the Gamma chapter house of Phi Sigma Kappa Fraternity, located at Cornell
University is owned by the Gamma alumni and whereas the age of the structure
requires periodic costly maintenance, it is the intent of this document
to establish a capital fund dedicated to maintaining the house in first
class operating order thus ultimately relieving PSK active members from
the full burden of capital maintenance.
name of the fund will be “The PSK Gamma Capital Fund.” It
will be established at Scottrade located in Sarasota, Florida. The fund
will be conservative in nature and will be managed by a Board of Directors
chosen first from among the contributors and subsequently elected by
the members. The basic concept is that annually 5% of the total value
of the fund will become available to the Gamma chapter of PSK for capital
improvement purposes only.
- Initially the
fund will be overseen by Stephen S. J. Hall, who has initiated the concept.
He will serve for 3 years.
- When 10 donors
have been recognized, they will be asked to vote for 4 persons from
that group who will then become members of the Board of Directors of
the fund along with Stephen Hall. Directors serve for 3 years. However
of the initial election, two of the will serve for 2 years and the other
two will serve for 1 year in order to create staggered terms. The number
of Directors shall be no less than 5 and no more than 7, the exact number
to be set by the Board when established.
percent of the board members shall be considered a quorum and all
votes will be by simple majority. The Board will elect officers as
follows: Chairman/Secretary, Vice Chairman and Treasurer. A two thirds
affirmative vote by the Board of Directors will be required to withdraw
and funds from the fund. Each board member will have total access
to the fund at all times.
the fund reaches the sum of $100,000 (or sooner if economically feasible)
it will be made a registered, legal trust and will be placed with
a trust institution such that management remains with the Board but
the intended use will remain in perpetuity.
the Gamma chapter of PSK should ever cease to exist at Cornell for
a three year period, the fund, in its entirety will be used to establish
a Phi Sigma Kappa scholarship fund either at Cornell University or
at the national Phi Sigma Kappa organization. The decision as to which
organization will receive the funds will be made by the members of
the fund in total, members being defined as those who have contributed
excluding those on the Board of Directors. Voting will be based on
one person, one vote regardless of the amount contributed. A quorum
shall be 51% of the members and voting, other than changes to bylaws,
will be by simple majority of the quorum.
Stephen Hall and ultimately the Board of Directors will be required
to issue a semi annual report to all contributing members showing
the value of the fund, the holdings, the contributors (without specific
amounts), and the use of the proceeds. When the fund reaches $100,000
said report will be annual.
records of the fund will be completely open to contributor members
at all times upon request.
powers of the Board will be:
a. Insure that the fund is used as intended
b. File all Federal and/or state requirements
c. Hold annual Board of Director elections
d. Conduct fund raising programs
e. Publish semiannual and annual reports
- The powers of the
Contributor members will be:
a. To elect Directors
b. To determine where the fund is to be located
c. To determine the disposition of the fund if required
will not be compensated nor will they be reimbursed for expenses other
than those set forth in section 11.
only expenses that can be charged to the fund by the Directors are:
a. Expenses related to publishing the semiannual report
b. Expenses related to annual filing of government reports and/or
government levies such as taxes.
c. Reproduction, labeling and postage expenses relating to a Director
authorized fund raising mailing.
d. Expenses relating to Director indemnification when the fund reaches
These bylaws may be changed at any time by a 2/3 vote of all member
contributors who have received 30 days notice of the proposed change(s).
Hall can be contacted at
Stephen S. J. Hall ‘56
8755 Misty Creek Drive
Sarasota, FL 34241
Fax: 941-925 8755
contributions should be sent to Stephen Hall who will deposit them
and send the contributor a written notification of deposit.