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Preamble

The object and purpose of Alpha Kappa Psi (the "Fraternity") shall be to further the individual welfare of its members; to foster scientific research in the fields of commerce, accounts and finance; to educate the public to appreciate and demand higher ideals therein; and to promote and advance in institutions of college rank courses leading to degrees in business administration.

ARTICLE I

Name

The name of this Fraternity shall be Alpha Kappa Psi

ARTICLE II

Membership and Initiation

Section 1. Classes of Membership. The membership of the Fraternity shall consist of Student Members, Faculty Members, Alumni Members, and Honorary Members. No individual shall be denied membership on the basis of race, creed, national origin, sex, religion, marital status, sexual orientation, age, or handicap.

Section 2. Student Members. A Student Member is an individual who is properly registered and actively pursuing an undergraduate or graduate degree in commerce, economics, business, or business administration (or their equivalent) from a college or university that promotes a course of study not fewer than two (2) academic years in length for any such degree ("Qualified Institution") and who has been duly initiated into a College Chapter (as defined in Article VIII, Section 1, Paragraph A hereof).

Section 3. Faculty Members. A Faculty Member is an individual who is an officer of administration or a member on the regular faculty of commerce, economics, business, or business administration (or their equivalent) in a Qualified Institution and who has been duly initiated into a College Chapter or Alumni Chapter.

Section 4. Alumni Members. An Alumni Member is an individual who has been, but is no longer, a Student Member or Faculty Member.

Section 5. Honorary Members. An Honorary Member is an individual who is not eligible to be a Student Member, Faculty Member, or Alumni Member but to whom, subject to the approval of the Chapter Advisor, Regional Director, and National President, membership is granted as an honor and distinction by a College Chapter or Alumni Chapter.

Section 6. Voting. Each Student Member and Alumni Member in good standing of the Fraternity shall be entitled to vote for a National Delegate from his or her respective chapter. A Faculty Member who becomes an Alumni Member shall be entitled to one vote for a National Delegate in his or her capacity as an Alumni Member. Faculty Members shall not be entitled to vote for a National Delegate from a College Chapter. No member shall have more than one vote for a National Delegate. Honorary Members shall have no voting rights.

Section 7. Dues. The dues and other fees incident to membership in the Fraternity shall be determined by the National Chapter in accordance with the Constitution and Statutory Code.

Section 8. Termination of Membership.

    A. Good Standing and Automatic Termination of Membership. A member who fails to pay dues or fees within thirty (30) days following their due date will not be considered to be in good standing and will not be entitled to the rights and privileges of membership. The membership of any such member may be terminated thirty (30) days after notice is sent to the member explaining the reason for termination and providing the member an opportunity to pay the amounts due or, in the alternative, providing the member the opportunity to meet with the Board of Directors, or an individual or committee appointed by the Board to explain the failure to pay. Any member whose membership in the Fraternity has been terminated for nonpayment of dues or fees may be reinstated at the discretion of the Board of Directors upon payment of such amounts as may be determined by the Board.

     B. Other Associations. An individual who is a member or a former member of any other professional fraternity in commerce is not eligible to be a member of the Fraternity. A member of the Fraternity who joins any other professional fraternity whose objects and purpose, in the sole determination of the Board of Directors of the Fraternity, is substantially identical to the objects and purpose of the Fraternity shall be terminated as a member thirty (30) days after notice is sent to the member explaining the reason for termination and providing the member the opportunity to meet with the Board of Directors.

     C. Discipline of Members. Upon a showing of Cause, the Board of Directors may fine, reprimand, suspend or expel a member of the Fraternity or terminate membership in the Fraternity; provided, however, that no member shall be suspended or expelled and no membership shall be terminated except under a procedure that is fair and reasonable and carried out in good faith in accordance with the Indiana Nonprofit Corporation Act of 1991, as it may from time to time be amended, and any statute that may in the future supersede or replace it, in whole or in part (the "Act"), and the provisions of the Constitution and Statutory Code.

     D. Resignation of a Member. The membership of a member of the Fraternity shall terminate upon the receipt of the member's written resignation by the Executive Director of the Fraternity or upon the member's death. Any resignation does not relieve the member of any obligations incurred or commitments made before the resignation.


ARTICLE III

The National Chapter

Section 1. Definition. T he National Chapter shall consist of one delegate ("National Delegate") from each College Chapter and each Alumni Chapter of the Fraternity that is in good standing. Each National Delegate shall have one vote at any meeting of the National Chapter.

