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A Study of Student Loans and
The election of members under (6) and (c) must take place before the
annual meeting of the General Assembly, otherwise the election will be taken over
by the General Assembly. In case of members retiring before their term expires,
a replacement election for the rest of the period is to take place.
14
The Managing Board decides as to the budget and as to the establishment of
local branches. It can also propose by a two-thirds vote a change in the by-laws,
to be addressed to the General Assembly. If this majority cannot be obtained,
the Managing Board can by a simple majority call another meeting four weeks
later, at which again a two-thirds vote can decide on proposing a change in the
by-laws. Generally the Managing Board decides all cases which are not dealt with
by the Executive Committee and by the General Assembly. It has to work out the
number of loans distributed, to determine the rate of interest and the terms of
paying back the loan, and to prepare all the matters that are to be decided upon
by the General Assembly. It has also to make preparations for the elections.
The Managing Board has at least one meeting annually and besides that, at the
invitation of the President, can be called together at any time. Upon the written
application of at least one-third of the members of the Managing Board, a meeting
must be held within six weeks’ time. In pressing cases a mailed or wired decision
is possible.
15
A quorum of the Managing Board is twelve members. Matters are decided
by a simple majority. In case of a tie vote, the President decides the issue. The
members of the Managing Board with the exoeption of those under (c) receive
no compensation. The Managing Board decides its own procedure and fixes the
compensation for the members.
16
At least once a year the General Assembly has a meeting. Its date and
agenda are to be communicated in written form to the members at least ten days
ahead of time. An extraordinary meeting can be called by the President. It has
to be called by him within six weeks if at least one-fifth of the members require it
through a written application indicating the topics to be discussed.
17
The General Assembly listens to the annual report and receives the annual
accounts and votes approval of the Executive Committee. It has to choose members
of the Managing Board indicated in Paragraph 13 d and two representatives
of accounts. It has to decide by a two-thirds majority as to the proposals of the
Managing Board to change the by-laws.
18
Legal bodies, business firms, partnerships, and individual firms can be represented
in the General Assembly by an executive member or by their own member. It
is also permissible to transfer their representative and voting power to another
member of the firm or to another representative of the legal body, business
firm, etc.
