CONSTITUTION AND BYLAWS
AS AMENDED AT THE 39TH CONVENTION OF SAID ASSOCIATION
IN THE YEAR 2005
PANCRETAN ASSOCIATION OF AMERICA
ESTABLISHED OCTOBER 14, 1929
IN CHICAGO, ILLINOIS
Pancretan Association of America
32-33 31st Street
Astoria, New York 11106-2652
T A B L E O F C O N T E N TS
CONSTITUTION
Article 1 NAME
Article 2 PURPOSE
Article 3 BOARD OF DIRECTORS
Article 4 OPERATIONS
Article 5 LIFE OF THE ASSOCIATION
Article 6 FISCAL YEAR
Article 7 HOLIDAYS OF THE ASSOCIATION
Article 8 REGALIA OF THE ASSOCIATION
Article 9 CONVENTION POWER AND AUTHORITY
Article 10 AMENDMENTS TO BY-LAWS
Article 11 CONVENTION VOTING RIGHTS
Article 12 CONVENTION ELECTION RULES BY-LAWS
Article 1 VALIDITY OF PRESENT BY-LAWS
Article 2 MEMBERSHIP OF THE PANCRETAN ASSOCIATION OF AMERICA
Article 3 CHAPTERS
Article 4 DISTRICTS
Article 5 BOARD OF DIRECTORS
Article 6 EXECUTIVE COUNCIL
Article 7 INVESTMENTS AND FUND RAISING BOARD
Article 8 PRESIDENT
Article 9 VICE PRESIDENTS
Article 10 GENERAL SECRETARY
Article 11 TREASURER
Article 12 DISTRICT GOVERNORS
Article 13 LEGAL ADVISOR
Article 14 GENERAL SUPERVISOR
Article 15 WOMEN'S EXECUTIVE DIRECTOR
Article 16 SCHOLARSHIP CHAIRMAN
Article 17 YOUTH SUPERVISOR
Article 18 YOUTH PRESIDENT
Article 19 AUDITOR/GENERAL
Article 20 CULTURAL AND EDUCATIONAL COMMITTEE CHAIRMAN
Article 21 PAA SYSTEMS ADMINISTRATOR
Article 22 CONVENTION DIRECTOR
Article 23 HANC REPRESENTATIVE
Article 24 REVENUE OF THE ASSOCIATION
AND EXPENDITURES
Article 25 SCHOLARSHIPS
Article 26 CENTURY CLUB
Article 27 DONORS
Article 28 MAGAZINE KPHTH
Article 29 PANCRETAN ENDOWMENT FUND
Article 30 FUNERAL EXPENSE FUND
Article 31 CULTURAL AND EDUCATIONAL COMMITTEE
Article 32 CONVENTION AGENDA
Article 33 CONVENTION EVENTS
Article 34 CONVENTION BUSINESS
Article 35 CODE OF CONDUCT AND
DISCIPLINARY PROCEDURE
Article 36 PROPERTY LOCATED IN FLORIDA
EPILOGUE
ORGANIZATION AND FIRST
EXECUTIVE COUNCIL
PAST PRESIDENTS OF THE PANCRETAN
ASSOCIATION OF AMERICA
OATH OF OFFICE
PRAYERS:
INVOCATION
BENEDICTION
DECLARATION OF TRUST VENIZELION
SCHOLARSHIP FUND CULTURAL AND
EDUCATIONAL ENDOWMENT FUND
CONSTITUTION AND BYLAWS
OF THE
PANCRETAN ASSOCIATION OF AMERICA
AS AMENDED AT THE 39TH CONVENTION OF SAID ASSOCIATION
IN THE YEAR 2005
CONSTITUTION
ARTICLE 1
NAME
The Cretan Chapters in the United States and Canada unite in a confederation, which
will be hereafter known as the Pancretan Association of America. (The Association)
ARTICLE 2
PURPOSE
The purpose of the Pancretan Association shall be:
1. To promote and develop social ethnic and cultural relationships and mutuality among
all Cretans and their descendants residing in the United States and Canada.
2. To promote and develop education through scholarships and otherwise; to raise
voluntary contribution and funds and to distribute such funds to legally recognized
philanthropic institutions and educational, charitable, or cultural purposes.
3. To inspire and encourage loyalty and devotion to each member to his adopted
country and its flag, obedience of its constitution and laws and to instruct and encourage non
citizen members to become citizens of their respective countries.
4. To give such moral encouragement and assistance as necessary to the members and
Chapters of the Association.
5. To promote throughout the world, and especially in the United States of America, a
better and more comprehensive understanding of Crete and its history and culture.
ARTICLE 3
BOARD OF DIRECTORS
The Board of Directors shall consist of no less than five (5) nor more than thirty (30)
members.
ARTICLE 4
OPERATIONS
The operations of the Association shall principally be conducted in the State of New
York or any other State or territory in the United States or Canada where descendants of the
Island of Crete, Greece, may reside. The official headquarters of the Association shall be New
York City, New York. The administrative headquarters shall be in the city where the
President resides.
ARTICLE 5
LIFE OF THE ASSOCIATION
The life of the Association shall be perpetual and shall continue as long as there
remains more than one Chapter. In the event of dissolution, its property and funds will be
distributed among philanthropic institutions by a Special Convention called for that purpose.
