ARTICLE I - NAME
The name of this organization shall be the ACTUARIAL SOCIETY OF GREATER NEW YORK, which shall be referred to in this Constitution and the Bylaws as "ASNY." ASNY was formerly known as ACTUARIES' CLUB OF NEW YORK and changed its name to ASNY effective October 29, 1987.

ARTICLE II - PURPOSES
The purposes of ASNY shall be

1. to further the development of actuarial science and knowledge;
2. to assist in the continuing education of its members;
3. to hold meetings regarding matters of interest to members and which permit an interchange of ideas and good fellowship;
4. to assist in the education of actuarial students in the greater New York area.

ARTICLE III - MEMBERSHIP
An actuary whose place of business or residence is in the greater New York area shall be eligible for membership in ASNY as provided by the Bylaws. Continuation and termination of membership in ASNY shall be as provided in the Bylaws.

ARTICLE IV - OFFICERS AND COMMITTEES
Section 1. Officers
The officers of ASNY shall consist of:

• President
• President-Elect
• Vice President - Continuing Education
• Vice President - Membership
• Vice President - Annual Meeting
• Vice President - Public Relations
• Vice President - Student Education
• Treasurer
• Secretary

Section 2. Terms of Office
The term of office for each elected Officer shall be one ASNY year. 

At the end of his or her term, the President-Elect shall succeed to the office of President for the following ASNY year. Also, in the event of a vacancy in the office of President, the President-Elect shall immediately become President. No member may serve more than one term of office as President-Elect or President except that an interim term served to fill an unscheduled vacancy shall not disqualify a member from serving a complete term of office. 

No member shall be elected to serve simultaneously in more than one office, and no Officer shall serve as a member of the Audit Committee.

Section 3. Committees
The Committees of ASNY shall consist of:

• an Executive Committee;
• a Nomination Committee;
• an Audit Committee;
• a Continuing Education Committee;
• a Membership Committee;
• an Annual Meeting Committee;
• a Public Relations Committee;
• a Student Education Committee; and
• such other Committees as may be established by the Executive Committee in accordance with the Bylaws

The Officers of ASNY shall constitute the Executive Committee. The President, the President-Elect, and the Secretary shall serve on the Executive Committee as Chairperson, Vice-Chairperson and Secretary, respectively.

Section 4. Elections
The Officers of ASNY and the members of the Audit Committee shall be elected from the membership by the members present and voting at the Annual General Meeting of ASNY.

At each Annual General Meeting, the President-Elect shall be elected to serve a term of one ASNY year in that office to be followed by a term of one ASNY year as President, and the five Vice-Presidents, the Treasurer and the Secretary shall be elected to serve terms of one ASNY year of office each. At each Annual General Meeting, one member shall be elected to serve a term of three ASNY years on the Audit Committee.

Members elected to office or to membership on the Audit Committee shall commence to serve their terms at the beginning of the ASNY year following the Annual General Meeting at which they were elected.

Section 5. Vacancies
Remaining terms of offices vacated during an ASNY year shall be filled as provided in the Bylaws.

Section 6. Duties
The duties and powers of Officers and Committees not specifically fixed by this and other Articles of the Constitution shall be as provided in the Bylaws.

ARTICLE V - ANNUAL GENERAL MEETING
There shall be an Annual General Meeting of the membership, within each ASNY year, at which elections shall be held. The President shall act as Chairperson at the Annual General Meeting.

ARTICLE VI - FINANCES
Section 1. Financial Objectives
ASNY shall be a non-profit organization.

Section 2. Membership Dues
The annual membership dues shall be established as provided in the Bylaws.

ARTICLE VII - BYLAWS
ASNY shall adopt Bylaws, not in conflict with this Constitution, for the purpose of implementing the objectives of ASNY under the Constitution.

ARTICLE VIII - USE OF FINANCIAL RESOURCES: DISSOLUTION
The funds of ASNY shall be devoted exclusively to the purposes stated in Article II of this Constitution. No part of the net earnings of ASNY shall ever inure in whole or in part to the benefit of any member or individual. If ASNY is to be dissolved, then the Executive Committee shall transfer all of ASNY's remaining assets upon dissolution to one or more organizations organized and operated exclusively for purposes similar to those of ASNY.