Section 2. Delegates. Each College Chapter and Alumni Chapter shall elect a National Delegate and an alternate delegate prior to the date of the annual meeting. Each National Delegate from an Alumni Chapter shall be a member in good standing of the Alumni Chapter. Each National Delegate from a College Chapter shall be a member in good standing of the College Chapter who shall have at least one (1) full academic year of undergraduate studies remaining prior to graduation at the time of the election. No National Delegate may represent more than one College Chapter or Alumni Chapter.

Section 3. Quorum. A majority of the National Delegates shall constitute a quorum for the transaction of business at any meeting of the National Chapter. National Delegates cannot be represented by proxy. If a quorum is present when a vote is taken, the affirmative vote of a majority of the National Delegates present shall be the act of the National Chapter, and thus the act of the membership, unless otherwise provided for by the Act, the Articles of Incorporation, Convention Rules or the Constitution and Statutory Code.

Section 4. Annual and Special Meetings. The National Chapter shall meet annually. Special meetings of the National Chapter may be called at any time by the Chairman of the Fraternity, by the National President, by a majority of the Board of Directors, or by a written petition signed by a majority of the National Delegates. Annual meetings held in odd numbered years shall be referred to as National Conventions, and annual meetings held in even numbered years shall be referred to as Administration Meetings. Annual meetings and special meetings shall be held at such place and time as the Board of Directors of the Fraternity shall specify and shall be held in accordance with the provisions of the Constitution and Statutory Code.

Section 5. Notice of Meetings. A written notice, stating the place, day, and time of any meeting of the National Chapter and, in the case of a special meeting, the purpose or purposes for which such meeting is called, shall, at least thirty (30) days before the date of the meeting, be delivered or mailed by the Executive Director, or by the person calling the meeting, to each chapter of record of the Fraternity in good standing. Notice of any meeting may be waived in writing filed with the Secretary or by attendance in person.

Section 6. Waiver of Registration Fees The National Chapter shall waive an amount equal to one (1) full registration fee for each College & Alumni Chapter in good standing to each regular meeting of the National Chapter .


ARTICLE IV

Regional Meetings and National Management Team

Section 1. Regional Meetings

     A. Definition. The United States and any other territory where College Chapters and Alumni Chapters of the Fraternity are established shall be divided into regions. One delegate from each College Chapter and Alumni Chapter in a particular region ("Regional Delegate") shall meet biennially, each such meeting being referred to as a Regional Meeting. Each Regional Delegate shall have one vote at any Regional Meeting.

     B. Quorum. A majority of the Regional Delegates for the particular region shall constitute a quorum for the transaction of business at any Regional Meeting. If a quorum is present when a vote is taken, the affirmative vote of a majority of the Regional Delegates present shall be the act of the Regional Meeting unless otherwise provided for by the Act, the Articles of Incorporation, Regional Meeting Rules or the Constitution and Statutory Code.

     C. Meetings. The Regional Meetings shall be held biennially for the purpose of electing Regional Directors.

     D. Regional Director. Every region shall have one (1) Regional Director who shall have authority to preside over and direct the business at the Regional Meetings. The Regional Director shall be elected by a majority vote of the Regional Delegates for the particular region to serve a two (2) year term of office. The Regional Director shall serve in such office until his or her successor is elected and qualified, or until the earlier of his or her death, resignation, disqualification or removal by the respective Regional Delegates. The Regional Director may be removed only for Cause by the affirmative vote of three fourths of the Regional Delegates. The Regional Director shall perform such additional duties in his or her respective region as the Board of Directors may delegate.

Section 2. The National Management Team.

     A. Definition. The National Management Team shall consist of all the Regional Directors of the Fraternity and the National Officers of the Fraternity (as defined in Article VII, Section 3 hereof) and shall have such authority and perform such duties as the Board of Directors shall assign to it.

     B. Quorum. A majority of the members of the National Management Team shall constitute a quorum for the transaction of business at any meeting of the National Management Team. If a quorum is present when a vote is taken, the affirmative vote of a majority of the members of the National Management Team present shall be the act of the National Management Team unless otherwise provided for by the Act, the Articles of Incorporation, or the Constitution and Statutory Code.

     C. Meetings. Meetings of the National Management Team shall meet annually for planning purposes and, in their capacity as member delegates, for the purpose of electing the Board of Directors of the Fraternity.


ARTICLE V

The Board of Directors

Section 1. Number and Term; Authority. Authority to direct and carry out all powers and business of the Fraternity shall be vested in the Board of Directors. The Board of Directors shall consist of nine (9) individuals. The Directors shall be divided into three (3) equal classes, with only one class being elected at any meeting of the National Management Team.

