good financial
stewardship?

[RME]~Coxy


On Mon, Mar 11, 2013 at 8:06 PM, Matt Didcoe <mattman at ucc.gu.uwa.edu.au> wrote:
> 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.