Constitution

The name of the association shall be the Irish Academy of Finance (hereinafter called “IAF”).

The IAF is an international focused professional association for research and education on the discipline of Finance. It promotes the advancement of research, knowledge, and education in the field of finance with a particular focus on engaging academic and professional communities. Membership of the IAF provides the opportunity for domestic and international students, academics and practitioners to engage on cutting edge issues in finance. The IAF pursues the following objectives:

1. to contribute to the development, understanding and application of Finance in Ireland.
2. improve communication and exchange between teachers, researchers and students in the discipline of Finance in Ireland.
3. to promote inter-disciplinary research and collaboration to produce an integrated body of knowledge and to serve as an inter-disciplinary forum for those engaged in academic examination of the discipline of Finance
4. to develop and sponsor cooperation between teaching institutions and university level and research institutions on the island of Ireland.
5. to develop and sponsor cooperation between the Irish and the international Finance community.
6. Arrange and provide for or join in arranging and providing for the holding of meetings, conferences, lecturers, seminars, special interest groups, awards and newsletters.

i) Eligibility

There shall be three categories of membership of the IAF, namely:

• the category of individual members open to persons who by their profession, training or function are involved in the development and application of Finance.
• the category of institutional members open to public and private institutions which materially support the IAF.
• The category of honorary life Fellows of the IAF, which may be conferred for distinguished contribution to the Finance profession. This shall be done by resolution of the Council and with the approval of the annual meeting of the General Assembly.

ii) Individual Membership is “open to persons who by their profession, training or function are involved in the development and application of Finance”. In practice the following categories of persons will normally be eligible for membership of the IAF in accordance with the above statutory provision:

• Staff in relevant departments and disciplines in Universities and other institutions of higher education.
• Staff in relevant disciplines in research institutes
• Relevant research department staff in other institutions
• Those in the private and public sectors whose work involves a significant amount of time devoted to Finance issues or who because of their professional qualifications or otherwise have a significant interest or involvement in Finance.
• Registered postgraduate students of Finance
• Retired financial economists

iii) Institutional Membership is open to “public and private institutions which materially support the IAF”. Accordingly, the Council of the IAF may, at its discretion, grant such membership to any institution whose material support for the IAF, or for any research or other project sponsored by the IAF. Institutional membership shall not imply individual membership for the personnel of the institution in question, unless by prior and specific agreement with the Council on membership terms. Individual members of the IAF or of its Council shall not be eligible to vote on any matter concerning the membership of an institution of which they are an officer or an employee.

iv) Applications for Membership shall be in a form approved by the Council and will be subject to acceptance by the Council who may delegate their powers in this respect to a sub-committee thereof.

v) Membership shall normally commence from 1st January to 31st December. At their discretion, the Council may allow a longer period of membership.

vi) Termination of Membership: Subscriptions are due on 1st January. If payment has not been received by 31st January, membership will be deemed to have been terminated. For paid up members, termination may either be at the written request of the member or the Council may terminate membership provided that the member concerned shall have been informed of the proposal to terminate membership and shall have been given a reasonable opportunity to make written representations to the Council before a decision is made. A member has no call on the common funds in case of termination.

vi) Membership fees: The general Council meeting at the annual conference will set the membership fees for the following year.

i) The General Assembly consists of all individual members and is the basic legislative entity of the IAF. In particular it has the power to: 

• amend the statutes;
• approve and amend the bye-laws;
• terminate membership according to clause 3(iv);
• elect members of the Council of the IAF from members of the IAF;
• elect the Vice-President of the IAF from members of the IAF;
• dissolve the IAF in accordance with clause 11.

ii) A meeting of the General Assembly is convened once a year by the President of The IAF at a time and place which together with the agenda of the meeting is made public at least one month before the date set for the meeting. The President will include in the agenda any item on the written request of at least ten members. A resolution can only be validly adopted at the meeting if at least 10% of the membership has voted thereon and a majority of the votes, including duly delivered proxy votes, approves it. There will be no proxy votes. All classes of membership shall have only one vote.

iii) A special general meeting may be called in exceptional circumstances by the Council, or at the request of at least 20% of the paid up members.

i) The Council is responsible, subject to the general control of the General Assembly, for the wellbeing of the IAF. It is composed of five ex officio members and up to 5 other members. The ex officio members are the President, the Vice-President, the Past President, the Secretary and the Treasurer. The other members are Elected members. In addition, the Council shall have power to co-opt up to 6 additional members. In making such co-options the Council shall take account of the balance of representation on the Council. A co-opted member shall hold office until the annual general meeting following appointment but may be re-appointed for one further year.

ii) The conduct of the affairs of the IAF shall be under the supervision of the Council which shall establish the policy of the IAF.

iii) The Council implements the decisions of the General Assembly. It is responsible for the administration of the IAF.

iv) The Council will meet normally not less than once a year. The quorum at meetings of the Council shall be three or one-third of the Council whichever is the greater. Decisions shall be taken by the majority of votes of members present. The President has the casting vote in case of equality of votes of members in favour or against.