Each Director shall be elected for a three (3) year term of office. The Directors shall serve on the Board until their successors are elected and qualified, or until the earlier of their death, resignation, disqualification, or removal by the National Management Team. No individual is eligible to serve as a Director for more than two (2) consecutive complete terms. The Directors and each of them shall have no authority to bind the Fraternity except when acting as a Board or a committee established by the Board and granted authority to bind the Fraternity.

Section 2. Removal. Any or all members of the Board of Directors may be removed only for Cause by the affirmative vote of three fourths of the National Management Team of the Fraternity.

Section 3. Election of Directors and Qualifications.

     A. Election. Directors shall be elected by a majority vote of the National Management Team, with each member of the National Management Team being entitled to cast one vote of each vacancy on the Board of Directors.

     B. Qualifications. Candidates for Director must

          (1) be members of the Fraternity in good standing,

          (2) have served the Fraternity at least one year in a post graduate volunteer capacity,

          (3) not be employed by the Fraternity or the Alpha Kappa Psi Foundation, and

          (4) never have been removed from an office of the Fraternity for Cause.

     C. Nominations. Candidates for Directors shall be nominated (1) in writing by eight (8) members in good standing of the Fraternity, (2) in writing by three (3) members of the National Management Team, (3) by the affirmative vote of a majority of the Regional Delegates at a Regional Meeting, or (4) by the affirmative vote of a majority of the National Chapter. The nominees shall verify their acceptance of the nomination prior to the vote. The Executive Director shall send such biographical information regarding the nominees to the members of the Fraternity as the Board of Directors may direct.

Section 4. Vacancies. Any vacancy in the Board of Directors from whatever cause arising may be filled by election of a new Director by a majority vote of the National Management Team, provided the remaining term of the vacant office is equal to or exceeds six (6) months. If the remaining term of the vacant office is fewer than six (6) months, the office shall remain vacant until the next election of Directors. The term of a Director elected to fill a vacancy shall expire at the end of the term for which such Director's predecessor was elected.

Section 5. Quorum. At any meeting of the Board, a majority of the Directors shall be necessary to constitute a quorum for the transaction of any business. If a quorum is present when a vote is taken, the affirmative vote of a majority of the Directors present shall be the act of the Board of Directors unless otherwise provided for by the Act, the Articles of Incorporation, or the Constitution and Statutory Code.

Section 6. Annual and Regular Meetings. T he Board of Directors shall meet annually, at the time and place specified by the Board, for the purpose of electing the Corporate Officers (as defined in Article VII, Section 1, Paragraph A of the Constitution) and conducting such other business as shall come before the meeting. In addition to the annual meeting, other regular meetings of the Board of Directors shall be held on such dates, at such times, and at such places as shall be fixed by resolution adopted by the Board of Directors. All meetings shall be presided over by the Chairman. The Board of Directors may at any time alter the date for the next regular meeting of the Board. The Board of Directors shall hold at least one regular meeting annually.

Section 7. Special Meetings. The Chairman may call a special meeting of the Board of Directors and must call a special meeting of the Board of Directors upon receipt of a written request signed by a majority of the Directors, in either case, upon not less than three (3) days' notice given to each Director of the date, time, and place of the meeting, which notice must specify the purpose or purposes of the meeting. Such notice shall be communicated in writing, by facsimile or other similar form of communication, or by first class mail, at the usual business or residence address of the Director and shall be effective at the earlier of the time of its receipt or five (5) days after its being mailed. Notice of any meeting of the Board may be waived by any Director in writing at any time if the waiver is signed by the Director entitled to the notice and filed with the minutes or corporate records. A Director's attendance at or participation in any meeting waives any required notice to the Director of the meeting unless the Director, at the beginning of the meeting, or promptly upon the Director's arrival, objects to holding the meeting or transacting business at the meeting and does not thereafter vote for or assent to action taken at the meeting.

Section 8. Participation by Conference. The Board of Directors may permit any or all Directors to participate in a regular or special meeting by, or through the use of, any means of communication, such as conference telephone, by which all Directors participating may simultaneously hear each other during the meeting. A Director participating in a meeting by such means shall be deemed to be present in person at the meeting .

Section 9. Written Consents. Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting if the action is taken by all members of the Board. The action must be evidenced by one or more written consents describing the action taken, signed by each Director and included in the minutes or filed with the corporate records reflecting the action taken. Action taken under this Section is effective when the last Director signs the consent, unless the consent specifies a different prior or subsequent effective date, in
which case the action is effective on or as of the specified date. A consent signed under this Section has the effect of a meeting vote and may be described as such in any document.


