ARTICLE IX.

BOARD OF TRUSTEES

• There shall be a Board of Trustees composed of a minimum of sixteen (16) members. The Board of Trustees shall be nominated by the Nominating Committee and elected by the ASSOCIATION Members in accordance with the provisions of ARTICLE VII.

  Candidates for the Board of Trustees have to be members of ASSOCIATION and shall be selected from among the corporate executives, businessmen or women, professional and other prominent individuals , who are knowledgeable and resourceful in financial matters. Trustees shall serve for a term of four (4) years, six (6) years for Records Officers, and they may be re-elected for consecutive terms. The Board of Trustees shall elect a chairperson from among themselves. The Chairperson shall appoint a trustee to fill the unexpired term promptly if any vacancy among the trustees for whatever reason. The Chairperson will also select other officers stated in ARTICLE IX, Section 2h. Duties of the officers will be defined by the Board of Trustees at their first meeting.

• The duties of the Board of Trustees are:
  • To provide advice and guidance to the ASSOCIATION in financial matters, to allocate unbudgeted funds when necessary, and to arbitrate financial disputes.
  • To review the financial requirements on an on-going basis and to develop programs to generate the necessary resources.
  • To oversee the activities of the Central Fund Raising Committee which shall be responsible for fund raising activities for the ASSOCIATION, other than dues collection. The Board of Trustees shall appoint all Central Fund Raising Committee members and, if a vacancy, shall appoint a new committee member promptly.
  • To manage the Endowment Fund established for the sustained growth and well being of the ASSOCIATION subject to the following conditions:
    • the earnings of the Endowment Fund are to be used for the general operating expenses of the ASSOCIATION,
    • the principal of the Fund shall be kept intact except when recommended by the Board of Directors for pursuing the fundamental objective of the ASSOCIATION as expressed in ARTICLE I, Section 2 of these Bylaws and when accepted by a two-thirds majority of the Board of Trustees.
  • To act on the annual budget proposal submitted by the Board of Directors for endorsement and release the necessary funds as required.
  • To set guidelines and develop procedures for financial and accounting control.
  • To oversee the investment practices of the ASSOCIATION.
  • Officers of the Board of Trustees:
    • Chairperson
    • Vice Chairperson(s) (one for each country)
    • Records Officer
    • Treasurer
    • Minimum of twelve (12) Board members

  The Chairperson and the Vice Chairperson are also members of the Board of Directors.