SECTION 1 Title 1 Title 2 Title 3

Maryland, Delaware, & District of Columbia

LINKS

WILLIAM J. JERNICK MEMORIAL FUND

SECTION 1. There is established the WILLIAM J. JERNICK MEMORIAL FUND, the corpus of which shall be invested in income producing property and securities, and the income of which shall be applied from time to time in such a manner as the Board of Directors may determine, for the furtherance of charitable, educational and benevolent activities.

SECTION 2. The WILLIAM J. JERNICK MEMORIAL FUND shall be administered by a five (5) member Board of Directors, one from each of the five (5) Districts of the Association.

Directors shall serve a term of five (5) years, with one new Director being appointed each year on a rotating basis (same as the President) through the Districts. The appointment of Directors shall be made by the President of the Association on the recommendation of the Advisory Committee. Directors shall serve no more than two (2) consecutive terms. Directors shall be bonded.

The promotional, collection, and distribution activities associated with the functioning of the WILLIAM J. JERNICK MEMORIAL FUND shall be handled by the William J. Jernick Memorial Fund Committee as established in ARTICLE VII - COMMITTEES, SECTION 26 of these BY-LAWS and as directed by the William J. Jernick Memorial Fund Guidelines.

SECTION 3. That the Board of Directors of the WILLIAM J. JERNICK MEMORIAL FUND are hereby granted and given plenary powers to promote, develop, and administer the said FUND to accomplish its charitable, educational and benevolent purposes; that the said Directors be, and are authorized and empowered to receive from any source any moneys, securities, or other property, and to sell, transfer, and reinvest the same in such a manner as shall best safeguard the FUND and assure the continuity of its income. That the Directors shall serve without salaries or emoluments. The necessary expenses to administer the FUND shall be paid by the Maryland, Delaware and District of Columbia Elks Association. The Board of Directors shall report to the Advisory Committee at Advisory Committee meetings and to the Association at Association meetings. The disbursement of all moneys from the FUND shall be by the Treasurer member of the Board of Directors after the appropriate approvals.

ARTICLE IX >