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Article 11Finance Committee Duties Section 1. There shall be a Finance Committee consisting of seven (7) members of the General Executive Board, namely, the General President, the General Secretary- Treasurer, and five (5) Vice Presidents selected by the General Executive Board. A quorum of the Finance Committee shall consist of any five (5) members thereof. The General Executive Board shall have the power to remove any selected member of the Finance Committee by a majority vote. It shall be the general function of the Finance Committee, by majority vote, to pass upon and approve all investments of the funds of the International Union, and no investment of such funds can be made without such approval. It shall, however, be the specific function of the General President and the General Secretary-Treasurer to make all investments of the funds of the International Union, subject to the subsequent approval of the Finance Committee, and the General Secretary-Treasurer shall at all times keep the General Executive Board advised of all such investments. All investments will be such as may be made by fiduciaries by the laws of the Commonwealth of Massachusetts. Securities purchased shall be kept in a safety deposit box or boxes or held in safekeeping by a bank or banks approved by the General Executive Board. Section 2. Each member of the Finance Committee shall be bonded in such sum and in such manner as the General Executive Board shall require. Section 3. The General Executive Board shall be empowered, when it deems it necessary for the maintenance, protection and preservation of the labor movement, to make loans or advances to other labor organizations. No other loan of any nature whatsoever shall be made from funds of the International Union except upon approval of the General Executive Board. |
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