ARTICLE 6
FISCAL YEAR
The fiscal year of the Association shall begin on June 1 and end on the 31st day of May.
ARTICLE 7
HOLIDAYS OF THE ASSOCIATION
Each Chapter of the Association shall on the 8th day of November of each year
commemorate, with a solemn memorial, the Holocaust of Arcadi and the Cretan Heroes who
on that day sacrificed their lives for their Faith and Country. On the 13th day of March of
each year, each Chapter shall commemorate, with a solemn memorial, the death of the great
son of Crete, Eleftherios K. Venizelos, the sole Honorary President of the Association. The
office holidays for the Association shall be celebrated on the 14th day of October, the
anniversary date of its organization and on May 20, the anniversary date of the Battle of Crete.
ARTICLE 8
REGALIA OF THE ASSOCIATION
The Seal of the Association shall bear in the center a facsimile of the Island of Crete
with the Monastery of Arcadi, two Cretan Hatchets crossed, and a laurel wreath centered by
the Orthodox Cross. In the border shall be the words "PANCRETAN ASSOCIATION OF
AMERICA." A field of blue with a white centered cross--and upper left corner of red with
white star.
ARTICLE 9
CONVENTION POWER AND AUTHORITY
1. The Biennial Conventions of the Association are vested with the highest legislative
executive power in the Association. The Biennial Convention of the Chapters shall entertain
and resolve any and all questions presented concerning the Association. The convention shall
have the power to call upon the officers of the Executive council for an accounting. It shall
have the power to authorize the expenditures of monies and to designate the objects, purposes
and manner for which the same shall be expended. It shall have the power to prepare the
budget for the following two years and to determine the source of its revenue. Each
Convention shall be the judge of the election and qualification of its members, shall elect its
officers. shall arbitrate any differences between Chapters, and shall have the exclusive right to
amend the Constitution and By-laws.
2. The resolutions adopted by the Conventions of the Association are binding upon the
chapters regardless of whether they have been represented by Convention delegates.
3. The determination of all issues or matters which concern the Association in general
and those concerning each Chapter, member or person in relation to the Association and not
provided for by the Constitution and By-Laws, shall be left to the discretion of the Executive
Council.
ARTICLE 10
AMENDMENTS TO CONSTITUTION & BY-LAWS
All Constitution and Bylaw Amendments must be presented at the National Convention.
Constitutional changes shall require an affirmative vote of three-fourths (3/4) of the
registered voting strength at the convention. Bylaw changes shall require an affirmative vote
of two-thirds (2/3) of the registered voting strength of the convention. If there were not
enough people on the floor to vote on a change, the Chair would have the authority to add
the amendment to the ballot. Voting may be done by secret ballot. Issues determined to be
operational in nature shall only require a majority vote of the delegates present to pass.
ARTICLE 11
CONVENTION VOTING RIGHTS
1. One vote to each officer of the Board of Directors, Past President of the P.A.A. and
Past Women's Executive Director.
2. Each Chapter shall have the following number of votes based upon its membership
as follows:
MEMBERS VOTES
15 - 25 1
26 - 50 2
51 - 75 3
76 - 100 4
101 - 125 5
126 - 150 6
151 - 175 7
etc. etc.
3. The following conditions and restrictions apply to convention voting rights:
(a) A Past President or Past Women's Executive Director must be
a member in good standing of his/her Chapter;
(b) An Officer, Past President or Past Women's Executive
Director gives up his/her vote when he/she votes as a Chapter delegate;
(c) An Officer who is also a Past President or Past Women's
Executive Director, may cast only one vote.
(d) If the Chairman of the Investments and Fund Raising Board is
absent, the member who has served the longest term thereon
may vote in his place;
(e) Every Chapter shall have the right of at least one delegate in
the convention, providing that it has at least fifteen members
in good standing. If the membership of a chapter, which has
existed over five years, drops to less than 15 members, they
shall have the right of one vote.
(f) Each delegate must be a qualified member in good standing
in their Chapter;
(g) A Chapter shall not be represented in the Convention by a
delegate or member of another Chapter.
(h) In the event a delegate does not attend the Convention, the
vote shall be assigned to the alternates in the order listed on
the delegate sheet. In case alternate delegates are not present,
the vote shall be assigned to a delegate present which
individual shall be selected by a majority vote of the present
delegates of that Chapter;
(i) No delegate may cast more than three votes;
(j) Any delegate or alternate who does not register by 10:00 a.m.
of the second business day of the Convention shall not have
the right to vote;
(k) In order for delegates of a Chapter to be properly seated in a
Convention with the right to vote, the Chapter must fulfill the
following obligations to the Association:
(i) Submit to the General Secretary the membership list and all
dues as stated in Article 24, paragraph 1;
(ii) Submit Chapter delegate credentials signed by the President
and Secretary of the Chapter to the President of the
Association no later than May 31 of the convention year;
(iii) Make full payment of all financial obligations to the P.A.A.
(iv) Any Chapter failing to comply with any of these requirements
by their due date will be assessed a penalty equivalent to the
amount of twenty (20%) percent of that Chapter's dues,
initiation fees, scholarship fee and Bulletin KPHTH
subscription fee. The penalty payment must be made before
any delegate of the Chapter will be seated at the Convention.
