By-Laws

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ARTICLE I – NAME

The name of this organization shall be the Korea-America Economic Association (hereinafter referred to as the “Association”).

ARTICLE II – OBJECTIVES

The objectives of the Association shall be:
1. To encourage economic research and to promote professional communication among economists in all regions of the world.
2. To facilitate cooperation in research efforts among economic professionals in the academic, government, and corporate sectors who share interests in economic relations between Korea and the rest of the world.
3. To maintain close relations with professional organizations that share common scholarly interests and concerns with the Association; e.g., the American Economic Association, the Korean Economic Association, and other scholarly organizations.
4. To undertake such other activities as are deemed appropriate for a non-profit, professional organization and to foster the advancement of the members.
These objectives are to be furthered by various programs including periodic meetings, conferences, and informational services.

ARTICLE III – MEMBERSHIP

Any economic professional willing to pursue the objectives of the Association may apply for membership.
There shall be three categories of members: regular members paying the annual dues, life-time members consisting of those who qualify for life-time membership by making a single payment of the designated dues and exempt from annual dues, and non-voting junior members available to graduate students in Economics and related fields.
Any institution sharing the interests stated in the objectives of the Association may apply for non-voting institutional membership by making a payment of the designated dues.
Membership shall be granted, subject to approval of the Executive Committee, and upon submission of a written application and payment of the first year’s or life-time membership dues.
Membership status shall be maintained in good standing by attaining life-time member status or by paying annual membership dues.
Dues for each category of membership shall be determined by the Executive Committee.

ARTICLE IV – MEETING OF MEMBERS

There shall be an annual meeting of the members at a time and place determined by the Executive Committee (see Article V). At the annual meeting, there shall be a business session for a report of the Executive Committee and for other items of business. No quorum is required for the annual business meeting.
Special meeting(s) of the members may be called at times and at places determined by the Executive Committee, or by written request of at least ten (10) percent of the members in good standing. Twenty (20) percent of all Association members in good standing shall constitute a quorum for any special meeting of the members. In the absence of quorum, recommendations of such a meeting shall be circulated by mail (or e-mail) ballot with provision of thirty (30) working days. Approval of the recommendation requires a majority vote of all members in good standing.
All meetings of members shall be called on thirty (30) days’ notice.

ARTICLE V – OFFICERS

Officers of the Association shall be the President, the President-Elect, the Vice-President, the Executive Secretary, and the Treasurer, and constitute the Executive Committee.
The Executive Committee shall:
1. Manage the affairs of the Association.
2. Fill all vacancies in elected positions of the Executive Committee occasioned by death or resignation. Any such appointment shall extend only until a successor is duly elected by the members.
3. Call and organize meetings.
4. Administer the operational funds (as opposed to the long-term investment funds referred to in Article IX) of the Association.
5. Establish and appoint such committees as may be required.
Meetings of the Executive Committee
1. Meetings of the Executive Committee may be held at such times and places as are necessary to carry out the business of the Association.
2. A majority of the Executive Committee shall constitute a quorum.
3. Meetings of the Executive Committee may be called by the President.
4. The President chairs the meeting of the Executive Committee.

