Astronomical League Bylaws and Standing Resolutions
Article XI. The Trust Fund
Section 1.
A trust fund shall exist with moneys donated or Council-designated
assets to be placed in said fund. The principal shall
remain inviolate except under the following conditions:
This rule may be waived should a grave fiscal crisis face
the League. A 3/4 (75%) majority of Council and at least
4 of 5 Trustees must declare such a crisis. This expenditure
will be considered a loan at interest, if possible.
The income from the trust fund not
used in any given year may be accumulated and added
to the principal of said fund, according to the discretion
of the trustees.
Section 2.
The fund shall be administered, in a manner consistent
with Standing Resolution #1, by five (5) trustees appointed
by the Council. Trustees may be bonded and shall serve
for a term designated by Standing Resolution #1.
Section 3.
All actions of the trust fund shall be by agreement of
a majority of the trustees.
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