The penalty payment will be applied to the Venizelion
Scholarship Fund.
(v) Any chapter or member not in good standing for any reason
shall be silent and have no vote or voice at the National Convention.
ARTICLE 12
CONVENTION ELECTION RULES
1. Any person who desires to be a candidate for office is encouraged to announce his
candidacy and circulate material to the Chapters and its members three months prior to the Convention.
2. In the case of unopposed candidates, election by secret ballot is not required.
3. All officers to be elected must receive the absolute majority of votes cast.
4. Candidates for president must have served on the board of directors for two terms or
four years at any time prior to being nominated.
5. Candidates for the offices of President and Vice President and Treasurer shall be a
member in good standing of the P.A.A. for the past five years and present to accept the
nomination.
6. Candidates for offices other than President and Vice President and Treasurer shall
be members in good standing of the P.A.A. and present to accept the nomination.
7. Candidates for the office of President and Vice Presidents must be of Cretan descent.
8. It is not necessary for an individual to be a delegate or to attend the Convention in
order to be elected to the Board for Investments and Fund Raising, providing acceptance of
the office is assured.
9. Except for just cause, the individual elected as the District Governor at each
District's Biennial Conference shall be the only person whose name is placed in nomination
for that office.
10. Except for just cause, the persons nominated for Youth Supervisor shall be
nominated by the PYA Chapters and must be a member of the P.A.A.
11. The Chairman of the Cretan Centers shall be the President of the Cretan Village
Centers Development Corporation.
12. Any chapter bidding for a Convention will present to the Convention
documentation of their ability to host the convention.
13. All motions presented to the floor must be explained in both English and Greek.
14. The Greek and American flags shall be displayed at Conventions.
15. Delegates from Chapters wishing to host a National Convention shall not be
eligible to be members of the Convention Site Committee.
BY-LAWS
ARTICLE 1
VALIDITY OF THE PRESENT BY-LAWS
This Constitution and By-Laws is derived from the one authorized by the 10th Biennial
Convention at Pittsburgh and as amended by the 11th (Denver), 12th (Detroit), 13th (New
York), 14th (Salt Lake City), 15th (Cleveland), 16th (Boston), 17th (Modesto), 18th (Canton),
19th (Springfield), 20th (Chicago), 21st (Detroit), 22nd (Crete), 23rd (San Francisco), 24th
(Pittsburgh), 25th (Salt Lake City), 26th (New York), 27th (Springfield), 28th (Clearwater),
29th (Denver), 30th (Boston), 31st (Anaheim), 32nd (Chicago), 33rd (Miami), 34th (Modesto)
35th (Washington, D.C.), 36th (Crete, Greece), 37th New Jersey, 38th Chicago, and 39th Las
Vegas Biennial Conventions. Parliamentary questions not provided for in this Constitution
and By-Laws shall be controlled by Robert's Rules of Order.
ARTICLE 2
MEMBERSHIP OF THE PANCRETAN ASSOCIATION OF AMERICA
1. Members of the Pancretan Association of America, hereinafter referred to as
"Association", shall be the Cretan Adult Chapters and the Cretan Youth Chapters in the United
States and Canada, hereinafter referred to as "Chapters".
2. Each Chapter in its entirety is considered as one member of the Association and is
represented on the Board of Directors by the Governor of the District in which the Chapter is
located.
3. Each Chapter shall remain independent with respect to its internal activities, its
treasury, its beneficial purposes and functions, and its Constitution and By-Laws, provided
that these do not contain articles, which are repugnant to and inconsistent with the purposes
and directives of the Association, and directives of the Constitution and By-Laws of the
Pancretan Association of America.
4. In the event of conflict, the P.A.A. Constitution shall supersede any and all chapter
and district constitutions and resolutions of conflict shall be by the Executive Board of the
P.A.A.
ARTICLE 3
CHAPTERS
1. Whenever a chapter of Cretans in the United States or Canada desires to become a
member of the Association they shall submit to the President of the Association: (1) a written
request for membership; (2) a membership list; (3) a resolution passed by the membership
ratifying the Constitution and By-Laws of the Association. The President shall submit the
application to the next Board of Directors meeting for approval by majority vote. Upon
notification of acceptance, the chapter shall submit payment of the required fees and dues.
2. A chapter applying for membership in the P.A.A., shall not be recognized if a
majority of its members reside within twenty-five (25) miles of the regular meeting place of an
existing Chapter unless the Board of Directors receives the written consent of the existing
Chapter. Upon receipt of the application, the Board of Directors shall give written notice to
the existing Chapter which shall give shall give a written response within 180 days whether it
consents to the admission of the new Chapter. If the existing Chapter does not consent, the
new chapter may be admitted to the P.A.A. by a majority vote of the next National
Convention, if presented to it.
3. The Pancretan Youth of America (the PYA) is the confederation of all the Youth
Chapters of the Association. The Youth Chapters are full members of both the Association
and the PYA. Members of the Pancretan Youth Association of America shall be at least 15
years old and no older than 30 years of age and shall meet the qualification requirements of
the Pancretan Association of America. No person may apply for membership after 25 years
of age.