v) The Council’s particular duties are:

• the general policy of the IAF;
• organisation of its activities;
• approval of the budget and accounts;
• according status of individual or institutional member;
• preparation of annual report to the membership about the state of the IAF;
• appointment of the executive officers of the IAF;
• determination of membership dues.

i) The President of the IAF shall preside over the Council and the meeting of the General Assembly, and shall represent the IAF on general and in particular in legal matters. The term of office is for a period of not less than 98 weeks and not more than 110 weeks, starting immediately after the annual meeting of the annual General Assembly and ending at the conclusion of the second following annual meeting of the General Assembly.

ii) The President is assisted by the Vice-President. If for any reason the President is unable to exercise the duties of President these devolve upon the Vice-President. The Vice-President succeeds the President when the latter vacates that office. The Vice-President is elected at the General Assembly for a term of office of between 98 and 110 weeks, and assumes office immediately after the meeting.

iii) After completion of a full term of office the President becomes Past President until succeeded in that position. The Past President assumes the duties of President if neither the latter nor the Vice-President is able to execute these. If also the Past President is unavailable these duties shall devolve upon a member of the Council as agreed by the Council.

iv) The Secretary shall be in charge of the secretariat, draft a list of members once a year and keep the records of the IAF. The Council appoints the Secretary from amongst the members of the IAF and stipulates the term of office of the Secretary.

v) The Treasurer is in charge of the finances of the IAF and shall report about these at least once a year to the Council, which appoints the Treasurer from amongst the members of the IAF and stipulates the term of office of the Treasurer.

i) The elected members of the Council are elected for a term of five years. Every year nominations will be sought for replacements for those Elected Members whose term of office is due to expire.

ii) Six months prior to the next General Assembly meeting at which the current Vice-President’s term of office is due to expire, the President appoints a nominating Committee for the preparation of the election of the Vice-President and Elected Members of the Council. The Nominating Committee consists of at least three members. For the position of Vice-President, the Nominating Committee shall invite nominations and, subject to the availability of Candidates, propose at least two names of members in good standing for the position. The Nominating Committee should obtain the agreement of the persons they wish to nominate.

iii) Nominations of Elected Members should be with the agreement of the persons nominated.

iv) Nominations should be received by the President and copied to the Secretary by 31st August. The names of the candidates with the corresponding position shall appear on the ballot to be voted on at the general Assembly Meeting. Assembly meeting votes cast by members at the General Assembly meeting are those that are only valid. Members will have as many votes as there are positions to fill on the Council. The candidate with the highest number of votes is elected for the position. In the case of candidates obtaining an equal number of votes, a ballot amongst the members of the Council will be held to resolve the matter.

v)  A register of eligible member voters is held by the Secretary of the Council. The register of voters is updated annually and at least 30 days prior to any vote by the General Assembly. All fully paid-up members of the IAF are eligible to vote.

i) All monies raised by or on behalf of the IAF shall be applied to further the purposes of the IAF.

ii) The financial business of the IAF will be dealt with through the Treasurer.

iii) The financial year of the IAF will be 1st January to 31st December.

iv) Annual accounts shall be prepared and submitted to the members by the Council at the annual general meeting of the IAF.

v) The Council shall appoint for each past budget period an Auditor who is not a member of the Council, to report on the correctness of the accounts and on the conformity of expenditures to law and prevailing customs and usages. the Auditor reports the findings to the Council, which on this basis decides whether or not to approve the accounts. The President shall allow the Auditor to address the general membership if the Auditor is convinced that the Council is seriously failing in its financial responsibility.

The Council may appoint sub-committees of their number (or of their number and other persons) as they shall think fit and shall determine the terms of reference, powers and duration of any such sub-committee. The acts and proceedings of any such sub-committee shall be reported to the Council and no expenditure shall be incurred by any such sub-committee on behalf of the IAF except in accordance with a budget approved by the Council.

i) Amendments to this constitution may be proposed at the general meeting by the Council and/or 20% of the paid up membership and shall be mailed to the membership for their consideration at least 60 days prior to the annual general meeting. Any change will require the support of a two thirds majority of those present and voting.

ii) Members unable to attend the general meeting may communicate their views at least 30 days prior to the general meeting in writing to the President, who must transmit them to the general meeting prior to voting.

If the Council by a simple majority decide at any time that on the ground of expense or otherwise it is necessary or advisable to dissolve the IAF it shall call a meeting of the General Assembly (made up of all members of the IAF) who have the power to vote of which meeting not less than 21 days’ notice (stating the terms of the Resolution to be proposed thereat) shall be given. If such decision shall be confirmed by a simple (two-thirds) majority of those present and voting at such meeting the Council shall have power to dispose of any assets held by or on behalf of The IAF. Any assets remaining after the satisfaction of any proper debts and liabilities shall then be turned over to a recognised charity, on the decision of the Council.