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BY-LAWS
OF
IRANIAN AMERICAN POLITICAL ACTION COMMITTEE
(As amended by First Amendment, dated September
30, 2003)
ARTICLE I
NAME
1.1 The name of this political
committee shall be "Iranian American Political
Action Committee, Inc." ("IAPAC").
ARTICLE II
PRINCIPAL OFFICE AND ADDRESS
2.1 The principal office of IAPAC shall be located
at, and its address shall be, 729 Fifteenth Street,
N.W., Third Floor, Washington, D.C. 20005.
ARTICLE III
ORGANIZATION
3.1 IAPAC shall be a nonprofit corporation and
established as a non-connected, non-member, committee,
registered with the Federal Election Commission
in accordance with the Federal Election Campaign
Act of 1971, as amended (the "FECA").
IAPAC shall not be deemed to be connected or affiliated
with any corporation, partnership, candidate,
political party or any other federally registered
political committee.
3.2 IAPAC shall be governed by the board of trustees
of IAPAC (the "Board of Trustees") and
the board of directors of IAPAC (the "Board
of Directors") in whom is vested all powers
and authorities, and responsibilities for the
lawful operations of IAPAC, as more specifically
set forth in these By-Laws. IAPAC shall organize
and undertake activities which will assure that
it is and will remain exempt from federal taxation
pursuant to Section 527 of the Internal Revenue
Code of 1986, as amended (the "IRC").
ARTICLE IV
PURPOSE OF ORGANIZATION
4.1 The purpose of IAPAC is to solicit
contributions from the general public which are
in compliance with federal and state laws, and
support and promote the election of candidates
for federal, state and local office, regardless
of party affiliation, who are responsive to the
domestic concerns and needs of the Iranian American
community. The purpose of IAPAC is also to encourage
and support Iranian Americans to actively participate
in the electoral process in the United States,
and to encourage Iranian Americans to run for
political office in the United States.
ARTICLE V
SOLICITATIONS AND CONTRIBUTIONS
5.1 IAPAC shall only solicit contributions from
those persons lawfully able to contribute to a
federal political committee and subject to those
contribution limits and prohibitions set out in
the FECA.
5.2 Contributions may be accepted exclusively
from United States citizens and individuals lawfully
admitted for permanent residence in the United
States. No contribution shall be accepted from
any "foreign national" as described
and otherwise defined in the FECA and other applicable
statutes and regulations, or from other persons
or entities prohibited by law form making a contribution.
5.3 No contribution shall be accepted if made
by one person in the name of another. No contributions
which are in any way earmarked or otherwise directed
to any candidate shall be accepted by IAPAC. Any
such contribution which is received shall be promptly
returned to the donor by the Treasurer of IAPAC.
5.4 The Treasurer of IAPAC shall return to the
donor any contribution or part thereof which exceeds
in amount the limits set by applicable law, and
shall return contributions that are determined
to be from non-U.S. citizens and individuals not
lawfully admitted for permanent residence in the
United States.
5.5 In the event of the death of a contributor
or termination of his/her status as an eligible
contributor, no monies contributed by him/her
shall be refunded to him/her or to his/her estate.
ARTICLE VI
ENABLING CLAUSE
6.1 IAPAC is established pursuant to applicable
laws. IAPAC is not affiliated with any political
party, political candidate, corporation or labor
union.
6.2 The Board of Directors and the officers of
IAPAC (the "Officers") are hereby authorized
to undertake any and all lawful activities, contract
for goods and services, incur debt and obligations
which further the purposes of the organization
and which are lawfully permitted pursuant to these
By-Laws.
ARTICLE VII
DURATION AND DISSOLUTION
7.1 IAPAC shall have perpetual existence but
may be dissolved at any time by action of a majority
of the Board of Trustees. In the event of such
dissolution, all surplus funds of IAPAC, after
paying or providing for its debts, shall be properly
distributed to other federal political committees
or expended on any other lawful purpose in a manner
consistent with the purposes set forth in these
By-Laws, and in each case as determined by a majority
vote of the Board of Trustees. No surplus funds
shall be contributed or delivered to any Officers
or any member of the Board of Trustees (each such
member, a "Trustee") or any member of
the Board of Directors (each such member, a "Director").