4. In cities where there is no viability of forming a youth chapter, the adult chapter should
endeavor to assimilate youth into their own chapter, giving them equal rights and privileges as
regular members, with the right of holding office to be determined by the adult chapter. Only
by being members of the adult chapter, can the youth then be members of the National
Pancretan Association.
5. An individual may be a member of more than one Chapter unless membership in
another Chapter is prohibited by Chapter By-Laws. Individuals requesting multiple
memberships must specify in writing at the time of registration, which Chapter shall be
recognized as counting the member for purposes of delegate representation at all National and
District conventions.
6. At large members shall be assigned to their nearest chapter of their choice.
7. By February 1st of each year, each Chapter will be mailed a computer list of its
members' names and addresses. Each Chapter must return the list to the Secretary of the
P.A.A. adding the names and addresses and telephone numbers of all new members, deletions
from the membership, change of addresses, and the names of the officers. The corrected
computerized list shall be signed by the President and Secretary of each Chapter.
8. Every adult chapter shall select an advisor in the youth chapter to act as liaison
between the adult and youth chapters. The advisor will be selected from nominations
submitted from the local youth chapter.
9. The Chapters must copy all communications with the Association to their District
Governor. The Chapters must advise their District Governor of all changes in each Chapter's
status. All communications between the P.A.A. and the Chapters shall be in both Greek and
English.
10. Any Chapter, which voluntarily or otherwise secedes from the Association, shall
have no equity in the property of the Association and its members shall be deprived of any of
the benefits thereof.
ARTICLE 4
DISTRICTS
1. The Districts of the Pancretan Association of America shall be geographically
comprised as follows:
DISTRICT I Connecticut, Rhode Island, Massachusetts, Maine, Vermont, New
Hampshire.
DISTRICT II New York, New Jersey, Maryland, Delaware, Virginia, District of
Columbia.
DISTRICT III West Virginia, Pennsylvania, Ohio, Kentucky
DISTRICT IV Michigan, Illinois Wisconsin, Iowa, Indiana, Nebraska, Minnesota, North
Dakota, South Dakota, Kansas, Missouri.
DISTRICT V Colorado, Utah, New Mexico, Idaho, Montana, Wyoming
DISTRICT VI California, Arizona, Nevada, Oregon, Washington, Alaska, Hawaii
DISTRICT VII Florida, Georgia, Alabama, Mississippi, Louisiana, North and South
Carolina, Tennessee, Texas, Oklahoma, Puerto Rico, Bahamas, Arkansas.
2. Each District may adopt By-Laws approved by the Executive Board of the P.A.A.,
not inconsistent with any other provisions herein. The Constitutions shall establish uniform
voting rights of the member chapters within each district.
3. Prior to the National Convention each District shall hold a conference and elect
nominees for District Governor and Lieutenant Governor for the forthcoming biennial term.
4. The net proceeds of the District Conference shall be allocated 75% to the host
Chapter and 25% to the District Governor Fund. The purpose of the District Governor's Fund
shall be for Chapter visitations and activities promotion.
ARTICLE 5
BOARD OF DIRECTORS
1. The administration of the Association shall be entrusted to the Board of
Directors consisting of the President, three Vice-Presidents, General Secretary, Treasurer,
District Governors, Legal Advisor, General Supervisor, Task Force Chairman, Women’s
Executive Director, Century Club Chairman, Scholarship Chairman, East Coast Youth
Supervisor, West Coast Youth Supervisor, Youth President, Chairman of the Investments
and Fund Raising Board, Chairman of the Pancretan Endowment Fund, Chairman of the
Cultural and Educational Committee, Chairman of the Philanthropic Fund, the IT Chair, and
the Auditor-General.
2. In the event of death, resignation, or inability of the President, the First Vice-
President shall assume his office and duties, and in a like eventuality, the Second Vice-
President, the Third Vice-President, the General Secretary, and thereafter the District
Governor residing nearest to the executive seat, will assume the duties of the President until
the next Convention of delegates.
3. In the event of death resignation, or inability of one of the other members of the
Board of Directors, the President, with the other members of the Executive Council, shall
submit to the Board of Directors a list of qualified persons for the vacancy and the Board shall
elect such officer by a majority vote from the list submitted.
4. The Board of Directors shall meet at least once a year. The president shall preside
over the meeting.
5. Copies of the minutes of the Board of Directors meetings shall be sent to the
Chapters within six weeks of approval.
6. Resignation shall be deemed to have occurred when any officer misses two
successive meetings or fails to prepare required reports or disclose records or deposit funds on
two successive occasions as required by the Constitution and By-Laws. A two-thirds (2/3)
vote of the Board of Directors may suspend this section.
7. Officers and members are permitted to initiate, maintain or handle funds designated
for the P.A.A. except as limited by the By-Laws.
8. All responsible persons handling funds will make all documents and records
available to the Convention Audit Committee.
9. No officer shall be eligible to hold an office for a third consecutive term except
Legal Advisor, Cultural and Educational Committee Chairman, Convention Director, and
P.A.A. Systems Administrator.
ARTICLE 6
EXECUTIVE COUNCIL
1. The Executive Council of the Association shall consist of the President, the three
Vice-Presidents, the General Secretary, Treasurer, Women's Director General Supervisor and
Legal Advisor.
