Constitution and ByLaws

ARTICLE I

CONSTITUTION AND NAME

Section 1. The name of this Association shall be the International Banking, Economics, and Finance Association (formerly North American Finance and Economics Association – NAEFA). Its acronym shall be IBEFA.

Section 2. The Association is a non-governmental, international, global in interest, autonomous, scientific organization open to academicians and practitioners with interest in the study of banking, economics, financial economics, financial markets, and financial issues.

Section 3. The Association is non-political and shall not sponsor nor collaborate with the activities of political organizations. The work of its Members shall be oriented for peaceful scientific purposes. Members shall, of course, be free to express political opinion, but they shall avoid bringing the name of the Association into any political controversy.

Section 4. The Association shall operate as a not-for-profit organization and shall be subject to the laws and jurisdictions of its host countries.

Section 5. The period of IBEFA’s existence shall be perpetual. In the event that there is a merger between IBEFA and another association or if IBEFA acquires or is acquired by another association, or in any way IBEFA ceases to exist as a separate organization, the terms of such action (including the disposition of IBEFA’s assets) shall be determined by the Executive Committee.

Section 6. The Association may be located in any of the countries of residence of its Members. The Association shall register in those countries as a not-for-profit organization. The location of the headquarters of the Association shall be determined by the Executive Committee and shall be maintained by the Executive Director.

Section 7. The official languages of the Association shall be English, French, and Spanish. Its activities will be conducted mainly in English.

ARTICLE II

OBJECTIVES OF THE ASSOCIATION

Section 1. To study banking, economic, and financial issues in countries and across the global economy and financial markets.

Section 2. To provide a framework for the exchange of scholarly research and ideas among its Members.

Section 3. To promote individual and collective research dealing with the purposes of this Association.

Section 4. To foster friendly relationships and collaborations with other economic and finance professional associations throughout the world.

Section 5. To encourage and reinforce academic exchange on economics, economic policy, and financial markets between institutions of higher education, research centers, and other institutions devoted to those fields.

Section 6. To provide economic and policy analyses for academic or business development and to improve policy making by government.

ARTICLE III

OFFICERS

Section 1. The Officers of the Association and their respective terms shall be:

President One year

President-Elect and Program Chair One year

Program Chair-Elect One year

Vice Chairman, Executive Committee One year

Four Vice-Presidents One year

Executive Director Set By Executive Committee

Section 2. The duties of the Officers are as follows:

The President is the Chief Executive Officer and Chairman, spokesperson, and principal representative of the Association. He, or she, shall be responsible for conducting the activities of IBEFA in a manner that will promote the achievement of its objectives. He, or she, shall preside on all voting issues at the Annual Business Meeting, may delegate responsibility to other Officers, may appoint all Special Committees, and may designate others to serve as liaison with other Committees. The President shall also Chair the Executive Committee. He, or she, shall present, or invite a Special Guest to present, an Annual Address at the Business Meeting. The President shall coordinate all Academic Activities (aside from the Annual Meeting Program) sponsored by the Association.

The President-Elect shall organize the Academic Program presented at the Annual Meeting. He, or she, may, or may not, appoint a Program Committee to help organize and improve the Program. He/she shall help the President to coordinate other Academic Activities sponsored by the Association.

In case the Presidency becomes vacant for any reason, or if the President becomes unable to perform his or her duties for an extended period of time, the President-Elect – upon a majority vote of the Executive Committee – shall become President. He/she shall complete the latter’s term. He/she shall then be eligible to serve a full term to which he/she had been elected previously.

The Program Chair-Elect will perform duties to be agreed upon with the President-Elect and Program Chair to enhance his/her knowledge of the association and mechanics of the program arrangement process in preparation for being Program Chair the following year. If for any reason the President-Elect and Program Chair is unable to successfully complete his/her duties, the Program Chair-Elect may assume the duties subject to approval by the Executive Committee. In such instances, the Executive Committee will elect either another President-Elect and Program Chair or Program Chair-Elect.