In the event of dissolution, IAPAC shall terminate
its existence and comply with the filing requirements
in accordance with the FECA. If the Board of Trustees
fails to consent to the distribution of all or
a portion of IAPAC's distributable assets upon
its dissolution, then upon petition of the Delaware
Attorney General, the District of Columbia courts
shall direct the manner of such distribution.
ARTICLE VIII
TRUSTEES
8.1 Functions of the Board of Trustees. The functions
of the Board of Trustees shall be (i) to elect
Directors and remove Directors or Trustees in
accordance with these By-Laws, (ii) as more specifically
provided in Section 8.3 of these By-Laws, to solicit
contributions to, and otherwise raise funds for,
IAPAC, and (iii) to promote the purposes and goals
of IAPAC. The Trustees shall be provided with
a report of the activities of IAPAC by the Chairman
of the Board or the President on a regular basis
but no less frequently than on a quarterly basis,
and the Board of Trustees shall advise and counsel
the Board of Directors and Officers of IAPAC in
connection with such activities.
8.2 Qualification of Trustees. Membership on the
Board of Trustees shall be open to all natural
persons who (i) are of majority age, (ii) are
citizens or permanent residents of the United
States, (iii) agree to raise funds for IAPAC in
such amounts and during such time periods as are
set forth in Section 8.3 of these By-Laws, (iv)
support the purposes of IAPAC as stated in these
By-Laws and in the articles of incorporation of
IAPAC, and (v) agree to be bound by the rules
stated in these By-Laws and the articles of incorporation
of IAPAC; provided, however, that membership in
the Board of Trustees may be denied to any person
by an affirmative vote of three fourths (3/4)
of the Directors then in office. Membership in
the Board of Trustees shall be effective upon
acceptance of such membership by the Board of
Directors and upon payment of the first installment
of such Trustee's funding commitment as provided
in Section 8.3 of these By-Laws. Membership in
the Board of Trustees is not assignable or transferable.
8.3 Fund Raising. Each Trustee shall contribute,
or cause to be contributed, to IAPAC the minimum
aggregate amount of $2500 on the date on which
it is first admitted to the Board of Trustees.
In addition, each Trustee shall contribute, or
cause to be contributed, to IAPAC the minimum
aggregate amount of $2500 on or prior to the end
of each complete calendar quarter after it is
admitted to the Board of Trustees. A Trustee shall
be automatically removed from the Board of Trustees
if he or she fails to contribute or raise the
foregoing required minimum amount of funds for
IAPAC for two consecutive calendar quarters; provided
that for purposes of determining whether such
failure to raise funds has occurred in any calendar
quarter, any funds contributed or raised by such
Trustee in excess of $2500 in any previous calendar
quarter shall be credited to such calendar quarter;
and provided, further however, that upon any such
failure, the Board of Trustees may by a vote of
the majority of Trustees present at a Special
Meeting of the Board of Trustees at which a quorum
is present provide such Trustee with an extension
of time to contribute or raise such required funds.
Trustees that contribute, or cause to be contributed,
$25,000 or more to IAPAC in any calendar year
shall be recognized by IAPAC in such manner as
may from time to time be determined by a resolution
of the Board of Directors.
8.4 Removal. Any Trustee may be removed at any
time by a vote of three fourths (3/4) of the Trustees
then in office if in their judgment the best interests
of IAPAC will be served by such removal.
8.5 Resignation. Any Trustee may resign his or
her membership from the Board of Trustees, and
such resignation shall be effective upon receipt
of the written notice thereof by the Chairman
of the Board.