2. The Executive Council, if it deems it necessary and advisable, may employ office
personnel with pay who will perform the duties assigned to them.
3. The Council may have public accountants to audit and qualify the books of the
Association and to prepare an audited report annually.
ARTICLE 7
INVESTMENTS AND FUND RAISING BOARD
1. The Investments and Fund Raising Board shall consist of an elected Chairman, four
elected members, the President of the P.A.A., and the Treasurer of the P.A.A. All decisions
must have the consent of at least five or more of the seven members with written telegram
notes being fully valid. The Board shall meet twice a year in conjunction with the Board of
Directors meetings.
2. The criteria for selecting members shall be professional training, experience,
education and demonstrated expertise in business investments, a benevolent attitude and
feeling towards the P.A.A., and a willingness to spend the time and effort conducive to a
successful investment program.
3. The Chairman, officers, and employees having access to funds shall be bonded.
4. In the event of a vacancy on the Board between Conventions, it shall be filled by a
majority vote of the remaining members.
5. The duties of the Board are to:
(a) Manage and invest all capitol in excess of $50,000.00 which shall be
known as the Investment Fund;
(b) Report on the status of the Investment Fund at all Board of Directors
meetings and publish the reports semi-annually in the magazine KPHTH;
(c) Advise and/or coordinate investment programs for Pancretan Chapters,
if requested;
(d) Conduct such fund-raising drives as deemed appropriate to raise long
range investment capital;
(e) Investigate the establishment of endowment funds, e.g., consult on the
investments of all established endowment funds;
(f) Submit to the Convention a detailed statement showing transactions
handled by the Board during the period between Conventions which
report shall include for two periods: (1) beginning and ending capital
and cost and fair market value, (2) income classified by source or
project, both cost and capital appreciation or depreciation by project
and, (3) expenses classified by project.
6. Investments are authorized only in CD's and government secured instruments
and stocks and securities of investment grade.
ARTICLE 8
PRESIDENT
The President shall represent the Association before governmental authorities and all
agencies. He is authorized to act as Trustee with power to hold trust funds and to delegate
such authority. He shall supervise with the advise of the Legal Advisor the accurate
enforcement of the provisions of the Constitution and By-Laws. He shall supervise the
orderly function of the office of the Association and see that the books are on proper order.
He shall ratify and sign with the Treasurer and the General Secretary all checks written to
cover the expenses of the Association. He shall execute the decisions of the Board of
Directors and of the Conventions and shall sign with the General Secretary all documents. He
shall summon meetings of the Executive Council and the Board of Directors. He shall request
each Chapter to send delegates to Conventions of the Association. He shall appoint a liaison
between Pancretan Association and Greece.
ARTICLE 9
VICE-PRESIDENTS
1. The First Vice-President shall perform special assignments as directed by the
President and preside for the President in the event of absence and to approve the agenda and
schedule of the business sessions of convention in concert with the President and Executive
Board.
2. The second Vice-President shall perform special assignments as directed by the
President and maintain and improve communications within the organization through the
Bulletin KPHTH and other methods, including organizing active drives to obtain
advertisements for the Bulletin KPHTH.
3. The Third Vice-President shall perform special assignments as directed by the
President and coordinate the cultural and public relations activities of the Pancretan
Association of America, chair the Membership and Development Committee which includes
the District Governors to increase membership, conduct workshops in each district on
increasing membership, instruct chapter on how to attract and maintain young professionals
and submit in writing to each biennial National Convention a detailed report of the quarterly
report submitted by each District Governor on membership activities.
ARTICLE 10
GENERAL SECRETARY
1. The duties of the General Secretary are to:
a. Communicate with the Chapters and carry on the
correspondence of the Association, signing with the President all of
the outgoing official mail;
b. Keep the seal of the Pancretan Association of America.
c. Manage and orderly execute all secretarial duties and keep the archives
for the Association;
d. Prepare for the Convention Credentials Committee the records referred
to in Articles 11 and 34;
e. Send to all Chapters two months prior to each Convention the agenda
of all major issues and subjects which Chapters may discuss and
instruct delegates who attend the Convention;
f. Bill each Chapter for their dues by March 1 of each year.
g. Sign all P.A.A. checks followed by the President who approves the
check and signs it and forwards it to the Treasurer who issues the
check.
h. By February 1 of each year, send to each Chapter, the P.A.A.
computerized list of that chapter's existing members' names and
addresses.
i. Send a copy of the annual membership list to the editor of KPHTH
magazine.
2. A monthly salary and expense stipend shall be given to the Secretary as shall be set
by the Board from time to time and adjusted as needed.
ARTICLE 11
TREASURER
1. The duties of the Treasurer are to:
a. Maintain the treasury of the Association independent of those of the
Chapters.
b. Receive and deposit the funds of the Association in safe banking
institutions determined with the consent and advice of the President.
c. Request and collect all funds belonging to the Association in excess of
$50.00 from any chapter or member who retains funds of the
Association, whether such funds are from fund raising projects,
operational or investment activities or loans.
d. Initiate and pay all obligations by check co-signed by the President
and the General Secretary, but not without first receiving a proper bill,
voucher or convention mandate.
e. Receive all relevant receipts and not keep in his possession an amount
of more than ($50.00) Fifty Dollars.
f. Present the financial reports of the accountant to the Convention and
keep them in the archives of the association.
g. Be bonded in an amount proportionate to the funds in the Treasury.