ARTICLE VI

Committees

Section 1. General.

     A. In addition to the Executive Committee, Audit Committee, and Constitution Committee, the Board of Directors may create one or more committees to assist the Board of Directors in carrying out its duties. Such committees shall be created by resolution of the Board of Directors adopted by a majority of all the Directors in office when the resolution is adopted. Each committee may have two (2) or more members, and all the members of a committee shall serve at the pleasure of the Board of Directors.

     B. In order to exercise the authority of the Board of Directors, a committee must have among its members at least two (2) Directors, and its creation and the appointment of members must be approved by the Board. Notwithstanding the foregoing sentence, however, a committee may not:

(1) authorize any distributions as defined by the Act;

(2) approve or propose to the members of the Fraternity action that is required to be approved by the members of the Fraternity, including, but not limited to,

               (a) dissolution,

               (b) merger,

               (c) sale,

               (d) pledge, or

               (e) transfer of all or substantially all of the Fraternity's assets.

(3) elect, appoint, or remove Directors or fill vacancies on the Board of Directors or on any of its committees;

(4) adopt, amend, repeal, or waive any provisions of the Fraternity's Articles of Incorporation; or

(5) adopt, amend, repeal, or waive any provisions of the Constitution and Statutory Code.

     C. Except to the extent inconsistent with the resolutions creating a committee, Sections 4 through 8 of Article V, which govern meetings, actions without meetings, notices and waivers of notices, quorum and voting requirements, and telephone participation in meetings of the Board of Directors, shall apply to the committee and its members.

Section 2. Executive Committee. The Board of Directors shall annually appoint an Executive Committee of the Fraternity, which shall consist of the Chairman of the Board of Directors and two (2) additional members of the Board of Directors. The Chairman shall serve as chairman of the Executive Committee and conduct all meetings of the Executive Committee. Members of the Executive Committee shall not serve for more than four (4) consecutive one-year terms, excluding any terms such member serves by virtue of being Chairman. During intervals between
meetings of the Board of Directors, the Executive Committee shall have and exercise all of the authority of the Board of Directors in the management of the Fraternity except as otherwise limited by the Act, the Articles of Incorporation, the Constitution and Statutory Code, or the Board of Directors. The Executive Committee shall cause minutes of its proceedings to be distributed to all Directors and to be kept and filed with the minutes of the proceedings of the Board of Directors.

Section 3. Audit Committee. The Board of Directors shall annually appoint an Audit Committee, which shall consist of at least two (2) Directors. The Audit Committee shall evaluate and select the accountant or accountants to perform the annual audit and review the results of the annual audit for recommendation to the Board of Directors. The Audit Committee shall perform such additional duties as the Board of Directors may delegate. The Audit Committee shall cause minutes of its proceedings to be kept and filed with the minutes of the proceedings of the
Board of Directors.

Section 4. Constitution Committee. The Board of Directors shall annually appoint a Constitution Committee, which shall consist of at least two (2) Directors The Constitution Committee shall periodically review the Constitution and Statutory Code and recommend revisions when it deems revisions advisable or necessary. The Constitution committee, from time to time as such questions may arise, shall advise the Board of Directors as to the interpretation of the Constitution and Statutory Code. The Constitution Committee shall perform such additional duties as the Board of Directors may delegate. The Constitution Committee shall cause minutes of its proceedings to be kept and filed with the minutes of the proceedings of the Board of Directors.

Section 5. Task Forces. The Board of Directors or the National Management Team from time to time, as it deems necessary or advisable, may appoint committees or task forces, which may convene and operate under any name or title as the Board of Directors or the National Management Team, respectively, may determine, to examine and advise the Board of Directors or the National Management Team, respectively, upon various aspects of the Fraternity's business. These committees or task forces shall be advisory in nature and shall have no authority to exercise functions normally reserved to the Board of Directors of a corporation.


ARTICLE VII

Officers

Section 1. Corporate Officers.

     A. General. The Board of Directors shall elect a Chairman, Secretary, and Treasurer of the Fraternity (hereinafter referred to as the "Corporate Officers"). The Executive Director shall serve as the Assistant Secretary/Treasurer of the Fraternity, but shall not by virtue of such office be deemed to be a member of the Board of Directors. The Corporate Officers shall be elected by the Board of Directors from among the membership of the Board of Directors and shall have full voting privileges on the Board in their capacity as Board members. The Board of Directors may also elect a Vice Chairman, and such other officers or assistant officers as it may from time to time determine by resolution creating the office and defining the duties thereof. Each Corporate Officer shall serve a one (1) year term. The election or appointment of a Corporate Officer does not itself create contract rights.