The Vice Chairman of the Executive Committee shall be elected by the Executive Committee from among its Members. The person so selected can serve multiple terms in succession.

The Vice Presidents shall assist the President in his or her activities and collaborate in the development of Association efforts on Membership growth, relations with other associations, and in the dissemination of public information.

In electing Vice Presidents, due regard should be given to adequate representation from the different geographic regions of the IBEFA area. The Vice-Presidents shall make special efforts to promote the Association in the various geographic segments where they live.

The Executive Director shall be appointed by the Executive Committee and shall be the Principal Administrative Officer of the Association. Under direction from the President, he or she shall maintain a headquarters for IBEFA. The Executive Director shall issue the Call for Papers for the Annual Meeting. He/she shall be responsible for the funds of the Association, issue checks for any disbursements, keep complete and accurate books of accounts, and present an Annual Financial Report. He, or she, shall keep Minutes of all Business Meetings as well as all other pertinent records. He/she should organize and maintain up-to-date the Association Membership roster and must be responsible for the collection of dues.

The Officers will be elected by vote at the Annual Business Meeting. There shall be a Nominating Committee, whose Members and Chair are appointed by the President. Through the Executive Committee, the Nominating Committee shall make nominations to the Annual Business Meeting of one or more candidates for the offices of President, Vice President, President-Elect, and Program Chair-Elect. If any of these offices becomes vacant, that office shall be filled by new appointments from the Executive Committee. The persons so appointed shall serve until the next Annual Business Meeting.

Other Officers may be appointed by the Executive Committee. However, their appointment must be confirmed at the next Annual Business Meeting.

All officers must be fully-paid Members of the Association.

ARTICLE IV

EXECUTIVE COMMITTEE

Section 1. The affairs of the Association shall be managed by the Executive Committee, within the framework of the Constitution and By-Laws of IBEFA.

Section 2. Members of the Executive Committee shall include:

The President and Chairman.

The President-Elect.

The Program Chair-Elect.

Vice Chairman of the Executive Committee.

The Four Vice-Presidents.

The Three most recent former Presidents.

The Managing Editor, North American Journal of Economics and Finance.

The Senior Journal Advisor.

The Executive Director.

Three Members of the Advisory Board representing one of each class elected by vote at the Annual Business Meeting.

Section 3. The Executive Committee shall elect one of its Members as Vice Chairman. (The goal is to provide a degree of continuity in an organization where Senior Leaders have short tenure.)

Section 4. The Executive Committee shall meet – subject to call by the President and Chairman – at least once annually. Special meetings may be called by the President and Chairman or Vice Chairman of the Executive Committee.

Section 5. The President and Chairman or Vice Chairman plus five other Members of the Executive Committee (a minimum of six) will constitute a quorum.

ARTICLE V

ADVISORY BOARD

Section 1. The Association shall have an Advisory Board, which shall advise the Executive Committee concerning the activities of the Association. If requested by the Program Chairman, its Members are expected to assist in supporting the Annual Meeting Program of the Association.

Section 2. The Advisory Board shall consist of at least 9 and no more than 48 Members.

Section 3. The terms of the Advisory Board Members shall be as follows:

Each year, through rotation, at least 3 and no more than 16 Members will be elected for a three-year term, so that in any year the Advisory Board will be composed of no less than:

Three Members with a one-year term;

Three Members with a two-year term; and

Three Members with a three-year term.

Section 4. Advisory Board candidates must be paid-up Members of IBEFA. Any Advisory Board Member may be reelected to one or more successive terms.

ARTICLE VI

COMMITTEES

Section 1. The President shall name a Nominating Committee, consisting of a Chairperson and no less than two other Members, selected from the Executive Committee. The Chairperson shall report to the Executive Committee the list of candidates who would accept nomination. The Executive Committee’s duties are to nominate candidates for the elective positions named in this Constitution and By-Laws. The Nominating Committee shall make recommendations with respect to candidates for any Honors or Awards the President may ask the Committee to consider. After endorsement by the Executive Committee, the approved candidates must be voted on by the Association’s Membership.

