ARTICLE I - NAME

      The organization shall be named the Korea-America Economic Association.

    ARTICLE II - OBJECTIVE

    1. The objective of the Association shall be:
      1. To encourage economic research and to promote professional communication among Korean economists residing in the North American Continent.
      2. To facilitate cooperation and participation in research efforts among economics professionals in the academic, government and corporate sectors who share interests in economics relations between North America and Korea and among the Pacific rim nations in general.
      3. To maintain close relations with professional organizations that share the same scholastic interests and concerns; e.g. , the American Economic Association, the Korean Economic Association, Association for Asian Studies, and the Committee on Asian Economic Studies.
      4. To sponsor programs, and publications and to conduct such other activities as are appropriate for a non-profit professional society, and to foster the advancement of the members.
    2. These objectives may be furthered by professional means, including , but not limited to:
      1. Professional meetings and conferences.
      2. Information services.
      3. Technical publications.
    3. The term professional as used herein does not imply an attempt at certification or determination of qualifying standards for the practice of economics. The term is used to denote the professional concerns of members of a learned society.

    ARTICLE III - MEMBERSHIP

    1. Any economic professional willing to pursue the objectives of the Association may apply for membership. Graduate students in economics and related fields may apply for non-voting, junior membership.
    2. Any institution sharing the interests stated in the objectives of the Association may apply for institutional membership upon payment of the first year's duties, as may be determined by the Association.
    3. Membership shall be granted, subject to approval of the Executive Committee, upon submission of a written application and payment of the first year's duties, as may be determined by the Association.

    ARTICLE IV - MEETING OF MEMBERS

    1. There shall be an annual meeting of the members at a time and place determined by the Executive Committee (see Article VI). At the Annual Meeting there shall be a business session for the report of the Executive Committee for consideration of changes in the by-laws, and for other items of business.
    2. 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 20 members.
    3. All meetings of members shall be called on at least thirty (30) days within notice.
    4. Twenty-five percent of all Association members shall constitute a quorum for any business meeting of the members. Any decision or approval of the meeting requires the majority vote, except for amendments of the by-laws (see ArticleXVI). In the absence of quorum, recommendations of such a meeting shall be circulated for approval by mail ballot with provision of thirty (30) working days for recording disapproval of the recommendation.

    ARTICLE V - THE FOUNDING BOARD

    1. The present members (i.e. members of the Association as of September 30, 1984) shall constitute the Founding Board. The Board is the body to advise and supervise the founding process of the Association.
    2. Until the Association is formally organized , the Founding Board shall execute the function of the Meeting of Members defined in Article IV above.
    3. The rules for convening meetings of the Founding Board shall be the same as for the Meeting of Members of the Association.

    ARTICLE VI - THE EXECUTIVE COMMITTEE

      The President, the President-Elect, a Vice-President, an Executive Secretary, and a Treasurer shall constitute the Executive Committee which 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 shall be duly elected by the members.
      3. Call and organize meetings.
      4. Invest and administer the funds of the Association.
      5. Establish and appoint such committees as may be required.

    ARTICLE VII - MEETINGS OF THE EXECUTIVE COMMITTEE

    1. Meetings of the Executive Committee may be held at such times and places as are necessary to carry on 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 VIII - ELECTION AND TENURE OF MEMBERS OF THE EXECUTIVE COMMITTEE

    1. The officers of the Executive Committee (i.e. the President, President-Elect, Vice President, the Executive Secretary, and the Treasurer) shall be elected by letter ballots of the members (see Article XVI).
    2. The Executive Committee shall appoint a nominating committee no less than one hundred and twenty (120) days prior to the beginning of the term for which an election is to be held.
    3. The Nominating Committee shall prepare the official ballot containing the names of candidates it selected and any other persons nominated by three percent (3%) or more of the membership.
    4. Official ballots shall be mailed to all the members at least thirty (30) days prior to the due date for return of ballots. Ballots must be returned by a date specified by the President and in a sealed envelope bearing each member's signature.
    5. The ballots shall be counted by tellers appointed by the President and the results announced to the members.
    6. The term of office for each officer other than the President-Elect and Executive Secretary shall be one year. The President-Elect will automatically become the President in the following year. The term of the Executive Secretary shall be three (3) years and can be reelected for one more term of three (3) years. (See Article XVI).