8.6 Compensation. Trustees shall receive no payment
or consideration whatsoever for the performance
of their obligations or the exercise of their
rights as Trustees of IAPAC. However, Trustees
shall be entitled to reimbursement of reasonable
expenses they incur for activities they undertake
on behalf of the Board of Trustees. Trustees who
also serve as Officers may be compensated for
the performance of their duties as Officers.
8.7 Annual Meetings. An annual meeting of the
Board of Trustees (the "Annual Meeting of
the Board of Trustees") shall be held during
the second half of November each year, beginning
in the year 2003. Each Annual Meeting of the Board
of Trustees shall be held at such time within
such fifteen (15) day period and place as shall
be determined and noticed by the Chairman of the
Board. Notice for an Annual Meeting of the Board
of Trustees shall be written and shall be provided
at least thirty (30) days prior to such meeting;
provided, however, that the Board of Trustees
may by unanimous consent waive such notice requirement;
and provided further that the attendance of a
Trustee at any such meeting of the Board of Trustees
shall constitute a waiver of such notice requirement,
except where a Trustee attends a meeting for the
express purpose of objecting to the transaction
of any business because the meeting is not lawfully
called or convened in accordance with the provisions
of these By-Laws. Each Annual Meeting of the Board
of Trustees shall be chaired by the Chairman of
the Board.
8.8 Special Meetings. Special Meetings of the
Board of Trustees may be held from time to time
as may be called by or at the direction of the
Chairman of the Board or a majority of the Trustees
then in office, and shall be held at such time
and place as shall be determined and noticed thereby.
Notice for Special Meetings of the Board of Trustees
shall be written and shall be provided at least
fifteen (15) days prior to such meeting; provided,
however, that the Board of Trustees may by unanimous
consent waive such notice requirement; and provided
further that the attendance of a Trustee at any
such meeting of the Board of Trustees shall constitute
a waiver of such notice requirement, except where
a Trustee attends a meeting for the express purpose
of objecting to the transaction of any business
because the meeting is not lawfully called or
convened in accordance with the provisions of
these By-Laws. Each Special Meeting of the Board
of Trustees shall be chaired by the Chairman of
the Board.
8.9 Voting and Quorum. The act of the majority
of the Trustees present at a meeting at which
a quorum is present shall be the act of the Board
of Trustees, unless the act of a greater number
is required by law or by these By-Laws. A majority
of current IAPAC Trustees shall constitute a quorum
for all meetings of the Board of Trustees. In
the event that one or more Trustees shall be disqualified
to vote at a meeting of the Board of Trustees,
the required quorum shall be reduced by one for
each such Trustee so disqualified; however, in
no case shall less than one third (1/3) of the
total number of Trustees then in office constitute
a quorum. Withdrawal of Trustees from any meeting
of the Board of Trustees shall not cause failure
of a duly constituted quorum at that meeting.
No proxy voting by any Trustee is allowed. Telephonic
or similar two-way communication systems which
enables a Trustee to hear and be heard are permissible
to constitute a Trustee being deemed present at
a Board of Trustees meeting.
8.10 Written Consent. Any action required by law
or by these By-Laws to be taken at a meeting of
the Board of Trustees, or any action which may
be taken at a meeting of the Board of Trustees
may be taken without a meeting by a unanimous
consent in writing, setting forth the actions
so taken, signed by all of the Trustees then in
office.
8.11 Director Nominating Committee. In advance
of an Annual Meeting of the Board of Trustees
at which Directors are to be elected, the Board
of Trustees shall create and appoint a "Nominating
Committee" composed of a number of Trustees
to be determined by the Board of Trustees. The
Nominating Committee shall recruit candidates
for election to the Board of Directors at such
Annual Meeting of the Board of Trustees and shall
review and approve the qualification of such candidates.
One member of the Nominating Committee shall be
appointed chairman by a resolution of the Board
of Trustees. Unless otherwise provided in the
resolution of the Board of Trustees designating
a Nominating Committee, a majority of the whole
committee shall constitute a quorum and the act
of a majority of the members present at a meeting
at which a quorum is present, shall be the act
of the committee. Each Nominating Committee may
adopt rules for its own governance not inconsistent
with these By-Laws or with applicable rules adopted
by the Board of Trustees.
