1. By-laws
  2. I: NAME
  3. II: PURPOSE/MISSION
  4. III: RELATIONSHIP TO WHARTON ALUMNI ASSOCIATION
  5. IV: MEMBERSHIP
  6. V: OFFICERS
  7. VI: DIRECTORS
  8. VII: TRANSACTION OF BUSINESS
  9. VIII: COMMITTEES
  10. IX: REMOVAL FROM OFFICE
  11. X: AMENDMENTS
  12. XI: PARLIAMENTARY AUTHORITY
  13. XII: INDEMNIFICATION
  14. XIII: CONFLICT OF INTEREST
  15. XIV: ACKNOWLEDGEMENT

VII: TRANSACTION OF BUSINESS

Answer

1.    Except as specifically stated otherwise, only a majority vote (i.e. a majority of those present) of the Board where a quorum is present shall constitute a legally binding action of the Association.  A quorum shall be a simple majority of Directors. A Director is considered present if he or she is either physically present or by participating by web enabled, audio or video conference call at the time that a meeting is called to order or when a vote takes place.

2.    The Association may transact all lawful business consistent with the laws of the Commonwealth of Pennsylvania and consistent with its tax exempt purpose under the Internal Revenue Code of 1986, as amended.  The Association shall make no purchase of real property, and shall not sell, mortgage, lease away or otherwise dispose of its real property, unless authorized by a vote of a majority of the Board of Directors (where a quorum is present) at a duly constituted meeting.

3.    Whenever the lawful activities of the Association involve among other things the charging of fees or prices for its services or products, the Association, consistent with its tax exempt purpose, shall have the right to receive such income and, in so doing, may make a profit.  All such profits shall be applied to the maintenance and operation of the lawful activities of the Association, and in no case shall be divided or distributed in any manner whatsoever among the members, Directors or officers of the Association or any other private individuals.

4.    All checks or demands for money and notes of the Association shall be signed by such officer or officers as the Board of Directors may from time to time designate.