ARTICLE I.
\nNAME
\nThe name of this organization shall be the Louisiana Trustee Education Council. Said name is the creation and exclusive property of the three founding members of the Board of Directors, and may not be used in support of any cause or enterprise without the consent of a majority of said Board of Directors.<\/p>\n
ARTICLE II.
\nBOARD OF DIRECTORS
\nThe Board of Directors (hereinafter, the Board) consist of the three founding members of the organization, plus such other members as a majority of the Board may elect to add from time to time for good cause. The three founding members are:<\/p>\n
Richard J. Hampton, Jr., President
\nWarren J. Lawrence, Vice President
\nFrank L. Jobert, Jr., Executive Director<\/p>\n
The Board may for good cause add or delete positions on the Board; may name new or replace members as necessary, or may terminate members of the Board after appropriate deliberation, by majority vote of the Board. The Board shall appoint an Executive Director who may but need not be, a member of the Board. The Executive Director shall coordinate the scheduling of educational programs and speakers, arrange meeting schedules and locations, and conduct other routine business of the organization, subject to oversight and policy guidance of the Board.<\/p>\n
ARTICLE III.
\nPURPOSE
\nThe purpose of the Louisiana Trustee Education Council (hereinafter referred to as the Organization or LATEC) shall be to encourage and facilitate the education of its membership in all matters related to their duties as the holders of trust assets by those bearing a fiduciary responsibility for such assets. Therefore, LATEC will develop and conduct educational programs and networking opportunities among trustees, administrators and staffs of pension funds designed to foster and maintain the level of expertise demanded of fiduciaries under applicable law so that they may better serve their members and their respective funds.<\/p>\n
ARTICLE IV.
\nMEMBERSHIP
\nThe corporation shall include, subject to the limitations cited, the following classes of membership:<\/p>\n
A. The BOARD OF DIRECTORS who shall be voting members of the corporation. Board membership shall initially consist of the three founding members of the corporation. The number of Board members may be increased by a majority vote of the Board from time to time. The Board may for good cause add or delete positions on the Board; may name new or replace members as necessary, or may terminate members of the Board after appropriate deliberation, by majority vote of the Board. The Board shall be responsible for directing the affairs of the corporation and for development of policy of the corporation.<\/p>\n
B. Three non-voting categories of membership are established:
\nPROFESSIONAL membership is open to any individual in Louisiana serving in a fiduciary capacity, as defined by law, at time of application for member- ship. Professional memberships may also consist of Agency memberships for designated administrators or staff members who are not necessarily acting in a fiduciary capacity of their respective organization(s). Acceptance and approval of membership is subject to ratification by the Board of Directors.<\/p>\n
BUSINESS membership is open to organizations and industry service providers with demonstrated interest and expertise in one or more of the various business activities necessary to the prudent management of assets held in trust. In order to be considered for membership, an organization should indicate interest in communication to the Executive Director of LATEC.<\/p>\n
Applications of interest will be presented to the Board of Directors who will vote on potential members after determining that the applying organization meets membership criteria. Upon acceptance, an invoice will be sent to the organization for the current year\u2019s dues. Membership is for the period of one calendar year and is contingent upon receipt of dues. Educational conference sponsorship and participation will be offered to Business members. Educational speakers will also be solicited from among Business members possessing expertise, willingness and availability.<\/p>\n
ADVISORY membership may be offered to individuals considered by the Board to possess expertise or capabilities which will further the stated purpose of the organization.<\/p>\n
The term of membership of Professional members shall be twelve calendar months, and shall be automatically renewable upon payment of the appropriate dues. Business and Advisory members will serve at the pleasure of the Board.<\/p>\n
DUES:
\nThe dues for Professional members (individual and agency) shall be set by the Board of Directors. The dues for Business members shall likewise be set by the Board of Directors. Dues shall be used exclusively to further the educational and professional purposes of the organization for the benefit of the membership at large, and to pay the necessary administrative expenses.<\/p>\n
TERMINATION OF MEMBERSHIP:
\nMembers may terminate from the organization by written or oral notice to the Board. Membership will automatically terminate thirty days following the anniversary of membership if dues are not paid. The Board may terminate membership privileges for any person whose actions are considered likely to bring discredit upon the organization or the fiduciary profession.<\/p>\n
NON-LIABILITY:
\nThe responsibility of the individual members of the organization is limited to diligent participation in its professional educational affairs. No financial liability or obligation (other than payment of established dues) to the organization or any other entity is conferred or implied by said membership.<\/p>\n
ARTICLE V.
\nMEETINGS
\nThe organization will meet monthly. At said meetings, the program may consist of formal presentations on any of the various topics related to the responsibilities of a fiduciary, as well as discussion of any other matters necessary to the business of the organization.<\/p>\n
ARTICLE VI.
\nCOMMITTEES
\nThree standing committees are established: Education and Conference, Finance and Audit, and Legislative. Other ad hoc committees may be established as necessary. The President will appoint the members of all committees, and will serve as an ex officio member of each committee. Committee members will elect their own chairs by majority vote.<\/p>\n
ARTICLE VII.
\nPROHIBITIONS
\nNeither the organization nor anyone acting on its behalf will make any political endorsements nor openly support any partisan political faction or cause.<\/p>\n
ARTICLE VIII.
\nEDUCATION
\nA. MONTHLY. The organization will hold meetings at which speakers selected for their professional expertise will address the members on subjects pertinent to trust management. All such presentations shall be developed and offered in a manner designed to enhance the level of skill, knowledge and expertise required by law in the following areas, among others:<\/p>\n
1) THE ROLE OF THE FIDUCIARY
\n2) PRUDENT INVESTMENT MANAGEMENT
\n3) ETHICS
\n4) MONEY MANAGER EVALUATION AND SELECTION
\n5) THE ROLES AND RESPONSIBILITIES OF INVESTMENT CONSULTANTS
\n6) INVESTMENT TYPES AND OPPORTUNITIES
\n7) ASSET ALLOCATION STRATEGY
\n8) MARKET TERMINOLOGY
\n9) RISK MANAGEMENT
\n10) THE TRUST CODE<\/p>\n
B. SEMI-ANNUALLY: The organization will sponsor extended sessions on one or more topics as suggested by members and\/or determined by the Board to be of the most immediate and lasting value to the membership.<\/p>\n
C. ANNUALLY: The organization will support one annual national educational conference featuring speakers, sponsors, and participants from throughout the state and country with knowledge and expertise on topics of interest and concern to the membership.<\/p>\n
ARTICLE IX.
\nRESOLUTIONS
\nAny member of the organization may raise pertinent issues to any Board member for inclusion in the agenda of meetings. After appropriate discussion, those matters deemed relevant to the proper business of the organization may be submitted in resolution form for a vote of the membership, to establish the formal position of LATEC on the issue.<\/p>\n
ARTICLE X.
\nAMENDMENTS
\nThe Board may from time to time, on its own initiative or at the request of any other member, consider amendments to these bylaws. Any such amendments will lay over for thirty days before final action by the Board.<\/p>\n
ARTICLE XI.
\nDISSOLUTION
\nUpon the winding up and dissolution of this corporation, after payment or adequately providing for the debts, obligations and liabilities of the corporation, the remaining assets of this corporation shall be distributed to such organization(s) selected by the Board which has been organized and operated exclusively for charitable or educational purposes and which has established its tax-exempt status under Section 501 (c) of the Internal Revenue Code of 1986 (or the corresponding provision of any future United States Internal Revenue Service law or code).<\/p>\n","protected":false},"excerpt":{"rendered":"
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