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

[Sam Moore]

Ok, here is the resolution as drafted by [MRD], me, [SLX] and [RNZ]

I will be printing this in a few seconds.
Use festival on robotnik to shout at me if you want me to stop.

[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 
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 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 twenty four 
(24) months.
        2.3 The Committee must select the new term deposit with the 
highest available return on investment.

3. At the end of their term, the Committee must set aside a minimum amount 
of money to be added to the investment.
        3.1 This amount shall be calculated as 50% of the interest earned 
during the term.
        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 as of 
the date of this AGM (2013-03-12) 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.




On Tue, 12 Mar 2013, Sam Moore wrote:

>
> So there is some confusion over 3.1:
>
> This is how I originally wrote it:
>> 3.1 The minimum amount shall be the smallest out of either $1000, or
>> all interest earned from the investment in that year.
>
> This is how [MRD] wrote it:
>
>> 3.1 The minimum amount contributed shall be the greater of 
> $1000, all interest earned from the investment in that year.
>
> I think that [BOB]'s intent was basically the first of the above.
>
> Personally I would support 3.1 as written by me, because [MRD]'s 
> interpretation means that *all* interest would have to be re-invested if 
> there was more than $1000... and if there were less than $1000, Committee 
> would be forced to find more money...
>
> [SZM]
>