SSA Member
Resource Book
Table of Contents
| Bylaws of the Soaring Society of
America (as amended to January 31, 1997) ...continued Articles XI and XII |
Article XI — Trusts
Section 1 — The Society does hereby create and establish the following Trusts for the purpose as set forth in reference to each Trust.
Section 2 — Each of the said Trusts shall be subject to the following General Rules and Regulations as set out in this section 2:
(a) Each Trust shall be administered by three (3) Trustees who shall be elected by the Board of Directors of the Society for a period of three (3) years each, or until their successors are elected and take office, with staggered terms, which shall commence on January the first of the year following their election, such that one vacancy will occur each year following establishment of the Trusts.
(b) In the event of the death, resignation, or physical or mental inability of any Trustee to carry out his or her function as such Trustee, a vacancy shall be declared and such vacancy shall be filled by the Executive Committee of this Society at its next meeting after such event occurs or by the Board of Directors at their next meeting, whichever meeting first occurs.
(c) All decisions and all policies relating to such Trusts shall be subject to majority vote of the three (3) Trustees for each Trust.
(d) That Trustees shall not be entitled to any compensation for the services connected with such Trusts but the Society may reimburse the Trustees for any and all necessary expenses incurred by them within the course and scope of their activities as such Trustees.
(e) No bond or other security shall be required of the Trustees and no Trustee shall be liable, except for his or her own willful misfeasance or default.
(f) The three (3) Trustees for each Trust are authorized to hold, manage, sell and invest and reinvest the assets of their Trust in such manner as such Trustees, in their absolute discretion, shall deem fair and proper, with full power to compromise, adjust or settle any claim against or in favor of such Trust.
(g) The three (3) Trustees for each Trust shall have the right to rely upon any statement of fact presented by the Society in reference to such Trust.
(h) Any checks or documents of withdrawal against the bank account or any other deposit accounts of any Trust shall require the signatures of two (2) of the said three (3) Trustees for such Trust. The Trustees for each Trust shall make a written financial report in reference to their Trust at the Annual Meeting of the Board of Directors of the Society. The Trustees for each Trust shall, under no circumstances, use the corpus or income therefrom of such Trusts for any other purpose except that as set forth hereinafter in reference to such Trust.
Section 3 — Trusts
(1) Trust Fund #1, also known as Life Membership Trust Fund. The income derived from the investment of these funds shall be deposited in the General Funds of the Society to cover the cost of servicing Life Members of this Society.
(2) Trust Fund #2, also known and designated as the Trophy Endowment Fund. The income from this Fund shall be used for the maintenance of and shipping costs of the du Pont, Eaton, and Stroukoff Trophies, and such other trophies as may be accepted by Board of Directors' action from time to time. Funds will be devoted to servicing a given trophy only to the extent of its endowment. Income over and above these costs shall be awarded annually to the recipient of such Trophies at the National Soaring Contest or annual awards banquet, as applicable.
(3) Trust Fund #3, also known and designated as the General Endowment Fund. Any income from this Fund shall be used solely for such purposes as may be designated each year by the Board of Directors of this Society at their annual meeting.
(4) Trust Fund #4, also known and designated as the Wolfgang B. Klemperer Memorial Fund, and representing contributions received by the corporation which are specifically designated for this fund; the income from this Trust Fund shall be periodically awarded as the Klemperer Award to the recipient thereof, and which recipient shall be designated and selected by the OSTIV organization and shall be the same as the OSTIV Plaque. Management of this Fund shall be governed by a Trust Agreement forming part of this Bylaws.
Trust Agreement
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1. Purpose: The purpose of the Fund is to finance an award in the memory of Wolfgang B. Klemperer, a pioneer in the field of the science of soaring flight. The income derived from the investment of the Fund is to be awarded as a prize to the recipient of the OSTIV Plaque, which is awarded from time to time by the Organisation Scientifique et Technique Internationale du Vol a Voile, OSTIV, an international organization devoted to the science of soaring. The prize is to be known as the Klemperer Award. As is the OSTIV Plaque, this prize is awarded to the person who has made a noteworthy scientific or technical contribution to soaring flight in the last few years, whilst earlier work will also be taken into account. |
| 2. Trust: The Fund is established as a Trust by resolution of the Board of Directors of THE SOARING SOCIETY OF AMERICA, INC. Custodial administration of the Trust Fund will be performed by the Trustee of the Trust Fund in accordance with Article XI of the Bylaws of THE SOARING SOCIETY OF AMERICA, INC. | |
| 3. Awards: The OSTIV organization has sole responsibility in the designation and selection of the recipient of the OSTIV Plaque, and hence the Klemperer Award. THE SOARING SOCIETY OF AMERICA, INC., through the Trustees of the fund, will transmit the award to the OSTIV, upon the request of the OSTIV, for formal presentation to its recipient as a part of the ceremony whenever the OSTIV Plaque is given. The amount of the award will represent the earned income from the Trust Fund during the period elapsing since the last previous award. The income is to be held within the Fund until transmittal of the award. | |
| 4. Solicitation: THE SOARING SOCIETY OF AMERICA, INC., may assist those persons who wish to solicit donations to the Memorial Fund. However, it is not anticipated that the SSA will divert funds or provide major effort to such solicitation. | |
| 5. Revokability: In addition to the procedures outlined in Article XI, Section 2 (h) of the Bylaws of THE SOARING SOCIETY OF AMERICA, INC., the Trustees may, in their absolute discretion, withdraw the award if the OSTIV organization dissolves, or changes the character and purpose of the OSTIV Plaque, in which case the Trustees must refer the matter to the Board of Directors of THE SOARING SOCIETY OF AMERICA, INC., for resolution. |
(5) Trust Fund #5, also known as the U.S. Team Trust Fund. The income from funds contributed to SSA for this Fund shall be used to help send U.S. teams to the biennial World Soaring Championships or, if the contest is held in the U.S., to help pay the expenses of SSA in conducting the contest.
(6) Trust Fund #6, also known as the SSA Designated Trust Fund. The income from funds contributed to SSA for this Fund shall be used for the purposes designated by the contributers, in proportion to the amounts in the Fund for the various purposes designated. This Trust and each addition to it are to be evidenced by written documents.
(7) Trust Fund #7, also known as the Robert L. Robertson Memorial United States Soaring Team Trust. Income generated by this Trust Fund shall be used to provide financial support for offsetting expenses associated with supporting a United States of America Soaring Team to compete in World Soaring Championships and as more particularly provided in that certain written Trust Agreement dated the 19th day of September, 1988 establishing this Trust and custodial administration of this Trust shall be pursuant to the aforesaid Trust Agreement establishing this Trust, with said Trust Agreement incorporated herein by reference for all purposes.
Article XII — Voting
Section 1 — In all cases in the above Articles, (except as to Art. X, Amendments, and Art. XI, Trusts), where the word election or vote is used, the single-transferable-vote system, otherwise known as the preferential voting system, will be the method used to determine a majority vote of persons and/or choices between candidates and/or propositions, except in the case where there are fewer than 50 ballots in which case the weighted-vote system will be used.
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