Bylaws

Objective of the Bachelier Finance Society

The objective of the Bachelier Finance Society is, through international contacts, the advancement of the discipline of finance through the application of the theory of stochastic processes, statistics and mathematics.

Activities will include:

  • seeking individuals and institutions who will organize international conferences to achieve the above objective
  • approving plans of volunteers who wish to organize conferences or sessions at other meetings
  • choosing/approving the official list of invited speakers for the conferences
  • approving other major issues associated with the conferences, e.g. dates, venue, timing and scope of publicity, proceedings and registration fees
  • assisting participants in attending the meetings
  • supporting relevant publications
  • establishing interrelationships between industry and academia
  • offering honorary membership of the Society

The organs of the Bachelier Finance Society

  • General Assembly, composed of the individual members. Any person or institution supportive of the objectives of the Society may become a member by sending a message by mail or e-mail to the Executive Secretary expressing her or his desire to become a member. A member may end her or his membership by sending a similar message. Dues are payable in respect of any calendar year during any part of which a member shall belong to the Bachelier Finance Society. Dues for any particular year are liable on the 31st of December of the preceding year. A member who is a year or more in arrears will be considered to have resigned from the Society. The General Assembly shall be the Society’s supreme authority. This authority shall be exercised through mail vote in the elections.

  • Council, composed of individual members. There shall be ten members of the Council. The term of office of a Council member shall be 4 years, beginning on January 1st in an even-numbered year. One-half ordinarily retires every two years, but members may be re-elected. The Council shall formulate the policies of the Society. The Council meets at least every second year; the meetings could take place through electronic means. The Council is elected by the members of the Society. If a Council member leaves before the end of his term, the remaining Council members are empowered to co-opt a new Council member.

  • Executive Committee, composed of the officers of the Society; Past President, President, Vice-President, Executive Secretary, Treasurer and two Council members selected by the Council. Council members may only serve on the Executive Committee as co-opted Council members, but not in any of the other Executive Committee positions. If a Council member joins the Executive Committee in any position other than co-opted Council member selected by the President, the remaining Council members are empowered to co-opt a new Council member.
    The Executive Committee shall conduct the affairs of the Society in accordance with the policies established by the Council. The Executive Committee can decide on organizational issues of the Society by absolute majority of its members. The Vice-President shall be elected by the membership for two years. Thereafter he shall automatically become the President. The Executive Secretary and the Treasurer serve two year terms, beginning on January 1rst in even-numbered years. They will be selected by the Executive Committee during the year immediately preceding their term of office. In the event of a vacancy occuring in either office, a new officer shall be nominated by the President and approved by the majority of the Executive Committee. These two officers may serve several consecutive terms. At the conclusion of their term of office, it shall be the responsibility of the President and the Executive Secretary to prepare a report to the Society about its activities during the last 2 years. This report shall be presented to the General Assembly at the ordinary meeting of the Society. At this time the funds of the Society and the relevant correspondence shall be transferred to the new Treasurer and the Executive Secretary.

Election

In January of odd numbered years a Nominating Committee shall be established. The Nominating Committee consists of the Past President, the President, the Vice-President and three individual members of the Society, chosen by the Executive Committee.

The members of this Committee will be ineligible to nominate themselves. The Nominating Committee shall solicit nominations for the Council and for the Vice-Presidency, and shall ascertain from each nominee that he is willing to serve. The Nominating Committee shall, not later than April1st in the year of its constitution, present its report consisting of candidates for the Vice-Presidency and the five Council positions that will become vacant. The Nominating Committee shall thereafter automatically be dissolved. The Executive Secretary shall submit the report of the Nominating Committee to the Council. The Council may nominate additional candidates, provided that each such nomination is sponsored by at least two individual members and submitted to the Executive Secretary not later than September 1st of the odd year.

Not later than October 1st, the Executive Secretary shall submit the names of the nominated candidates to the members of the Society for a secret mail vote. However, if there is only one candidate for the Vice-Presidency, this candidate shall be declared elected without vote. If there are exactly five candidates for Council, these candidates shall be declared elected without vote. Not later than December 15, the Executive Secretary shall count the votes in the presence of two members of the Society. Candidates receiving the majority of votes shall be considered elected. The Council decides on how to resolve any ties.

Meetings of the Society

  • The Society will aim at organizing every second year an international conference on finance with invited speakers and contributed research papers in keeping with the objectives of the Society. This does not exclude meetings at a higher frequency. At these conferences, meetings of the General Assembly, the Council and the Executive Committee will be held.
  • The Society may also organize and support smaller specialized conferences. These can be either regional meetings or conferences devoted to special topics.

Finance and secretariat

  • Financial resources of the Society shall be membership dues and such donations as the Society may obtain. The acceptability of any donation shall be decided upon by the Council.
  • The Society will offer three types of memberships:
    • individual memberships
    • institutional memberships
    • sponsoring memberships
  • The membership dues shall be decided upon by the Council.
  • The Society may undertake the administration and expenditure of grants and funds to be used for the purposes included in the objective of the Society (e.g. organization of special conferences, grants for young researchers, prizes for outstanding research papers). The control and expenditure of such means shall be administered by special committees appointed by the Council.
  • The Bachelier Finance Society is a non-profit organization.
  • The address of the Society is the address of the President.

Amendments to the statutes

Proposals to amend the statutes may be made in writing to the President by the Executive Committee or by any five members of the Council or by any ten members of the Society. Any proposal for the amendment of the Statutes shall be considered by the Council. If approved by a simple majority of the Council, the proposal shall be submitted to a mail vote of the membership. Ratification by the membership will require a simple majority of all those voting. The dissolution of the Society shall be treated as an amendment of its statutes.

Last updated 12 June 2001