Section 2. The President shall have power to appoint such Special Committees as he or she considers necessary for the functioning of the Association. Such Committees must be approved by the Executive Committee.

ARTICLE VII

MEMBERSHIP

Section 1. Membership shall be open to any person (or institution) provided that:

He/she works in areas relevant to the Association or expresses interest in its objectives.

He/she agrees to accept the Constitution and By-Laws of the Association.

He/she applies for Membership and pays the current dues, as set by the Executive Committee.

Section 2. The IBEFA Membership shall be divided into the following classes:

Individual Membership. Those persons eligible for Membership who pay the current annual dues.

Life Membership. Those persons eligible for Membership who chose to pay the dues set for this class.

Institutional Membership. All business firms, financial institutions, government units, universities, centers for research, and similar entities who pay the annual dues set for this class.

Sustaining Membership. Persons who make voluntary contributions, above individual dues, to support the Association's activities.

Section 3. Each Member is eligible to attend the Annual Meeting, subject to payment of the Registration Fee. Each Member is entitled to receive all issues of the North American Journal of Economics and Finance and all Calls for Papers and reports of the Association, provided Membership dues have been paid.

ARTICLE VIII

DUES

Section 1. Dues shall be reviewed at least annually by the Executive Committee. Any proposed changes shall be approved by the Committee and presented to the Membership at the next Annual Business Meeting.

Section 2. Dues shall be payable in advance in January of each year. (Members whose dues are unpaid for three months after billing — or after two months following a reminder — will be dropped from the Membership rolls.)

Section 3. To be eligible to present a paper at any of IBEFA's Academic Meetings or Activities, Membership dues must be paid-up. However, Co-authors presenting papers with Members, or Special Guests invited by the Program Chairman or President, may be exempted from this requirement.

ARTICLE IX

BUSINESS MEETINGS AND VOTING

Section 1. The Association shall hold an Annual Business Meeting. At the Meeting, Members shall be informed of the activities carried out during the year. They shall vote as prescribed in this Constitution and By-Laws for Officers and on any issue submitted for consideration at the Meeting.

Section 2. The Annual Business Meeting shall be held in conjunction with the Annual Academic Meeting of the Association. A Business Meeting of the Membership of the Association may be held at other times if authorized by the Executive Committee.

Section 3. Each Member may cast one ballot for the election of Officers and on such other issues as the Executive Committee may choose to submit to a vote, or on matters brought for consideration from the floor or Membership at-large. Each Member present at the Annual Meeting is entitled to vote on all issues presented to the Meeting for action. No proposal that would change the Constitution or By-Laws can be brought for a vote without prior consideration by the Executive Committee.

Section 4. A quorum for the Annual Business Meeting shall consist of the Members in good standing present at such Meeting.

Section 5. The Membership, by voting at the Annual Business Meeting, shall have the authority to take such steps as are appropriate to further the objectives of the Association, providing that nothing is done which is inconsistent with this Constitution and the By-Laws.

Section 6. Upon a formal vote of the Executive Committee, any business matter relating to the Association may be submitted to the Membership for a vote by Mail or Electronic means. However, notice and explanations for the action must be sent to the Membership at least 30 days prior to the vote.

Section 7. This Constitution and By-Laws may be amended by a two-thirds vote of eligible Members at any Annual Business Meeting or through a Special Mail or Electronic Ballot. But notice of the proposed change and the reason for it shall be sent to the Membership at least 30 days prior to the date on which the vote is to occur.

Section 8. The Business Meetings of the Association as well as those of its Executive Committee and activities of its Officers shall conform to the Norms set forth in Robert's Rules of Order, latest edition.