ARTICLE IX - AMENDMENTS
Section 1. At General Meeting
This Constitution may be amended by the affirmative vote of at least two- thirds of the members present and voting at a general meeting of the members. Bylaws may be amended by the affirmative vote taken of the majority of the members present and voting at a general meeting of the members. The text of proposed amendments to the Constitution or Bylaws shall be distributed to all members at least 30 days before such general meeting, together with a notice that a vote on the proposals will be taken at the meeting.

Section 2. By Mail
If a proposed amendment is submitted to the membership by mail, this Constitution may be amended by the affirmative vote of a majority of the members returning valid ballots within 60 days of the date ballots are mailed to the membership. However, no amendment by mail shall be effective unless at least 20% of the members cast votes within 60 days after the date ballots are mailed to the membership.

Individuals who are members as of the dates ballots are mailed to the membership shall be entitled to vote in a mail ballot.

ARTICLE X - EFFECTIVE DATE
This amended Constitution shall become effective August 17, 2005.

(A brief note regarding the last changes in ASNY's Constitution: On September 19, 2000, the Membership at the annual meeting voted to add Article VIII to the Constitution. Old Article VIII became new Article IX and old Article IX became new Article X. At that meeting, the title of Vice- President Annual Meeting was approved by the Membership, replacing Vice- President Program. At the same meeting, the Membership voted against changing the title of Vice-President Public Relations to Vice-President Career Services, and the Executive Committee withdrew their amendment to change the title of Vice-President Membership to Vice-President Web Site. On September 17, 1998, the Membership at the annual meeting voted to add the second sentence to Article I which states that ASNY was formerly known as the "Actuaries' Club of New York.")

ARTICLE II - ASNY YEAR
Until June 30, 2006, each ASNY year shall commence on the 1st day of July and terminate on the next following 30th day of June. The period from July 1, 2006 through December 31, 2006 will be treated as an ASNY year. Effective January 1, 2007, each ASNY year shall coincide with the Calendar Year, commencing on the 1st day of January and terminating on the next following 31st day of December.

ARTICLE III - MEMBERSHIP
Section 1. Eligibility
Members of the Society of Actuaries or the American Academy of Actuaries or Enrolled Actuaries shall be eligible for membership in ASNY.

Section 2. Effective Date of Membership
The membership of an eligible individual shall become effective when the individual applies for membership and pays the required dues, if any.

Section 3. Termination of Membership
Membership shall be terminated effective immediately in the event of failure to meet the eligibility requirement of Section 1 of this Article or upon receipt by ASNY of a written communication that a member requests termination of membership. Membership shall also be terminated if membership dues as assessed are not paid within three months after they first become due in an ASNY year; such termination shall become effective 30 days after the member is notified by mail that his or her membership will terminate if such dues are not paid within 30 days. If a member's place of business or residence changes so that neither remains in the greater New York area, his or her membership will terminate after the ASNY year during which such change takes place unless the member elects to continue his or her membership by continuing to pay the required membership dues.

ARTICLE IV - OFFICERS AND COMMITTEES
Section 1. Duties of the Executive Committee
The Executive Committee shall be responsible for the following:

• determining the general policies to be followed by ASNY;
• issuing directives and providing guidance to all Committees and Officers of ASNY;
• reviewing ASNY accounting and other financial statements;
• adopting a budget and levels of membership dues and program fees;
• establishing Committees as may be needed;
• establishing guidelines in accordance with Article VI;
• establishing procedures for filling unscheduled vacancies in ASNY offices;
• establishing an investment policy for funds held by ASNY; and
• conducting such other business as it considers to be in the interest of ASNY.

The Executive Committee may be called into session by the President, President-Elect or the Treasurer.

Section 2. Duties of the President
The President shall preside over the meetings of the Executive Committee and the Annual General Meeting and shall appoint members to any special Committees as may be needed. The President shall also conduct the election at the Annual General Meeting.

