Article I - Name
The name of this organization shall be the "ECONOMIC DEVELOPERS COUNCIL OF ONTARIO INCORPORATED" hereinafter termed the "COUNCIL".
Article II - Objects
- The objects of the Council shall be to provide a medium of conference and the interchange of ideas on principles, practices and ethics in the field of Economic Development in the Province of Ontario. Development implies any legitimate activity that will promote the establishment of productive, commercial, distribution and tourism facilities.
- The Council shall be a deliberative body. It may submit recommendations to its membership on subjects relating to practices and procedures in the field of development.
- Further it may, at the direction of the membership, make representations related to its objectives to government, businesses, organizations and individuals.
Article III - Membership
- The Council shall be composed of Active, Associate, Retired and Student and Honourary Life members.
- The Membership of the Council shall be limited to individuals who are charged with the specific responsibility for performing or supervising the performance of others, or who are studying or retired in the field of Economic Development in the Province of Ontario as hereinafter specified in the By-Laws(Reference By-Law 11).
Article IV - Government
The government of the Council, the direction of its affairs and the control of its property, shall be vested in a Board of Directors, which shall consist of ten members, nominated and elected in such a manner as is hereinafter prescribed in the By-Laws, and the Immediate Past President, who shall be a voting member.
Article V - Meetings
The Annual, General and Special meetings of the Council shall be called in accordance with the By-Laws.
Article VI - Referendum
The Board of Directors may submit a question to the voting members for a mail referendum vote, the ballot for such vote to be accompanied by briefs stating both sides of the question. When so stated in the request, the wishes of the majority of the members voting, shall be final, and the Board will thereupon take action in accordance with the By-Laws.
Article VII - Funds
- Funds for the operation of the Council shall be raised by annual fees from members, by special fund raising projects and by special assessments which may be levied from time to time by a vote of the members at any general or annual meeting of the Council.
- The Board of Directors, subject to the By-Laws, shall prescribe the form and procedure for receiving and disbursing all funds due as entrusted to the Council. All the moneys belonging to the Council shall be deposited in a chartered bank, to be designated by the Board of Directors, and such moneys may only be drawn out by cheque, bearing the signature of the Treasurer or such other signatures as the Board of Directors shall appoint and designate by By-Law.
- The Board of Directors shall have the power to hold, sell or lease real estate, or mortgage same, and to enter into contracts of any kinds, furthering the purpose of the Council provided, however, that no such purchase, sale or mortgage of real estate shall be made until approved by a majority vote of the Active Members voting on a referendum or at an annual general meeting of the Council.
- The funds and property of the Council shall be used and applied to and for such purposes only as may best promote the particular objects stated in Article II of this Constitution.
- At the Annual Meeting, or as may be required by a majority vote of the Board of Directors, there shall be submitted a statement of the Council's finances.
- A complete audit of the books and accounts of the Council shall be made at least once a year by a firm of Chartered Accountants, all duly appointed as hereinafter specified in the By-Laws (By-Law XVI).
- The Board of Directors shall have the power to enter into any employment or other contracts to provide administrative services and/or any consultive service to achieve the objectives of the Council.
- (H) EDCO Reserve Policy
- 1. Set a goal of six months operating expenses to be accumulated over time.
- 2. Reserve funds are increased each year, when possible, until a goal amount is reached.
- 3. The use of reserve funds is to fund future obligations due to revenue shortfall, or potential special expenses not considered as part of normal annual budgeted expenses.
- 4. The use of reserve funds must be approved by an open vote of the Board of Directors and must be approved by a minimum of 67% of the EDCO Board of Directors.
- 5. The withdrawal of reserve funds requires two signatures of either the President, Treasurer or Executive Director.
- 6. Excess income from the reserve funds once at the goal level (as per # 1) may be used to funds special projects and approved (as per 4 & 5)
- 7. Reserve funds are to be invested only in high interest savings accounts, GIC, or money market funds and must remain in accessible financial vehicles.
- 8. Reserve funding report will be provided as part of EDCO's annual financial statements.
Article VIII - Amendments
- This Constitution may be amended by a seventy-five percent (75%) majority vote at any general membership meeting, or at any meeting called specifically for that purpose, which is attended by thirty percent (30%) of the Active membership in good standing, provided that such proposed amendment or amendments shall be plainly stated in the call for the meeting, at which it or they are to be considered.
- Due notice by mail to every member of the Council, at which amendments are to be considered, must be given at least fourteen(14) days prior to the time of the meeting.
Article IX - Enactment
This constitution shall be effective immediately upon adoption by the Active membership of the Council.