ARTICLE 12
DISTRICT GOVERNORS
1. The District Governors constitute the connecting link between the Chapters and the
National Headquarters and act as the extension of the President and only upon his express
authorization or the Executive Council.
2. The duties of the District Governors are to:
a. Exert their efforts for the formation of new Chapters.
b. Mediate the differences between Chapters and between members of a
Chapter.
c. Transmit to the Chapters within their respective Districts all
information received from the national Headquarters.
d. Conduct all transactions with the Executive Council in writing.
e. Cooperate to the fullest extent with the Executive Council with regard
to the aims and activities of the Association.
f. Call District Conferences other than the regular Biennial Convention
whenever such are warranted, with the approval of the Executive
Council.
g. Render periodic reports concerning any problems of the Chapters in
their respective Districts to the Executive Council with
recommendations as to the solutions.
h. Submit in writing to the Third Vice-President quarterly reports of
activities to increase membership.
3. District Governors shall be members of the Scholarship Committee in order to
promote the programs and assist in the administration of and awarding of scholarships as
directed by the Chairman.
4. The District Governor of the District in which the Bulletin KPHTH is published and
the Second Vice President shall conduct a semi-annual audit in January and July of each year
of all receipts and expenditures of the Bulletin KPHTH which audit report shall be submitted
to the Executive Council together with any recommendations which they may have.
ARTICLE 13
LEGAL ADVISOR
1. The legal advisor must be an attorney at law whose duties are to:
a. Advise the Executive Council on legal matters.
b. Interpret the Constitution and By-Laws.
c. Represent the Association before tribunals and commissions and with
the consent of the Executive Council, may appoint additional assistant
attorneys during legal proceedings.
d. Receive through the Executive Council complaints of the Chapters and
those of the administration concerning any omissions or superfluous
ness of the Constitution.
e. Submit to the Convention the amendments for consideration by the
Constitution Committee.
f. Distribute the latest updates of the Constitution and By-Laws to all the
Chapters no later than the end of Convention year.
ARTICLE 14
GENERAL SUPERVISOR
1. The duties of the General Supervisor are to supervise the general functions which
tend to strengthen the prestige of the Association and shall be consulted on all major issues
and grievances involving Chapters, Districts, performance of officers and employees, and
disputes affecting the good of the order.
2. The General Supervisor shall be considered as Agent and Minister plenipotentiary
of the Executive Council. Each Chapter shall accord him the proper respect and recognition
and shall render him every possible assistance to expedite and fulfill the duties of his mission.
He shall be seated by the Chairman at the Conventions.
ARTICLE 15
WOMEN'S EXECUTIVE DIRECTOR
1. The duties of the Women's Executive Director are to encourage and direct the
efficient and cooperative function of the Women's Chapters and supervise the establishment
and organization of new Women's Chapters after consultation and cooperation with the
Executive Council and the Board of the Men's Chapter in the locality in which the new
Chapter is to be created.
2. The Director shall appoint two assistants in the areas farthest away from her home base.
3. The decisions of the Director in concert with the President and Legal Advisor on all
matters pertaining to the Women’s Chapters pending Board approval shall be final.
4. Director’s travel expenses, if asked to visit a Chapter, may be paid by the chapter.
5. The Director shall encourage each mixed membership Chapter to appoint a
Women’s committee.
ARTICLE 16
SCHOLARSHIP CHAIRMAN
The Scholarship Chairman shall administer the Venizelion Scholarship Program set
forth in Article 25.
ARTICLE 17
YOUTH SUPERVISOR
1. The P.A.A. shall compromise of two youth supervisors comprising of a west coast
and east coast representative. Their election shall be held at the conventions and both
representatives shall have full voting rights at board meetings.
2. The duties of the Youth Supervisor are to:
a. Encourage and direct the efficient and cooperative function of the Youth Chapters.
b. Supervise the establishment and organization of new Youth Chapters
with consultation and cooperation with the Executive Council of the Association.
c. As far as possible, sit in or be aware of plans of each Youth Chapter
and advise them of their course of action.
d. Facilitate the orderly discharge of the duties of each Chapter.
e. Advise the P.A.A. of any problems or needs of the Youth Chapters and
assist along with the Association in solving differences, which may develop.
f. Make recommendations relative to the Youth Chapters and their needs to the P.A.A.
ARTICLE 18
YOUTH PRESIDENT
1. The duties of the Youth President are to:
a. Represent the Youth Association before governmental authorities and all agencies.
2. The youth President is authorized to act as trustee with power to hold trust funds and
delegate such authority.
b. Supervise and facilitate orderly function of the Office of the Youth Association.
c. Inspect and ensure that all PYA books are in proper order.
d. Execute the decisions of the Conventions and shall sign all documents and checks.
e. Request each Chapter to send delegates to the Conventions of the Youth Association
f. Call to order the Youth Convention and shall preside until the election
of the Chairman of the Convention.
ARTICLE 19
AUDITOR/GENERAL
1. The Auditor/General shall be elected at the convention from the Association
membership. The auditor/general shall be a Certified Public Accountant, Public Accountant
or be otherwise certified.