     B. Removal. Any or all Corporate Officers may be removed from office only for Cause by an affirmative vote of three fourths of the Board of Directors. Vacancies in such offices, however occurring, may be filled by the Board of Directors at any meeting of the Board.

     C. Chairman. The Chairman of the Board of Directors shall preside at all meetings of the Board of Directors and shall be the principal volunteer spokesperson for the Fraternity. The Chairman shall have and may exercise all of the powers and duties as are incident to the office or may be delegated from time to time by the Board of Directors. The Chairman of the Fraternity shall sign and execute all routine papers or other instruments of the Fraternity and such other documents as are directed by the Board of Directors.

     D. Secretary. The Secretary shall keep accurate minutes of the meetings of the Board of Directors and the Executive Committee and see that copies of the minutes of the meetings are sent to all members of the Board of Directors and the Executive Director as soon as possible following such meetings. The Secretary, in cooperation with the Executive Director, shall also be responsible for sending out notices of all meetings. The Secretary, in cooperation with the Executive Director, shall be responsible for conducting the correspondence of the Fraternity and the Board of Directors. The Secretary shall perform such additional duties as the Board of Directors may delegate.

     E. Treasurer. The Treasurer shall oversee the financial affairs of the Fraternity in such manners as the Board of Directors may direct. The Treasurer shall monitor all financial reports and shall make reports on such matters at each meeting of the Board of Directors and shall perform such additional duties as the Board of Directors may delegate.

Section 2. Executive Director. The Fraternity shall have an Executive Director who shall be the chief staff executive and an officer of the Fraternity. The Executive shall have charge of and be responsible for all communications and correspondence of the Fraternity. The Executive Director shall receive and disburse all funds on behalf of the Fraternity and any other funds as may be designated by the Executive Committee to be withdrawn under procedures determined by the Executive Committee. The Executive Director shall keep accurate books of account and furnish reports from time to time as may be required by the Act; shall order and distribute all jewelry, certificates, charters, copies of The Ritual and initiation equipment of the Fraternity; and shall keep a complete record of the membership of the Fraternity. The Executive Director shall serve at the pleasure of the Executive Committee under contract as determined by the Executive Committee. The Executive Director shall be the Assistant Treasurer and shall assist the Treasurer as the Board of Directors may direct. The Executive Director shall perform such additional duties as the Board of Directors Executive Committee may delegate.

Section 3. National Officers.

     A. Number and Qualifications. The National Officers of the Fraternity shall consist of the National President, the Vice President-Administration and Finance, the Vice President-Alumni, and the Vice President-College Chapters and Expansion (the "National Officers"). The National Officers shall be elected by the National Chapter from and among the Faculty Members and Alumni Members of the Fraternity in good standing. The National Officers shall serve two (2) year terms. No individual shall serve in more than one (1) National Office at any one time. The election or appointment of a National Officer does not itself create contract rights.

     B. Removal. Any or all National Officers may be removed from office only for Cause by the affirmative vote of three fourths of the Board of Directors. A vacancy in the office of the National President shall be filled by the Executive Committee, with approval of the Board of Directors, from among the National Vice Presidents. A vacancy in the office of a National Vice President may be filled by the Executive Committee, with approval of the Board of Directors, from among three (3) candidates chosen by the Executive Committee, except where the remaining term is shorter than six (6) months, in which case the vacancy will remain unfilled for the duration of the term.

     C. National President. The National President shall be the presiding officer at all meetings of the National Chapter and the National Management Team and shall have general supervision, direction, and control of the business and affairs of the Fraternity subject to the direction of the Board of Directors, and have such other duties and powers as may be prescribed from time to time by the Board of Directors. The National President, in cooperation with the Executive Director, shall have general responsibilities for the transaction of the business of the Fraternity and supervision over the activities of the Fraternity. The National President shall sign and execute all routine papers on other instruments of the Fraternity and such other documents as directed by the Board of Directors. The National President may be bonded by an indemnity bonding company at the expense of the Fraternity for such an amount as the Board of Directors may direct.

     D. National Vice Presidents. The National Vice Presidents shall assist the National President and have such other duties as the National President may direct. One National Vice President, as the Executive Committee shall determine, in the absence of the National President shall serve as National President of the Fraternity until such time as the National President can resume his or her duties or until the term of the National President's office has expired if the National President is permanently unable to resume his or her duties.