ARTICLE X

ACADEMIC MEETINGS

Section l. Members may present papers, which deal with the purposes of the Association, at Meetings organized by it as well as at panels, sessions, or workshops sponsored by the Association at the meetings of other economic and finance professional organizations. The Coordinators for these activities shall be named by the President with the approval of the Executive Committee.

Section 2. The Association shall hold Meetings as follows:

Annual Meeting. Jointly with the Allied Social Sciences Association (ASSA). This meeting will be held at such time and place as determined by ASSA.

Regional and Special Topic Meetings and Workshops. These Meetings may be organized at any time and place that enough Members show an interest in them. They must be approved in advance by the Executive Committee.

International Meetings. These Meetings may be held occasionally at such time and place as determined by the Executive Committee. (A main goal of these meetings should be to stimulate interest in the Association in major segments of the IBEFA area.)

Section 3. The Association may collaborate in organizing sessions, panels, or workshops for the Meetings of other economic and finance associations, particularly those from the Americas and the Caribbean nations.

Section 4. The Association may engage in such other activities as the Executive Committee may determine, provided such activities are relevant to its purposes and are not inconsistent with this Constitution and By-Laws.

ARTICLE XI

PUBLICATIONS

Section l. The Association shall sponsor publication of the North American Journal of Economics and Finance. An annual subscription to the Journal shall be a benefit of IBEFA Membership. It may also foster the publication of papers presented at its various academic activities to the extent approved by the Executive Committee.

Section 2. The Association shall encourage and reinforce the publishing efforts of its Members, particularly those oriented to strengthen the academic, business, and government practices of the Americas and Caribbean countries.

Section 3. The Executive Committee shall appoint the Managing Editor of The North American Journal of Economics and Finance under terms established by the Committee. The Managing Editor may select other Editors to assist with the publication of the NAJEF.

Section 4. The Executive Committee shall appoint a Senior Journal Advisor. The Senior Journal Advisor will use his/her knowledge of the Association, of the Association's journal(s), and of professional journal publication more generally to enhance and promote the successful publication and distribution of the Association's journal(s). At the request of the Managing Editor(s) of the Association's journal(s), the Senior Journal Advisor shall also provide advice and guidance, and undertake special projects, for the purposes of creating special issues of the Journal(s), increasing the quality of the Journal(s), and developing new readers and new outlets for the Journal(s). If for any reason the Senior Journal Advisor is unable to successfully complete his/her duties, the Executive Committee will elect another Senior Journal Advisor.

Section 5. Business matters that deal solely with the publications sponsored by the Association can be approved by a two-thirds vote of the Executive Committee.

APPROVAL OF CONSTITUTION AND ADOPTION OF AMENDMENTS

Constitution Approved, December 29, 1983, at the Annual Business Meeting held at San Francisco, California, U.S.A., Presided over by Edgar Ortiz, Secretary-Treasurer.

Amended Constitution, Approved December 29, 1985, at the Annual Business Meeting held in New York, New York, U.S.A., Presided over by Walton T. Wilford, President.

Amended Constitution, Approved December 28, 1987, at the Annual Business Meeting held in Chicago, Illinois, U.S.A., Presided over by Rodrigue Tremblay, President.

Amended Constitution, Approved January 8, 2005, at the Annual Business Meeting held in Philadelphia, Pennsylvania, U.S.A. Presided over by Allen Sinai, President.

Amended Constitution, Approved March 5, 2008, via Special Electronic Ballot originating in Dallas, Texas, U.S.A. Presided over by Harvey Rosenblum, Executive Director.

Click here to open a PDF version of the IBEFA Constitution and ByLaws.

To view a PDF, you must have Adobe Acrobat or Acrobat Reader. Acrobat Reader is free and available to download at:

http://www.adobe.com/products/acrobat/readstep2.html [off-site]

After downloading the reader, click on the link to the PDF and it will automatically open.