2. The duties of the auditor/general shall be to:
a. Maintain the accounting system for the Association.
b. Prepare financial statements for the Association Board Meetings and
National Conventions, and vote on non-financial matters only.
c. Prepare and file all necessary tax returns.
d. Represent the Association to external auditors.
e. Carry out any other directives of the Executive Council.
3. All reasonable out-of-pocket expenses of the auditor/general will be reimbursed by
the Association.
4. The Board of Directors may replace the auditor/general.
ARTICLE 20
CULTURAL AND EDUCATIONAL COMMITTEE CHAIRMAN
The Chairman of the Cultural and Educational Committee shall administer the
Committee set forth in Article 31.
ARTICLE 21
INFORMATION TECHNOLOGY COMMITTEE
The Information Technology Committee will consist of an elected chair and three
members appointed by the newly elected chair and ratified by the Board. The Committee will
be responsible for, and direct the operation of, all electronic information systems.
ARTICLE 22
CONVENTION DIRECTOR
The President shall nominate and the Board of Directors shall ratify the appointment of
a Convention Director who shall not have a vote on the Board of Directors or National
Convention. The Director must be experienced in the field of convention planning and
business administration. The duties of the Convention Director shall be to advise and assist
coordinating all planning aspects of the Biennial Convention as directed by the Board and
report regularly to the Board of the P.A.A.
ARTICLE 23
HANC REPRESENTATIVE
The Association shall, in an effort to further the goals of the Association and its
members, designate an official representative to the Hellenic American National
Congress. Such representative shall be appointed by the President and ratified by the Board of
Directors.
ARTICLE 24
REVENUE OF THE ASSOCIATION AND EXPENDITURES
1. The annual dues for each member are $6.00, plus $2.00 for the Scholarship
Fund. The initiation fee for each new member is $1.00. The Bulletin KPHTH
subscription fee for each family is $20.00 effective January 1, 2006.
2. The Chapter hosting the National Convention shall submit to the P.A.A. General
Fund fifteen percent (15%) of the net profit of the convention.
3. Other revenue shall consist of endowments, gifts, bequests, contributions from
drives, dances, banquets, Christmas seals, advertisements in the Bulletin and other activities
and as may be decided by the Conventions.
4. Each Chapter shall submit to the Association its dues and fees no later than April 30
of each year.
5. Any disbursements from the funds and accounts shall be made only in accordance
with the budget of the Association adopted by each Convention or as allocated by these By-
Laws.
6. The dividends from current stock investments and all interest shall be transferred to
the general fund quarterly.
7. No funds or other assets may be donated unless previously approved by the
Convention.
8. A biennial grant of $2,000.00 will be awarded to the hosting Chapter of the P.A.A.
Youth Convention for the purpose of making attendance more accessible to the youth.
9. $1,500.00 will be allotted to each of the two-winter district conferences provided
they meet the criteria established in the Youth by-laws.
10. The president and all other members of the Board of Directors shall be reimbursed
for their transportation expenses in the performance of their official duties in accordance with
the budget allocation for the purpose. The President shall be authorized to regulate and direct
the payment of such transportation expenses.
11. The administrative expenses of the Association shall not exceed the per-capita dues
collected.
ARTICLE 25
SCHOLARSHIPS
1. The P.A.A. shall maintain an account separate and apart from its general
administrative accounts under the title of Pancretan Association of America Scholarship
Endowment Trust Fund. This Fund shall show a true beginning balance at each Biennial
Convention. The Fund shall be governed by the board of the Scholarship Committee
according to the terms of the Declaration of Trust-Venizelion Scholarship Endowment Fund
set forth in Appendix "A" to these By-Laws. The P.A.A. scholarship endowment fund subaccounts
shall be consolidated under the name Venizelion Scholarship Endowment Fund.
2. The purpose of the Fund is to aid worthy young men and women in the pursuit of
higher education and learning.
3. An applicant must be a member in good standing of a Chapter or a member at large
of the National Youth for the previous year, must have need for financial assistance and must
have shown exceptional proficiency and progress in their scholastic pursuits. No student shall
be eligible for a scholarship who does not grade at least 80% or have a "B" average. In rare
cases applicants with less than a "B" average may considered for a scholarship based on other
superior scholastic credentials or need.
4. The criteria used to evaluate prospective scholarship recipients are as follows in
their order of importance.
(a) Academic performance (grade point average, class rank, extracurricular
activities, and academic honors);
(b) Development and participation in Association;
(c) Quality of faculty and other recommendations;
(d) Applicant's personal statement;
(e) The meeting of all application deadlines;
(f) Financial need may be considered.
5. The selection of the applicants for scholarships shall be entrusted to the Scholarship
Committee who will examine each application's grades, diplomas, certificates and
qualifications, and accordingly decide on the recipients of scholarships.
6. The Scholarship Committee shall consider the awarding of scholarships on a basis
that will distribute the recipients among all of the Districts insofar as is feasible.
7. Applicants who are not awarded a scholarship shall be notified by the Chairman as
to the reason.
8. Scholarship application forms must be requested from the Chairman by the end of
each year to be considered for a scholarship the following year. Completed applications must
be submitted to the Chairman by March 1. Scholarship awards shall be announced by the end
of July.
