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CONSTITUTION AND BYLAWS
(as amended 12/02/04)

Article I-Name

The name of this organization shall be the "Nebraska Actuaries Club".

Article II-Purpose

The purpose of the Club shall be the exchange of information and ideas relating to actuarial theory and practice, the promotion of Actuarial Science in educational institutions, and the fostering of closer relationships among those engaged in actuarial pursuits.

Article III-Membership

Any person employed in, or resident of, the State of Nebraska whose ethical standards meet those established by the American Academy of Actuaries and who meets one of the following qualifications is eligible to apply for membership:

Is a member in good standing of a recognized actuarial body, or
Has demonstrated an initial commitment to the profession with demonstration defined by the Board of Directors, or
Occupies an actuarial position with the Nebraska State Insurance Department, or
Was a member according to previous membership requirements.
Membership may be applied for by completing the appropriate application form. An applicant will be admitted to membership as soon as the Secretary-Treasurer finds that the applicant meets all the qualifications for membership. A rejection of, or lack of action on, the application by the Secretary-Treasurer may be appealed to the Board of Directors. In that case the applicant will be admitted for membership if approved by a majority vote.

Article IV-Termination of Membership

If a member of the Club no longer meets the requirements for membership as listed in Article III, that person's membership in the Club shall terminate immediately and no dues shall be refunded. If the Board of Directors finds that a member of the Club has violated the ethical standards requirement, whether or not the American Academy of Actuaries has acted on such violation, that person's membership in the Club shall terminate immediately and no dues shall be refunded.

Article V-Officers

The officers shall consist of a President and a Secretary-Treasurer.

Article VI-Duties of Officers

The President shall preside at all meetings of the Club, shall organize the committees detailed in these bylaws, and shall perform any and all other duties which ordinarily appertain to the office.

The Secretary-Treasurer shall keep the official records of the Club, including a copy of the Constitution and Bylaws with all amendments thereto, a list of the membership, the minutes of all regular and special meetings, and such reports as may from time to time be approved for the record. The Secretary-Treasurer shall collect dues, pay all bills which have been approved by the Club and submit a Treasurer's report at the annual Board meeting as well as perform any and all other duties which ordinarily appertain to the office. The Secretary-Treasurer shall also be responsible for determining the qualifications of applicants for membership in the Club and for serving on the Internet Committee. In the absence of the President, the Secretary-Treasurer will preside.

The officers shall handle, or delegate, all publicity and public relations matters of the Club. Both officers shall be members of the Program Committee.

Article VII-Election of Officers

The Secretary-Treasurer shall be elected according to the procedures of Article XII for a term of one (1) year. At the end of such one-year period, or in the event of a vacancy in the office of the President, the Secretary-Treasurer shall automatically become the President. In the event of a vacancy in the office of Secretary-Treasurer, a new Secretary-Treasurer shall be elected in a special election as defined in Article XII. The Board will work with the remaining officer and/or officer candidates to cover the job responsibilities until the next regularly scheduled or special election, if a vacancy should occur.

Article VIII-Board of Directors

The Board of Directors shall consist of six (6) voting members of the Club plus one (1) non-voting liaison. Of the six voting members, one (1) shall be the previous year's President (who shall be the Chair), one (1) shall be the current year's President and one (1) shall be the current year's Secretary-Treasurer. Each one of these three (3) members shall serve on the Board of Directors for one (1) year or for the length of their office tenure, if different. Three (3) additional members of the Board of Directors shall serve as elected members. Each year, one (1) such Board member shall be elected according to the procedures of Article XII to serve for a term of three (3) years. No elected Board member may be immediately reelected to the Board and not more than two elected members of the Board shall work in the same city or metropolitan area on the date that the newest member is elected. The non-voting liaison Board member will represent the occupant of the University of Nebraska's Chair of Actuarial Science.

If a vacancy occurs in the elected membership of the Board of Directors, a new Board member shall be elected to fill the remaining term in a special election as defined in Article XII.

Article IX-Duties of the Board of Directors

The Board of Directors shall consider long-range goals and objectives of the Club and the manner in which such goals and objectives can be achieved. The Board may make decisions involving expenditures of the Club's funds, not to exceed three thousand dollars ($3,000) and involving other matters where it appears not to be practical to call a special meeting of the Club or await the next scheduled meeting. The Board will also be responsible for nominating members to be voted on for the offices of Secretary-Treasurer and Board member, for appointing a Committee for the Chair of Actuarial Science, for defining a a minimum initial commitment required for membership and for ruling on the question of whether members meet the ethical standard requirements for membership in the Club, all as detailed in these bylaws. In addition, the Board Chair should audit the Club's financials periodically throughout the year as well as at the end of the Club year. When relevant, the Board Chair, or the Chair's designee, shall make a report at each business meeting of the Club relating all actions taken on behalf of the Club and suggesting actions to be taken by the Club to adopt and implement plans formulated by the Board.