     E. Nominating Committee. Nominations for National Officers shall be made by the Nominating Committee in accordance with the terms of the Constitution and Statutory Code.

            (1) The Nominating Committee shall be composed of three (3) past National Presidents or Vice Presidents, as selected by the Executive Committee; three (3) Alumni Chapter National Delegates, as selected by the Alumni Chapter National Delegates; and one (1) College Chapter National Delegate from each region, as selected by the Alumni Chapter and the College Chapter National Delegates from such region. If any of the National Delegates are unavailable, an alternate delegate may serve in such National Delegate's place.

            (2) The Nominating Committee shall submit to the members of the Fraternity the nominees for the National Officers to be elected by the National Chapter. The Nominating Committee shall submit at least one (1) name for each National President, Vice President-Administration and Finance, Vice President-Alumni and Vice President College Chapters and Expansion. No individual may be nominated for more than one (1) office.

          (3) The candidates for National Officers shall be nominated by an affirmative vote of a majority of the Regional Delegates at a Regional Meeting. The nominees shall verify their acceptance of the nomination prior to the vote. The Executive Director shall send such biographical information regarding the nominees to the members of the Fraternity as the Board of Directors may direct prior to National Convention.

          (4) A majority of the members of the Nominating Committee shall constitute a quorum for the transaction of any business. If a quorum is present when a vote is taken, the affirmative vote of a majority of the members of the Nominating Committee present shall be the act of the Nominating Committee unless otherwise provided for by the Constitution and Statutory Code.

          (5) Nominations for the National Officers to be elected by the National Chapter may be made by members from the floor upon the motion of not less than a majority of the National Chapter delegates present at the National Convention.

          (6) Write-in candidates shall not be permitted, and such submissions shall be disregarded.

          (7) Nominations for National Officers may be made only as provided in this Section.

Section 4. Salaries. There shall be no salary paid to any officer of the Fraternity other than the Executive Director.

ARTICLE VIII

Chapters

Section 1. Definitions.

     A. College Chapter. A College Chapter is an organization of students and members of the faculty of any Qualified Institution, which organization has petitioned for and received a charter to be a College Chapter in accordance with the organization and installation provisions of the Statutory Code. A College Chapter also includes individuals to whom membership has been granted as an honor and distinction.

     B. Alumni Chapter. An Alumni Chapter ("Alumni Chapter") is an organization of duly initiated Fraternity members in any city or geographical section who voluntarily agree to affiliate for the development of the Fraternity, which organization has petitioned for and received a charter as an Alumni Chapter in accordance with the organization and installation provisions of the Statutory Code. A Alumni Chapter also includes individuals to whom membership has been granted as an honor and distinction.

Section 2. Names.

     A. College Chapter. Each College Chapter shall be officially designated and named by a Greek letter or letters assigned to it by the Fraternity and recorded on the College Chapter's charter. The Fraternity shall assign College Chapters Greek letters in the sequence of the Greek Alphabet according to the time of installation of a College Chapter in the Fraternity or in any predecessor in interest of the Fraternity.

     B. Alumni Chapter. Each Alumni Chapter shall be officially designated by the locality or school of the petitioning group assigned to it by the Fraternity and recorded on the Alumni Chapter's charter.

Section 3. Good Standing and Automatic Revocation of Charter. A College Chapter or Alumni Chapter that fails to pay its financial obligations within thirty (30) days following its receipt of notification of its delinquency in writing will not be considered to be in good standing and the delegates for such chapter shall not be eligible to vote at any meeting of the National Chapter or at any Regional Meeting except upon a majority vote of the Board of Directors. If, after ninety (90) days following its receipt of such written notification, the College Chapter or Alumni Chapter has failed to take sufficient steps to rectify its accounts, the Board of Directors, upon the recommendation of the National Management Team, may revoke the College Chapter's or Alumni Chapter's charter. Any College Chapter or Alumni Chapter that has had its charter revoked for failure to meet its financial obligations may have its charter reinstated at the discretion of the Board of Directors upon payment of such amounts as may be determined by the Board.

Section 4. Officers and Local Rules. College Chapter and Alumni Chapters shall elect officers in accordance with the Statutory Code and shall have the authority to make local rules, regulations, and bylaws for their own government to the extent that they are not inconsistent with the Act, the Articles of Incorporation, the Constitution and Statutory Code, or any other laws, resolutions, policies, or traditions of the Fraternity.

