JIC Constitution

Article I
Name and Purpose

This organization shall be known as the Hans H. Jenny Investment Club (herein referred to as "JIC").

The purposes of this organization shall be:

to manage the assets of the Wooster Student Aid Fund, Inc., formerly an Ohio not-for-profit corporation;
to receive and manage additional funds from benefactors of the College of Wooster (herein referred to as the "College");
to offer annually educational scholarships for foreign students of the College. The proceeds of which will come from capital gains and security income, as specified in JIC Bylaws; and
to provide its Trustees with an educational opportunity of learning about the financial markets.

Article II
Membership

Any member of the College community is eligible to be a Trustee of JIC. After attending three (3) consecutive meetings of JIC and presenting a research report to the group, an eligible applicant will become a Trustee of JIC, and as a Trustee, may vote on any and all JIC business.

To remain a Trustee, one shall be present for at least fifty per cent (50%) of the votes which occur during one's tenure and provide at least one research report per semester.

Article III
Officers & Elections

JIC shall have four officers (a President, Executive Vice President, Secretary, and Comptroller) elected from and by the Trustees of JIC and one adviser appointed by the President of the College with the advice and consent of the Trustees of JIC.

Section 1: Elected Officers

· The President shall be responsible for the overall operation of JIC, and shall preside over all meetings of its Trustees.

· The Executive Vice President shall supervise the routine function of JIC, the Vice President shall take charge of weekly reports on the portfolio, coordinate the research done by the Trustees, and execute all orders of the Trustees in managing the portfolio. Should the office of President be temporarily or permanently vacant, the Executive Vice President shall assume, for whatever time necessary, the office of President.

· The Secretary shall maintain the permanent records of JIC, including the minutes of its meetings and attendance of its Trustees and shall be responsible for all JIC communications, including the sending of weekly meeting notices and providing any necessary correspondence.

· The Comptroller shall maintain the financial records of JIC, i.e. its Journals and Ledger, and prepare them for periodical audits.

The election of the aforementioned officers shall be held during the second week of April. A majority of those trustees present, voting in secret ballot, shall be necessary to elect each officer for a term beginning the day of the election and ending at an election to be held in the next year.

Should any elected office, except the office of President, become vacant, a special election to fill such office shall be held within three (3) weeks of the vacancy.

Section 2: Advisor

The Advisor shall represent the College officially at all JIC meetings and shall offer to either the President and/or JIC advice on issues of controversy or importance. The adviser shall be an ex officio member of JIC and shall have the right to vote.

Section 3: Treasurer

The Treasurer of the College, by nature of office, shall be the custodian of JIC's funds.

Article IV
Meetings

JIC shall meet weekly during the academic year on the campus of the College. The President, however, may call special meetings when urgent business is pending.

Article V
Amendments

This Constitution may be amended by a three-fourths (3/4) majority of all Trustees listed in the recording Secretary's records. Previous notice of fourteen (14) days shall be required before an amendment may be adopted, and all amendments shall be subject to the veto of the President of the College.

 

The Bylaws of the Hans H. Jenny Student Investment Club

Bylaw #1:
Investment Guidelines

The investment decisions of JIC shall be concurrent with the WSAF Investment Policy adopted by the WSAF Trustees on May 7, 1980.

Bylaw #2:
Investment Votes

All investment decisions, i.e., the trading of securities, must be approved by a two-thirds (2/3) majority of those Trustees present at any meeting.

Bylaw #3:
Quorum

A quorum shall consist of a majority of Trustees listed active by the Recording Secretary.

Bylaw #4:
Parliamentary Authority

The Parliamentary Authority of JIC shall be Roberts Rules of Order, newly revised.

Bylaw #5:
Amendment

These Bylaws may be amended by a two-thirds (2/3) majority of Trustees present at any meeting.

JIC Investment Policy

1. To concentrate our common stock investments in companies which, in our opinion, will outperform the market in the period for which the stock was bought, will have relatively high rates of growth, and will have earnings growth above the rate of inflation;

2. To invest in financially sound companies which generate most of their total cash requirements internally and earn an adequate return on investment within their industry;

3. To emphasize investment in those companies which benefit from proprietary ability or ownership of valuable natural resources;

4. To seek established smaller companies with exceptional potential, relating to the amount of our investment to the appraised risk, but avoiding restricted securities;

5. To weigh carefully the extra risk associated with companies which are heavily dependent on government funding, and generally to avoid companies whose operations and profits are normally subject to intensive government regulation;

6. To consider securities of companies in whose managements we have confidence;

7. To avoid situations where potential conflicts of interest might interfere with our investment decisions;

8. To buy securities in amounts that do not exceed 10% of the market value of the total portfolio at the time(s) of purchase.

9. To create a portfolio where cash should not exceed 40%; bonds, 25%; conservative growth stocks or income stocks, 40%; growth stocks, 80%; and special situations, 10%.

10. To investigate companies thoroughly enough so that the Trustees have three or more different sources (both factual and opinion oriented) on which to judge a company;

11. To invest in bonds that have a potential for an annualized total return greater than the rate of inflation.

Adopted by vote of the
Trustees of the Fund May 7, 1980

Hans H. Jenny Investment Club