Section 3. Duties of the President-Elect
The President-Elect shall perform the duties of the President in the event the President is absent at a meeting or unable to perform. The President- Elect shall also perform such duties which may be assigned to him or her by the President or the Executive Committee.

Section 4. Duties of the Vice Presidents
The five elected Vice Presidents shall serve as Chairpersons of their respective Committees in accordance with Guidelines that may be adopted by the Executive Committee. Each Vice President shall appoint members to his or her Committee in order to carry out the functions of the Committee.

Section 5. Duties of the Treasurer
The Treasurer shall:

• administer the Treasury of ASNY;
• prepare an accounting statement for the preceding ASNY year;
• prepare and file any regulatory forms, and shall arrange for an audit thereof by the Audit Committee; and
• propose a scale of annual membership dues and a budget for the current ASNY year.

Section 6. Duties of the Secretary
The Secretary shall take minutes at all Executive Committee meetings and shall be responsible for routine correspondence of ASNY which does not involve the activities of any Committee.

Section 7. Duties of the Audit Committee
The Audit Committee shall conduct an audit of the accounting statement for the preceding ASNY year, shall report on the findings of the audit to the members at the Annual General Meeting, by mail, or by email notice and posting on the ASNY website not later than six months following the end of the ASNY year for which such audit was performed and shall carry out such other supervisory functions of the financial affairs of ASNY as may be requested of it by the members. The Audit Committee shall establish procedures for filling unscheduled vacancies in the Audit Committee. The three members of the Audit Committee shall elect form among themselves the Chairperson of the Audit Committee.

Section 8. Duties of the Nomination Committee
The Nomination Committee shall prepare a slate of nominations for elections to terms commencing at the beginning of the following ASNY year. The President during the preceding ASNY year shall be the Chairperson of the Nomination Committee. Such past President shall appoint at least two other members to serve on the Committee. If such past President is no longer a member of ASNY, the most recent past President who is a member of ASNY shall serve as Chairperson of the Nomination Committee.

ARTICLE V - FINANCES
Section 1. Expenditures
The expenditures of ASNY shall be those which are necessary so that its programs and activities can be appropriately organized and implemented.

Expenditures by the Treasury of ASNY shall be in accordance with an annual budget as approved by the Executive Committee, which makes adequate provisions for reasonable flexibility and which recognizes the objectives, responsibilities and fiscal condition of ASNY.

Section 2. Income
The income of ASNY shall be for the sole purpose of keeping the financial condition of ASNY sound and stable, with due regard for the accumulated surplus of ASNY and forthcoming expenditures budgeted or estimated.

Section 3. Investment Policy and Liquidity
The funds of ASNY shall be in cash or invested so that reasonable liquidity will be preserved at all times in a portion of the funds.

The Treasurer shall make specific decisions on the investment of funds under the policy established from time to time by the Executive Committee.

Section 4. Membership Dues
Each member not exempt in accordance with these Bylaws shall be assessed membership dues in accordance with a policy established by the Executive Committee.

Membership dues shall be payable as of the beginning of each ASNY year.

Section 5. Financial Support for Programs and Activities
The funds of ASNY shall be used solely for the purposes of ASNY as determined by the Executive Committee.

Section 6. Assessments to Participants in Programs and Activities
Officers and Committees organizing programs or activities shall determine appropriate fees, if any, for such programs or activities, in accordance with a policy determined by the Executive Committee. Each Officer or Committee organizing a program or activity shall be responsible for the collection of the fees determined for such program or activity. An accounting for such fees and all expenditures for each such program and activity shall be made to the Treasurer under procedures that the Treasurer and/or the Executive Committee shall prescribe.

ARTICLE VI - GUIDELINES
The Executive Committee shall, from time to time, adopt Guidelines, not in conflict with the Constitution or these Bylaws, for the purpose of providing the Officers and Committees of the Club with guidance for the discharge of their duties.

ARTICLE VII - EFFECTIVE DATE
These amended Bylaws shall become effective August 17, 2005.