Section 5. Real Property. No College Chapter or Alumni Chapter shall own or lease real property except by means of a housing corporation. Title to real property shall be acquired only by a housing corporation incorporated in the state where the property is located. All housing corporations must be approved by the Board of Directors.

ARTICLE IX

Publications

The Fraternity shall publish an official magazine designated as The Diary and may publish such other publications as the Fraternity deems necessary or advisable. The Fraternity shall publish The Ritual, containing the ritual and policies of the Fraternity. The Fraternity shall rescind, change or amend and republish The Ritual from time to time as the Board of Directors, in its sole discretion, shall determine is necessary.

ARTICLE X

Indemnification of Directors and Other Eligible Persons

Section 1. General. To the extent not inconsistent with applicable law, every Eligible Person shall be indemnified by the Fraternity against all Liability and reasonable Expense that may be incurred by him or her in connection with or resulting from any Claim:

     A. if such Eligible Person is Wholly Successful with respect to the Claim, or

     B. if not Wholly Successful, then if such Eligible Person is determined, as provided in either Section 3, Paragraph A or B, of this Article X, to have:

          (1) conducted himself or herself in good faith; and

          (2) reasonably believed:

               (a) in the case of conduct in his or her official capacity with the Fraternity that his or her conduct was in      its best interest; and

               (b) in all other cases, that his or her conduct was at least not opposed to the best interest of the Fraternity; and

          (3) i n the case of any criminal proceeding, either:

               (a) had reasonable cause to believe his or her conduct was lawful; or

               (b) had no reasonable cause to believe his or her conduct was unlawful.

The termination of any Claim, by judgment, order, settlement (whether with or without court approval), or conviction or upon a plea of guilty or of nolo contendere, or its equivalent, shall not create a presumption that an Eligible Person did not meet the standards of conduct set forth in this Section 1, Paragraph B. The actions of an Eligible Person with respect to an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 shall be deemed to have been taken in what the Eligible Person reasonably believed to be the best interest of the Fraternity or at least not opposed to its best interest if the Eligible Person reasonably believed he or she was acting in conformity with the requirements of such Act or he or she reasonably believed his or her actions to be in the interest of the participants in or beneficiaries of the plan.

Section 2. Definitions.

     A. The term "Claim" as used in this Article X shall include every pending, threatened, or completed claim, action, suit, or proceeding and all appeals thereof (whether brought by or in the right of this Fraternity or any other Fraternity or otherwise), whether civil, criminal, administrative, or investigative, formal or informal, in which an Eligible Person may become involved, as a party or otherwise: (1) by reason of his or her being or having been an Eligible Person, or (ii) by reason of any action taken or not taken by him or her in his or her capacity as an Eligible Person, whether or not he or she continued in such capacity at the time a Liability or Expense shall have been incurred in connection with a Claim.

     B. The term "Eligible Person" as used in this Article X shall mean every person (and the estate, heirs, and personal representatives of such person) who is or was a Director, Regional Director, or officer of the Fraternity (excluding College Chapter Officers and Alumni Chapter Officers) or is or was serving at the request of the Fraternity as a Director or officer of another foreign or domestic corporation, partnership, joint venture, trust, employee benefit plan, or other organization or entity, whether for profit or not. An Eligible Person shall also be considered to have been serving an employee benefit plan at the request of the Fraternity if his or her duties to the Fraternity also imposed duties on, or otherwise involved services by, him or her to the plan or to participants in or beneficiaries of the plan.

     C. The terms "Liability" and "Expense" as used in this Article X shall include, but shall not be limited to, attorney's fees and disbursements and amounts of judgments, fines, or penalties against (including excise taxes assessed with respect to an employee benefit plan), and amounts paid in settlement by or on behalf of, an Eligible Person.

     D. The term "Wholly Successful" as used in this Article X shall mean (i) termination of any Claim against the Eligible Person in question without any finding of liability or guilt against him or her, (ii) approval by a court, with knowledge of the indemnity herein provided, of a settlement of any Claim, or (iii) the expiration of a reasonable period of time after making or threatened making of any Claim without the institution of the same, without any payment or promise made to induce a settlement.

Section 3. Procedure.