ARTICLE IX
DIRECTORS
9.1 Governing Body. The affairs of IAPAC shall
be managed by or under the direction of the Board
of Directors. Unless otherwise expressly set forth
in these by-Laws, the Board of Directors shall
have, and may exercise, any and all powers provided
in the articles of incorporation of IAPAC, these
By-Laws, and all applicable laws governing IAPAC
which are necessary or convenient to carry out
the purposes of IAPAC.
9.2 Qualification, Number and Election of Directors.
Each Director shall be of majority age and a citizen
or permanent resident of the United States. Beginning
on the date of the Annual Meeting of the Board
of Trustees to be held in November 2003, the Board
of Directors shall consist of between seven (7)
and eleven (11) Directors to be elected at large
by a majority vote of the voting Trustees present
at each Annual Meeting of the Board of Trustees.
Subject to the foregoing, the exact number of
Directors to serve on the Board of Directors shall
be determined by a resolution of the Board of
Trustees at the Annual Meeting of the Board of
Trustees based on the following consideration.
In order to ensure broad geographic representation
of the Iranian American community on the Board
of Directors, between three (3) and seven (7)
seats on the Board of Directors shall each be
allocated to persons residing in different geographic
regions in the United States with significant
Iranian American populations and with significant
representation on the Board of Trustees, which
regions shall be identified by a resolution of
the Board of Trustees at the Annual Meeting of
the Board of Trustees. Membership in the Board
of Directors is not assignable or transferable.
9.3 Chairman of the Board. Each newly elected
Board of Directors shall elect a Chairman of the
Board (the "Chairman of the Board")
at the Annual Meeting of the Board of Directors
from among the Directors then in office. The Chairman
of the Board shall serve for a one year term,
but shall be eligible for re-election to that
office. The Chairman of the Board shall serve
as the presiding officer of the Board of Directors.
9.4 Term. The term of each Director elected at
the Annual Meeting of the Board of Trustees to
be held in November 2003 shall be for one calendar
year or until his or her successor has been elected
and installed in office following an Annual Meeting
of the Board of Trustees, whichever occurs later.
Thereafter, the term of each Director shall be
for two calendar years or until his or her successor
has been elected and installed in office following
an Annual Meeting of the Board of Trustees, whichever
occurs later. Each Director shall be eligible
for re-election as a Director but no Director
shall serve on the Board of Directors for more
than three (3) consecutive terms.
9.5 Removal. Any Director may be removed prior
to the expiration of the term for which such Director
has been elected by a vote of two-thirds (2/3)
of the Trustees then in office if in their judgment
the best interests of IAPAC will be served by
such removal.
9.6 Resignation. Any Director may resign his or
her membership from the Board of Directors, and
such resignation shall be effective upon receipt
of the written notice thereof by the Chairman
of the Board.
9.7 Vacancies. Whenever any vacancy shall occur
on the Board of Directors due to the resignation
or removal of one or more Directors or otherwise,
the vacancy shall be filled by a resolution of
the Board of Trustees. A Director appointed to
fill a vacancy on the Board of Directors shall
serve for the unexpired term of his/her predecessor
Director.
9.8 Compensation. Directors shall receive no payment
or consideration whatsoever for performing work
for the Board of Directors or any of its designated
committees. However, Directors shall be entitled
to reimbursement of reasonable expenses they incur
for activities they undertake on behalf of the
Board of Directors. Directors who also serve as
Officers may be compensated for the performance
of their duties as Officers.
