Phi Sigma Kappa
Gamma Chapter

PSK Gamma Capital Fund

Bylaws

Whereas 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.

The 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.

  1. Initially the fund will be overseen by Stephen S. J. Hall, who has initiated the concept. He will serve for 3 years.
  2. 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.
  3. Sixty 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.
  4. When 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.
  5. If 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.
  6. 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.
  7. The records of the fund will be completely open to contributor members at all times upon request.
  8. The 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
  9. 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
  10. Directors will not be compensated nor will they be reimbursed for expenses other than those set forth in section 11.
  11. The 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 $100,000.
  12. 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).
  13. Stephen Hall can be contacted at
    Stephen S. J. Hall ‘56
    8755 Misty Creek Drive
    Sarasota, FL 34241
    Phone: 941-926-8755
    Fax: 941-925 8755
    Cell: 941-228-7671
  14. All contributions should be sent to Stephen Hall who will deposit them and send the contributor a written notification of deposit.
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