     A. Every Eligible Person claiming indemnification hereunder (other than one who has been Wholly Successful with respect to any Claim) shall be entitled to indemnification if it is determined, as provided in this Section 3, Paragraph A, that such Eligible Person has met the standards of conduct set forth in Section 1, Paragraph B of this Article X. The determination whether an Eligible Person has met the required standards of conduct shall be made (i) by the Board of Directors by majority vote of a quorum consisting of Directors not at the time parties to the Claim, and if such a quorum cannot be obtained, then (ii) by majority vote of a committee duly designated by the Board of Directors (in which designation, Directors who are parties to the Claim may participate) consisting solely of two (2) or more Directors not at the time parties to the Claim, and if such a committee cannot be constituted, then (iii) by special legal counsel selected by a majority vote of the full Board of Directors (in which selection, a Director who is a party to the Claim may participate). If an Eligible Person is found to be entitled to indemnification pursuant to the preceding sentence, the reasonableness of the Eligible Person's Expenses shall be determined by the procedure set forth in the preceding sentence, except that if such determination is by special legal counsel, the reasonableness of Expenses shall be determined by a majority vote of the full Board of Directors (in which determination, a Director who is a party to the Claim may participate).

     B. If an Eligible Person claiming indemnification pursuant to Section 3, Paragraph A of this Article X is found not to be entitled thereto, the Eligible Person may apply for indemnification with respect to a Claim to a court of competent jurisdiction, including a court in which the Claim is pending against the Eligible Person. On receipt of an application, the court, after giving notice to the Fraternity and giving the Fraternity ample opportunity to present to the court any information or evidence relating to the claim for indemnification that the Fraternity deems appropriate, may order indemnification if it determines that the Eligible Person is entitled to indemnification with respect to the Claim because such Eligible Person met the standards of conduct set forth Section 1, Paragraph B of this Article X. If the court determines that the Eligible Person is entitled to indemnification, the court shall also determine the reasonableness of the Eligible Person's Expenses.

Section 4. Nonexclusive Rights. The right of indemnification provided in this Article X shall be in addition to any rights to which any Eligible Person may otherwise be entitled. Irrespective of the provisions of this Article X, the Board of Directors may, at any time and from time to time, (a) approve indemnification of any Eligible Person to the full extent permitted by the provisions of applicable law at the time in effect, whether on account of past or future transactions, and (b) authorize the Fraternity to purchase and maintain insurance on behalf of any Eligible Person against any Liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Fraternity would have the power to indemnify him or her against such Liability.

Section 5. Expenses. Expenses incurred by an Eligible Person with respect to any Claim shall be advanced by the Fraternity (by action of the Board of Directors, whether or not a disinterested quorum exists) prior to the final disposition thereof if:

     A. the Eligible Person furnishes the Fraternity a written affirmation of his or her good faith belief that he or she has met the standards of conduct specified in Section 1, Paragraph B, of this Article X;

     B. the Eligible Person furnishes the Fraternity a written undertaking, executed personally or on the Eligible Person's behalf, to repay the advance if it is ultimately determined that the Eligible Person did not meet the standards of conduct specified in Section 1, Paragraph B, of this Article X; and

C. the Board of Directors makes a determination that the facts then known would not preclude indemnification of the Eligible Person.

Section 6. Contract. The provisions of this Article X shall be deemed to be a contract between the Fraternity and each Eligible Person, and an Eligible Person's rights hereunder with respect to a Claim shall not be diminished or otherwise adversely affected by any repeal, amendment, or modification of this Article X that occurs subsequent to the date of any action taken or not taken by reason of which such Eligible Person becomes involved in a Claim.

Section 7. Effective Date. The provisions of this Article X shall be applicable to Claims made or commenced after the adoption hereof, whether arising from acts or omissions to act occurring before or after the adoption hereof.

ARTICLE XI

Cause

All references in the Constitution and Statutory Code to "Cause" shall mean such grounds for removal of an individual from office as shall be reasonably determined by the entity or body of the Fraternity having removal authority of such individual in accordance with such procedures as such entity or body, in its sole discretion, shall establish.

ARTICLE XII

Incorporation of Defined Terms

All capitalized terms in this Constitution that are not herein defined shall have the meanings attributed to them in the Statutory Code.

ARTICLE XIII

Successor in Interest

The Fraternity is the successor in interest of Alpha Kappa Psi Professional Business Fraternity, Inc., a New York corporation. Unless otherwise specifically provided by this Constitution or the Statutory Code, no member's rights, privileges or status in the Fraternity shall be affected by Fraternity's change in state of domicile.

ARTICLE XIV

Amendments

The Constitution may be rescinded, changed, or amended, and provisions hereof may be waived only by a three-fourths vote of the National Chapter. The Board of Directors shall submit any amendment to the Constitution to legal counsel for the Fraternity for its review. Any amendment that legal counsel subsequently advises the Board not to be in compliance with the Act shall have no effect.

 

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