    ARTICLE IX - DUTIES OF OFFICERS

    1. The President shall be the Chief Executive Officer of the Association, performing all duties required by the by-laws or, if not there specified, by the Executive Committee.
    2. The President is responsible for the planning and development of the program activities of the Association, including conferences, seminars, workshops, luncheons, and participation in the programs of professional associations. The President is also responsible for overall liaison with other professional organizations and is the primary communications link between the Association and its members.
    3. The President-Elect shall chair the Membership Committee and direct the membership activities of the Association, including solicitation mailings and other communication with potential members, processing of applications for membership, updating of membership lists and publication of the Association's Membership Directory.
    4. The Vice President shall be responsible for publications, to chair the Publications and generally to direct the professional publication activities of the Association, including corporate arrangements with professional journals as well as undertaking publications of abstracts, conference proceedings and other material. Approval of publication activity rests with the Executive Committee.
    5. The Executive Secretary shall assist the President by carrying out duties assigned by the President and by working as a member of the Executive Committee. Duties of the Executive Secretary will be directed by the President and may include, but not be limited to:
      1. Communicate and correspond regularly with the American Economic Association and the Korean 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 web site of the Association and the membership directory
      4. Publish the newsletter and prepare the minutes of the annual meetings and the executive committee meetings, and the routine of all elections.
      5. Communicate with other research institutes, universities and news media to promote cooperation in research and information gathering.
      6. Assist the Treasurer in filing annual tax return, if necessary.
    6. The Treasurer shall manage the funds of the Association, keep dues records, collect dues and other monies and deposit same in a bank, issue checks for disbursements, keep accounting records and prepare reports of the financial condition of the Association.

    ARTICLE X - COMMITTEES, ADVISORY BOARD AND RESEARCH INSTITUTE

    1. Committees Standing and ad hoc committees shall be appointed by the President in consultation with other members of the Executive Committee.

       

    2. Advisory Board
      1. The Advisory Board shall advise the Executive Committee in planning and executing midterm to long-term projects of the Association, in soliciting financial support for the Association, in preparing for grant proposals to funding organizations, and in other matters that are pertinent to the objectives of the Association. The Chairperson of the Board is responsible for coordinating Board activities.
      2. The Advisory Board shall function as the Board of Directors of the KAEA Research Institute (KARI), and shall appoint the Director of the KARI by the simple majority of the Board members.
      3. The Advisory Board shall supervise, and determine the release of, the long-term investment of the Association. The board shall have no budget of its own.
      4. 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 letter ballots of the voting members of the Association in conjunction with the election of the Executive Committee, and the election procedure shall follow the election procedure of Executive Committee. The chairperson of the Board shall be elected by a simple majority of the board members within thirty (30) days from the date of the election of the new Board members.
      5. 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 limited to two consecutive terms. Vacancies occurring on the Advisory Board shall be filled by a majority vote of the Board for the unexpired term.
      6. For the at-large Board members of the year of 2003, the incumbent President shall nominate the candidates in staggered terms of one (1) to three (3) different years. First year members serving less than three (3) years shall be considered to be serving one full term if they are nominated to the second term.
      7. The President of the Association shall arrange for an annual joint meeting of the Executive Committee and the Advisory Board.

       

    3. KAEA Research Institute
      1. 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.
      2. The Director of the Institute is appointed by the Advisory Board, and the Director may appoint an Associate Director and a Secretary. The Director shall submit the annual report to the Advisory Board at least thirty (30) days before the annual meeting of the Association.
      3. The term of the Director shall be for two years. The term may be renewed, or terminated before the term expires, by the Advisory Board.
      4. No part of the long-term investment or the association's budget shall be spent on activities of the institute without the approval of the executive committee of the association.

    ARTICLE XI - FEES AND DUES

    The categories of membership will be determined by the Executive Committee. Each member shall pay such annual dues as may be determined from time to time and prescribed by the Executive Committee.

    ARTICLE XII - SEVERANCE OF MEMBERSHIP

    1. A membership in good standing may resign by submitting a written resignation to the President. A resigned member may resume membership upon payment of current dues.
    2. A member whose conduct has been prejudicial to the good of the Association or inconsistent with its objectives and by-laws may be dropped from the membership and any office by the two-thirds vote of the Executive Committee after the member has been notified at least twenty (20) days in advance of the meeting as to 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.

    ARTICLE XIII - RULES OF ORDER

    1. 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.
    2. In the event of any inconsistency of Robert's Rules of Order and these by-laws, the procedure specified in the by-laws shall prevail.

    ARTICLE XIV - INTERPRETATION OF BY-LAWS

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

    ARTICLE XV - AMENDMENTS OF BY-LAWS

    1. The by-laws may be adopted, annulled or amended by the affirmative vote of majority of the members voting by letter or at the Annual Meeting.
    2. 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 twenty (20) members, nor unless notice of the proposed change shall have been mailed by the President to each member at least thirty (30) days in advance of the Annual Meeting.

    ARTICLE XVI - FOUNDING THE ASSOCIATION

    1. For the officers of the year of 1985, all of the president, president-elect, vice president, secretary-general, and treasurer shall be elected at the same time, but from the year of 1986, only the last four positions shall be elected.
    2. For the election of the officers in the year of 1985, the Founding Board shall function as the Association as a whole, and the Founding Committee (formed August 24, 1984) shall undertake the role of the Executive Committee defined in Article VI. The Founding Committee shall be dissolved right after the Executive Committee is formed by the first election of the Association.

    ARTICLE XVII - EFFECTIVENESS OF THE BY-LAWS

      These by-laws shall become effective immediately after it is adopted by the two-thirds of the majority of the Founding Board.

      The By-Laws amendment to replace the Secretary General with the Executive Secretary has been approved in 1999 by the general membership and shall become effective immediately. The first election of the Executive Secretary shall take place in 1999 for active duties beginning in year 2000.