ARTICLE VI – DUTIES OF OFFICERS

The President shall be the Chief Executive Officer of the Association.
The President is responsible for the planning and development of the program activities of the Association, including conferences, seminars, workshops, participation in the programs of professional associations, and fundraising activities. The President shall act as the chief liaison with other professional organizations and as the primary communicate\or to the Association members.
The President-elect shall direct the membership activities of the Association, including communication with potential members.
The Vice President shall assist the President by carrying out duties assigned by the President. Duties of the Vice President may include, but are not limited to:
1. Act as the primary member responsible for all conferences other than the ASSA meetings.
2. Communicate with other research institutes, universities, and news media to promote cooperation in research and information gathering.
The Executive Secretary shall assist the President by carrying out duties assigned by the President. Duties of the Executive Secretary may include, but are not be limited to:
1. Communicate and correspond regularly with the American Economic Association for maintaining and nurturing programs;
2. Be responsible for the custody of all the documents of the Association;
3. Manage and maintain the website of the Association with the assistance of a webmaster;
4. Publish the newsletter, prepare and maintain the minutes of the Annual Meetings and the Executive Committee meetings, and handle balloting of an election or other resolution vote by members.
The Treasurer shall assist the President by carrying out duties assigned by the President. Duties of the Treasurer include, but not limited to:
1. Manage the operational funds of the Association;
2. Maintain accurate records of all dues and other monies flowing in and out of the Association;
3. Collect dues and other monies, issue checks for disbursements, file annual tax returns, and prepare reports of the financial condition of the Association for the annual business meeting;
4. Process applications for membership, update the membership list, and publish the membership directory of the Association, with the assistance of a webmaster.

ARTICLE VII – ELECTION AND TENURE OF OFFICERS

The Executive Committee shall appoint and announce three (3) members of a Nominating Committee by September 1. The President and the President-Elect shall be ex officio members of the Committee. The Committee members shall be the members of the Association in good standing (Article III.4) at the time of appointment. The President shall name the Chair of the Committee.
The nominees for President-elect and other officers shall have been members in good standing (Article III.4) at the time of their nominations.
The Nominating Committee shall submit to the President, by October 15, at least one name of a member to be considered as nominee for President-elect, and for each other elective office to be filled.
The Executive Secretary shall immediately announce the action of the Nominating Committee and compile the list of eligible voters consisting of members of good standing as of October 15. Additional nominations for any office may be made by a petition, delivered to the President by November 1, including signatures of not less than ten (10) percent of the members in good standing. Each petition shall nominate only one candidate for each elective office.
The election of officers by the membership shall take place by ballot, e-mail ballot, or electronic ballot conducted by the Executive Secretary.
The Executive Secretary shall distribute the ballots to all voting members no later than November 5 and set a deadline for receipt of ballots no later than December 1. The teller (or tellers) appointed by the President shall count the returning ballots and submit the results to the President immediately. The candidates with the highest number of votes for the various offices shall be elected as officers for the following year. The results of the election shall be certified and announced by the Executive Secretary by e-mail and on the KAEA website.
The term of office for each officer other than the President-Elect and Executive Secretary shall be one (1) year. The President-Elect shall automatically become the President in the following year. The term of the Executive Secretary shall be three (3) years and a current Executive Secretary can be re-elected for one additional term of three (3) years.

ARTICLE VIII – COMMITTEES, ADVISORY BOARD, RESEARCH INSTITUTE, AND REGIONAL COUNCILS

Committees

Standing and ad hoc committees shall be formed by the President at the President’s discretion in consultation with other members of the Executive Committee.

Advisory Board
The Advisory Board shall advise the Executive Committee in planning and executing mid- to long-term projects of the Association, and in conducting other matters that are pertinent to the objectives of the Association. The Chairperson of the Board shall be responsible for coordinating Board activities.
1. The Advisory Board shall function as the Board of Directors of the KAEA Research Institute (KARI), and shall appoint the Director of KARI by a simple majority vote of the Board members.
2. The Advisory Board shall overview the management of the long-term investment fund of the Association, in consultation with the Executive Committee (See Article IX). The Board shall have no budget of its own.
3. The Advisory Board shall be composed of three (3) members at-large, and two (2) ex-officio members, consisting of the incumbent President and the immediate past President. Board members at-large shall be nominated by the current Board members and shall be elected by the voting members of the Association in conjunction with the election of the Executive Committee. The election procedure for the Advisory Board shall follow the election procedure of the Executive Committee. The chairperson of the Board shall be elected by a simple majority vote of the Board members within thirty (30) days from the date of the election of the new Board members.
4. The term of office of the elected Board members shall begin immediately upon adjournment of the annual business meeting and shall extend to the adjournment of the third annual meeting following their election. The term of service may be renewed but is limited to two (2) consecutive terms. Vacancies occurring on the Advisory Board shall be filled by a majority vote of the Board for the unexpired term.
5. The President of the Association shall arrange for an annual joint meeting of the Executive Committee and the Advisory Board.