9.9 Annual Meetings. An annual meeting of the
Board of Directors (the "Annual Meeting of
the Board of Directors") shall be held within
fifteen (15) days after each Annual Meeting of
the Board of Trustees. Each Annual Meeting of
the Board of Directors shall be held at such time
within such fifteen (15) day period and place
as shall be determined and noticed by the outgoing
Chairman of the Board. Notice for an Annual Meeting
of the Board of Directors shall be written and
shall be provided at least five (5) days prior
to such meeting; provided, however, that the Board
of Directors may by unanimous consent waive such
notice requirement; and provided further that
the attendance of a Director at any such meeting
of the Board of Directors shall constitute a waiver
of such notice requirement, except where a Director
attends a meeting for the express purpose of objecting
to the transaction of any business because the
meeting is not lawfully called or convened in
accordance with the provisions of these By-Laws.
9.10 Regular Meetings. Regular meetings of the
Board of Directors shall be held at least quarterly.
Such meetings of the Board of Directors may be
called by or at the direction of the Chairman
of the Board or a majority of the Directors then
in office, and shall be held at such time and
place as shall be determined and noticed thereby
from time to time. Notice for regular meetings
of the Board of Directors shall be written and
shall be provided at least five (5) days prior
to such meeting; provided, however, that the Board
of Directors may by unanimous consent waive such
notice requirement; and provided further that
the attendance of a Director at any such meeting
of the Board of Directors shall constitute a waiver
of such notice requirement, except where a Director
attends a meeting for the express purpose of objecting
to the transaction of any business because the
meeting is not lawfully called or convened in
accordance with the provisions of these By-Laws.
9.11 Voting and Quorum. The act of the majority
of the Directors present at a meeting at which
a quorum is present shall constitute a resolution
of the Board of Directors, unless the act of a
greater number is required by law or by these
By-Laws. Two thirds (2/3) of the Directors then
in office shall constitute a quorum for all meetings
of the Board of Directors. In the event that one
or more Directors shall be disqualified to vote
at a meeting of the Board of Directors, the required
quorum shall be reduced by one for each such Director
so disqualified; however, in no case shall less
than one third (1/3) of the total number of Directors
constitute a quorum. Withdrawal of Directors from
any meeting of the Board of Directors shall not
cause failure of a duly constituted quorum at
that meeting. No proxy voting by any Director
is allowed. Telephonic or similar two-way communication
systems which enables a Director to hear and be
heard are permissible to constitute a Director
being deemed present at a Board of Directors meeting.
9.12 Written Consent. Any action required by law
to be taken at a meeting of the Board of Directors,
or any action which may be taken at a meeting
of the Board of Directors may be taken without
a meeting by a unanimous consent in writing, setting
forth the actions so taken, signed by all of the
Directors.
ARTICLE X
OFFICERS
10.1 Officers. The Officers of IAPAC shall be
a President, a Treasurer, a Political Director,
a Secretary and such other Officers, including
one or more Vice Presidents, one or more Assistant
Treasurers and one or more Assistant Secretaries,
as may be designated and appointed by a resolution
of the Board of Directors in accordance with other
provisions of these By-Laws. The duties of each
such additional Officer shall be established by
a resolution of the Board of Directors. Any two
or more offices of IAPAC may be held by the same
person, except the offices of President and Treasurer.
In addition, a Trustee or a Director may also
serve as an Officer.
10.2 Term. The Officers of IAPAC shall be appointed
annually by a resolution of the Board of Directors
at the Annual Meeting of the Board of Directors.
New positions for Officers may be created and
filled by a resolution of the Board of Directors
at any meeting of the Board of Directors for a
term extending until the next Annual Meeting of
the Board of Directors. Unless removed or resigned
in accordance with these By-Laws, each Officer
shall hold office until his or her successor shall
have been duly appointed and shall have qualified
in accordance with these By-Laws.
10.3 Removal. Any Officer appointed by the Board
of Directors may be removed with or without cause
by a vote of two thirds (2/3) of the Directors
then in office whenever in their judgment the
best interests of IAPAC would be served thereby,
but such removal shall be without prejudice to
the contract rights, if any, of the Officer so
removed.
