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2022 Proposed Amendments Mar/Apr 2022 | Vol. 79 No. 2

60 b. The scholarship fee paid twenty-five percent (25%) of
(cont.) by a member shall be divided its induction fees and annu-
as follows: al dues until the total of the
(1) one hundred percent current assets in its Permanent
(100%) to the state orga- Fund is not less than thirty
nization fund if the chap- percent (30%) of its Available
ter does not maintain a Fund annual income, at which
chapter scholarship fund time further allocations shall
or twenty percent (20%) to be made as provided in the In-
the state organization fund ternational Standing Rules.
if the chapter does main- c. Each state organization
tain a chapter scholarship with a headquarters facility
fund. eighty percent (80%) shall follow the above (Sec-
retained by the chapter tion F. 3. b.) formula. When
having a chapter scholar- the percentage has been
ship fund. reached, the state organization
c. Rules governing inter- executive board may reduce
national scholarships shall or discontinue further alloca-
be recommended by the tions.
Scholarship Committee and d. Each state organiza-
approved by the Executive tion which does not have
Board. Rules governing state a headquarters building
organization scholarships should maintain an avail-
shall be approved by the state able fund reserve which
organization executive board. is not less than one year’s
3. The Permanent Fund - inter- operating expenses.
national and state organization (1) State organizations
a. The Society and each state without a headquarters
organization shall maintain a building are not required
permanent fund. to maintain a permanent
b. The Society shall set fund; but are required
aside for its Permanent Fund to maintain an available
twenty-five percent (25%) of fund reserve. These state
its induction fees and annual organizations without a
dues until the total of the headquarters building
current assets in its Permanent shall set aside up to twenty
Fund is not less than thirty percent (20%) of their state
percent (30%) of its Available organization dues until
Fund annual income, at which the total of the available
time further allocations shall fund reserve equals one
be made as provided in the year’s operating expenses
International Standing Rules. at which time the state or-
c. Each state organization ganization executive board
with a headquarters facility may reduce or discontinue
shall follow the above (Section further allocations.
F. 3. b.) formula. When the (2) The available fund
percentage has been reached, reserve may be used at the
the state organization exec-
utive board may reduce or discretion of the state orga-
discontinue further allocations. nization executive board.
d. Each state organization e. Investment income from
which does not have a head- the international Permanent
quarters building should Fund shall be allocated to the
maintain an available fund international Available Fund

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