Article X-Meetings

There shall be held when possible four (4) regular meetings during each Club year, two (2) fall meetings which shall be held between September 1 and January 31 and two (2) spring meetings which shall be held between February 1 and June 30. However, when possible, at least forty-five (45) days should separate the first spring meeting and the last spring meeting. The date of each such regular meeting shall be fixed jointly by the President and the Secretary-Treasurer. Special meetings may be called at any time by the President on request of at least five (5) members and notification of each member of the Club in writing at least five (5) days in advance of such meeting.

Article XI-Quorum

The members present at any regular or special meeting shall constitute a quorum for the transaction of business.

Article XII-Election Procedure

The procedure for conducting a regular election for the office of Secretary-Treasurer and Board member shall be as follows:

At least two (2) members will be nominated for each Secretary-Treasurer and Board member position by the Board of Directors and such nominations will be distributed to the Club membership at least ten (10) days prior to the first regular spring meeting;

At the first regular spring meeting, additional nominations for each position will be taken from the floor;

At least thirty (30) days in advance of the last spring meeting, the Secretary-Treasurer shall prepare and distribute to each Club member an election ballot with instructions for voting at least five (5) days prior to the last spring meeting;

The new Secretary-Treasurer and the Board member shall be elected by the highest number of valid votes cast by members in the regular election. Terms start immediately following the last spring meeting.

The new Secretary-Treasurer and new Board member will be announced at the last spring meeting.

When a special election for the office of Secretary-Treasurer and/or Board member is necessary, the procedure shall be as follows:

At least two (2) members will be nominated for each vacant Secretary-Treasurer and/or Board member position by the Board of Directors and such nominations will be distributed to the Club membership at least ten (10) days prior to the next regular meeting, if possible;

At the election meeting, additional nominations for each position will be taken from the floor;

The new Secretary-Treasurer and/or the Board member shall be elected by the highest number of valid votes cast by the members present at the special election.

If the Board of Directors determines that it would not be practical to wait until the next regular meeting of the Club to hold a special election, a special election may occur using a format determined by the Board and following the intent of the special election rules outlined in this Article.

Article XIII-Program Committee

A Program Committee consisting of the President (Committee Chair), the Secretary-Treasurer and at least four (4) members appointed by the President shall arrange the programs for the meetings.

Article XIV-Arrangements Committee

An Arrangements Committee consisting of two (2) members shall be appointed by the President and shall select the place for holding each meeting and make the appropriate arrangements.

Article XV-Internet Committee

An Internet Committee consisting of at least two (2) members shall handle the duties of maintaining the Club's website. Committee members shall include the Secretary-Treasurer (Committee Chair) and the Webmaster. The Secretary-Treasurer may appoint additional members.

Article XVI-Scholarship Committee

A Scholarship Committee consisting of four (4) members shall handle all scholarship matters of the Club. The Board Chair shall be a member for one (1) year and serve as the liaison to the Board. In addition, each year one (1) new member shall be appointed by the President to serve for a term of three (3) years. The Chair of the Scholarship Committee will be the member serving the final year of the three (3) year commitment.

Article XVII-Committee for the Chair of Actuarial Science

The Board of Directors shall appoint a Committee for the Chair of Actuarial Science. There shall be at least five (5) members, each member to be currently employed by or retired from a firm that has contributed to the Fund for the Chair of Actuarial Science (the "Fund") in the preceding 12 months. The Committee shall advise the University of Nebraska Foundation on the use of, and authorize the disbursement of, all property held by the Fund and such other funds as may be established under the auspices of the Foundation for the benefit of actuarial education. The Committee shall seek to assist the University of Nebraska in employing (1) a qualified individual as occupant of the Chair of Actuarial Science and (2) such additional staff as may be eligible to receive financial support from any fund referred to in this Article. The Committee may undertake such other efforts as it deems proper to assist the Chair of Actuarial Science and its occupant, including, but not limited to, establishment of subcommittees. Any such subcommittee may include any member of the Club or any other individual. This committee shall provide an annual report to the Board of Directors.

Article XVIII-Dues

Annual membership dues shall be set by the Board of Directors, shall be assessed against all those who are members on September 1, and shall be due on the date of the first Club Meeting held on or after September 1. No dues will be refunded if an individual's membership terminates after September 1. Members approved for membership after September 1 need not pay dues until the following Club year. It shall be the duty of the Secretary-Treasurer to notify or cause to be notified in writing any member whose dues are two months in arrears. One month from the date of notification, if the dues remain unpaid, the member shall cease to be a member of the Club. Such delinquent member may, however, be reinstated by reapplying for membership according to Article III and upon payment of such arrears of dues.

Any member who has become totally disabled or has reached retirement age, and who notifies the Secretary-Treasurer in writing that the member has retired from active actuarial work, shall be exempted from the payment of dues which otherwise become payable during such disability or retirement. In addition, if a Club member is involuntarily unemployed when dues are assessed, the Club member may be exempted from the payment of dues for one year if the Secretary-Treasurer is notified in writing.

Article XIX-Amendments

Proposed amendments to the Constitution and Bylaws shall be distributed to the Club members at least thirty (30) days prior to the meeting at which such amendments are to be acted upon. Such amendments shall become effective if approved by two-thirds (2/3) of the members attending such meeting.