10.4 Resignation. Any Officer may resign his or
her position and such resignation shall be effective
upon receipt of the written notice thereof by
the President. The resignation of an Officer shall
waive any and all contract rights, if any, of
the resigning Officer.
10.5 Vacancy. A vacancy in any office of IAPAC
before the expiration of the term of such office
because of death, resignation, removal, disqualification
or otherwise shall be filled by a resolution of
the Board of Directors for the unexpired portion
of the term of such office.
10.6 President. The President shall be the principal
officer of IAPAC and shall exercise general supervision
over the affairs of IAPAC, its Officers, and personnel,
consistent with policies established by the Board
of Directors. The President may sign any deeds,
mortgages, bonds, contracts, or other instruments,
except in cases where the signing and execution
thereof shall be expressly delegated by the President
to any other Officer or an agent of IAPAC; and
in general shall perform all duties incident of
the office of the President and such other duties
as may be prescribed by a resolution of the Board
of Directors from time to time. The President
may authorize and approve expenditures and take
such other steps he or she shall deem necessary
to advance the purposes of IAPAC, provided such
steps do not exceed the scope of the President's
authority as determined by the Board Directors.
10.7 Political Director. The Political Director
is responsible for directing and implementing
all aspects of IAPAC's electoral program and conducting
the day to day operations of IAPAC; and in general
shall perform all duties incident of the office
of the Political Director and such other duties
as may be prescribed by a resolution of the Board
of Directors from time to time.
10.8 Treasurer. If required by a resolution of
the Board of Directors, the Treasurer shall give
a bond for the faithful discharge of his or her
duties in such sum and with surety or sureties
as the Board of Directors shall determine. The
Treasurer shall have charge and custody of and
be responsible for all funds and securities of
IAPAC; receive and give receipts for monies due
and payable to IAPAC from any source whatsoever
and deposit all such monies in the name of IAPAC
in such banks, trust companies, or other depositories
as shall be selected in accordance with the provisions
of these By-Laws; and, in general, perform all
duties incident to the office of the Treasurer
and such other duties as from time to time may
be assigned by the President or by a resolution
of the Board of Directors. The Treasurer shall
also be responsible for the administration and
oversight of IAPAC's financial records, initiation
of an annual audit, compliance with statutory
reporting requirements, tax returns, and tax payments.
10.9 Secretary. The Secretary shall keep the minutes
of the meetings of the Board of Trustees and the
Board of Directors and shall oversee the keeping,
preparation, and filing of all other records required
by law or by the policies of the Board of Directors;
be custodian of the corporate records of IAPAC;
keep a register of the post office address and
other contact information of each Trustee and
Director which shall be furnished to the Secretary
by such Trustee or Director; and in general perform
all duties incident to the office of the Secretary
and such other duties as from time to time may
be assigned by the President or by a resolution
of the Board of Directors.
10.10 Compensation. Officers may be compensated
as approved by a resolution of the Board of Directors.
In addition, Officers may be reimbursed for approved
reasonable expenses they incur for activities
they undertake on behalf of IAPAC.
ARTICLE XI
BOARD COMMITTEES
11.1 Audit Committee. The President is hereby
authorized to create and appoint an "Audit
Committee" composed of a minimum of two (2)
members and a maximum of five (5) members. Membership
on the Audit Committee need not be limited to
Trustees or Directors. The Audit Committee shall
annually review the finances of IAPAC and report
its findings annually at the Annual Meeting of
the Board of Trustees and the Annual Meeting of
the Board of Directors.
11.2 Other Committees. Other committees may be
designated and appointed by a resolution of the
Board of Directors, or by the President as authorized
by a like resolution of the Board of Directors.
Each such committee's composition and scope of
duties and responsibilities shall be established
by a resolution of the Board of Directors. Membership
on such committees need not be limited to Trustees
or Directors.
11.3 Removal of Committee Members. Any committee
member appointed by the Board of Directors or
the President may be removed with or without cause
by a resolution of the Board of Directors whenever
in its judgment the best interests of IAPAC would
be served thereby, or by the President as authorized
by a like resolution of the Board of Directors.