KAEA Research Institute

The KAEA Research Institute (KARI) shall solicit and coordinate research projects from the government, business and other research institutes for the members of the Association.

The Director of the Institute is appointed by the Advisory Board in consultation with the Executive Committee, and the Director may appoint an Associate Director and a Secretary. The Director shall submit an annual report to the Advisory Board at least thirty (30) days prior to the annual meeting of the Association.
The term of the Director shall be for two (2) years. The term may be renewed or terminated before the term expires, by the Advisory Board.
No part of the long-term investment fund or the Association’s budget shall be spent on activities of the KARI without the approval of the Executive Committee of the Association.

Regional Councils

In order to promote academic and professional interactions among the members of the Association, in particular with members in Europe, Asia and Oceania, the Association shall establish Regional Councils as a sub-organization.

The President shall govern the operations of the Regional Councils.
The President can appoint Council Representatives to facilitate the communication among members in each region through various channels including regional conferences and professional meetings.

KAEA-Korea

In order to facilitate operations of the KAEA in Korea, the Association shall establish KAEA-Korea () as a sub-organization.

In case there is a conflict between the Bylaws of the Association and the Bylaws of the KEAE-Korea, the Bylaws of the Association shall govern.
The President of the KAEA-Korea shall be nominated by the Executive Committee and be elected by a majority vote of the voting members of the Association at the Annual Meeting. The Executive Committee shall determine the terms of the officers of the KAEA-Korea.
The President of the KAEA-Korea shall act as a representative of the KAEA Regional Council in Korea.

ARTICLE IX – INVESTMENT GUARDIANS

Investment Guardians consist of at least two (2) members appointed by the President in consultation with the Advisory Board. The terms of the Investment Guardians shall in general be three years.
Investment Guardians shall manage the Association’s long-term investment fund (as opposed to the operational funds referenced in Article V). Investment Guardians shall make reports of the performance of long-term investment portfolio to the Advisory Board and prepare annual reports for the business meeting.
Disbursement of monies from the long-term investment fund must be approved in advance by the Advisory Board.
The primary objectives, in priority order, of portfolio allocations shall be safety and yield.
Investment Guardians shall manage the fund in accordance with Guidelines for KAEA Investment
Guardians.

ARTICLE X – SEVERANCE OF MEMBERSHIP

A member in good standing may resign by submitting a written resignation to the President. A resigned member may resume membership upon payment of current dues.
A member whose conduct has been prejudicial to the good of the Association or inconsistent with the Association’s objectives and by-laws may be terminated from the membership and/or any Association office by the two-thirds vote of the Executive Committee after the member has been notified of the charges against him or her, and has been given the opportunity to answer the charges in person, in writing, or by an authorized representative at least twenty (20) days in advance of the meeting at which such termination is to be discussed.

ARTICLE XI – RULES OF ORDER

The rules contained in Robert’s Rules of Order shall govern the parliamentary procedure of all meetings of the Association and its Committees in all cases to which they are applicable, and provided they are not inconsistent with these by-laws.
In the event of any inconsistency between Robert’s Rules of Order and these by-laws, the procedure specified in the by-laws shall prevail.

ARTICLE XII – INTERPRETATION OF BY-LAWS

All questions of interpretation of the by-laws shall be decided by the Executive Committee.

ARTICLE XIII – AMENDMENTS OF BY-LAWS

The by-laws may be adopted, annulled or amended by the affirmative vote of majority of the voting members at the Annual Meeting.
No such action shall be taken at the Annual Meeting unless the change in the by-laws is proposed by the Executive Committee or by written request of at least ten (10) percent of members in good standing, nor unless notice of the proposed change shall have been mailed (or e-mail) by the President to each voting member at least thirty (30) days in advance of the Annual Meeting.

Amended in January, 2018