11.4 Resignation of Committee Members. Any committee
member may resign his or her position and such
resignation shall be effective upon receipt of
the written notice thereof by the President.
11.5 Term of Committee Members. Each member of
any of IAPAC's committees shall continue as such
until the next Annual Meeting of the Board of
Directors, unless the committee shall be sooner
terminated by a resolution of the Board of Directors,
or unless such member shall earlier resign or
be removed from such committee or fail to qualify
as a member thereof in accordance with these By-Laws.
11.6 Committee Chairmen. One member of each committee
shall be appointed chairman by the person or persons
authorized to appoint the members thereof in accordance
with these By-Laws.
11.7 Vacancies. Vacancies in the membership of
any committee may be filled by appointments made
in the same manner as provided in the case of
the original appointments for the unexpired term
of such membership.
11.8 Voting and Quorum. Unless otherwise provided
in the resolution of the Board of Directors designating
a committee, a majority of the whole committee
shall constitute a quorum and the act of a majority
of the members present at a meeting at which a
quorum is present, shall be the act of the committee.
Each committee may adopt rules for its own governance
not inconsistent with these By-Laws or with applicable
rules adopted by the Board of Directors.
ARTICLE XII
CONTRACTS, CHECKS, DEPOSITS, AND FUNDS
12.1 The Board of Directors may authorize any
Officer or Officers, agent, or agents of IAPAC
in addition to the Officers so authorized by these
By-Laws to enter into any contract or execute
and deliver any instrument in the name of and
on behalf of IAPAC, and such authority may be
general or confined to specific instances.
12.2 All checks, drafts, or orders for the payment
of money, notes, or other evidences of indebtedness
issued in the name of IAPAC shall be signed by
such Officer or Officers, agent, or agents of
IAPAC and in such manner as shall from time to
time be determined by the President or a resolution
of the Board of Directors. In the absence of such
determination by the President or the Board of
Directors, such instruments shall be signed by
the Treasurer and, if the amount of such instrument
exceeds $500.00, countersigned by the President.
12.3 All funds of IAPAC shall be deposited, in
accordance with the FECA, from time to time to
the credit of IAPAC in such banks, trust companies,
or other depositories as the Treasurer of IAPAC
may select.
12.4 The Board of Directors may accept on behalf
of IAPAC any contribution, gift, bequest or device
for the general purposes or for any special purpose
of IAPAC.
ARTICLE XIII
BOOKS AND RECORDS
13.1 IAPAC shall keep correct and complete books
and records of accounting in accordance with the
IRC, the FECA and applicable state statutes. IAPAC
shall also keep minutes of the proceedings of
the Board of Trustees and the Board of Directors
and committees having any of the authority of
the Board of Directors.
ARTICLE XIV
FISCAL YEAR
14.1 The fiscal year of IAPAC shall begin on
the first day of January and end on the last day
of December.
ARTICLE XV
WAIVER OF NOTICE
15.1 Whenever any notice is required to be given
under the articles of incorporation of IAPAC,
these By-Laws or applicable law, a waiver thereof
in writing signed by the person or persons entitled
to such notice shall be deemed equivalent to the
giving of such notice.
ARTICLE XVI
INDEMNIFICATION
16.1 Up to the maximum limit as permitted by
the laws of the State of Delaware, IAPAC shall
indemnify its Trustees, Directors, Officers, agents
and employees against liability incurred by reason
of such person's being or having been such Trustee,
Director, Officer, agent or employee.
ARTICLE XVII
AMENDMENTS TO BY-LAWS
17.1 These By-Laws may be altered, amended, or
repealed and new By-Laws of IAPAC may be adopted
by (i) a two-thirds (2/3) majority of the Directors
then in office at any regular meeting or at any
special meeting of the Board of Directors, or
(ii) a two-thirds (2/3) majority of the Trustees
then in office at any regular meeting or at any
special meeting of the Board of Trustees.
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