9. A student may apply for a scholarship grant for as long and as often as they are in
good standing and fulfill the requirements of the scholarship program.
10. When a student requests and granted a loan, he shall be charged interest as follows:
One-half (½ %) percent annually until two years after graduation or interruption of
educational pursuit. The rate will be Four (4%) percent per annum from each year beyond the
two years after graduation or interruption of educational pursuit until the loan is fully repaid.
11. The Scholarship Committee shall cause information on the scholarship program
including request for application forms, procedural changes, notices and awards to be to be
published in the magazine KPHTH.
12. The Chapter sponsoring a student shall be co-responsible with the student for
loans granted by the Association.
13. The Association shall support the Theological School of Hellenic College in
Brookline, Massachusetts, by permitting at last three scholarship grants to be made available
to properly qualified applicants who also meet our Association requirements.
14. A non-monetary Scholastic Achievement Award will be established for students of
exceptional scholastic proficiency, without regard to financial need. Applicants to the general
scholarship program will be eligible for the regular grant and for this award.
15. An individual who donates ten thousand ($10,000.00) dollars or more to the
Scholarship Endowment Fund or the Cultural Endowment Fund has the right to dedicate one
scholarship to any name they choose.
ARTICLE 26
CENTURY CLUB
The Century Club shall fund scholarship and cultural education programs for the
P.Y.A. This program shall be operated and directed by the Board of Directors of the P.A.A.
and a Chairman and Co-Chairman } who are appointed by the President with the assistance of
the Chairman of the Investments and Fund Raising Board and ratified by the Board. The
Century Club Chairman is an elected official of the P.A.A. board and has full voting rights in
board meetings.
ARTICLE 27
DONORS
Donors shall be proclaimed those who donate to the Treasury of the Association a sum
over One Thousand ($1,000.00) Dollars. Benefactors shall be proclaimed those who donate a
sum over Four Thousand ($4000.00) Dollars. Great Benefactors are those who contribute a
sum greater than Ten Thousand ($10,000.00) Dollars. Great Benefactors shall be awarded
appropriate certificates by the President of the Association.
ARTICLE 28
MAGAZINE KPHTH
1. The monthly magazine KPHTH shall be published by the Editor under the direction
of an editorial board, consisting of five members, appointed by the President of the P.A.A.
2. The Editor and the Editorial Board shall be appointed by the President at the
beginning of each term with the consent of a majority of the Board of Directors who shall
serve at the will of the President.
3. The Editor shall publish a portion of the magazine in English, publish articles,
pictures and letters from scholarship recipients to promote interest in the program among
students and donors, publish by March 30th of each year the name, address and telephone
number of each Chapter's President and Secretary, and conduct all correspondence from the
Editor to the Chapters in both Greek and English.
4. The rates for commercial business ads will be $175.00 for full page, $100.00 for half
page, $60.00 for quarter page, and 35.00 for an eighth page. Specific advertising costs per
column inch shall be printed monthly.
5. The Secretary of each Chapter shall submit items for the magazine, KPHTH, not
later than the 10th day of each month.
6. Each Chapter shall endeavor to obtain advertisements to be published in the
magazine, KPHTH. All advertisements obtained and matter to be included in the magazine
shall be transmitted through the Secretary of each Chapter.
7. A subscription to the magazine KPHTH shall be twenty ($20.00) dollars
effective January 1, 2006.
ARTICLE 29
PANCRETAN ENDOWMENT FUND
I. GENERAL
A. PURPOSE
The purpose of the Pancretan Endowment Fund, hereafter referred to as the "PEF" is as
specified in the Trust Document of the PEF referenced in paragraph B below, and which has
been approved by IRS. Only projects within the scope and also within the rules and
regulations of the PEF Trust Agreement referenced in paragraph B below, shall be eligible for
funding by the PEF.
B. LEGAL STATUS
The PEF is a 501-C (3) tax exempt organization recognized by the IRS in accordance
with the Trust Agreement dated January 29, 1990 and amended on March 9th, 1990, and is
organized under the laws of the State of Illinois. Nothing in these articles or the P.A.A.'s by-
Laws shall be construed as contrary to the rules and regulations of the applicable IRS code or
the above mentioned Trust Agreement. The purpose of the PEF and the beneficiaries are
irrevocable.
II. ORGANIZATIONAL CHART
The fund shall be administered by a Board of Trustees and a Chairman in accordance
with the following:
A. The Board of Trustees
The PEF shall be administered by a Board of Trustees consisting of a maximum of six (6)
Trustees plus a Chairman. The President of the P.A.A. shall serve on the PEF Board as one of
the Trustees. The Board may elect/appoint a Secretary and Treasurer from among the Trustees.
B. Advisory Local Committee and Appointed Representatives in Crete/Greece
In order to improve the efficiency of the PEF's program in Greece/Crete, and also in
order for the PEF' Trustees to be adequately, effectively and equitably represented in both the
University of Crete (UC) and the Polytechnic University of Crete (PUC), a local advisory
committees may be established to assist and advise the PEF's Trustees in currying out their responsibilities.
This advisory committee shall consist of seven (7) prominent individuals from Crete
and/or other parts of Greece. This committee shall include among its members the respective
presidents of the University and the Polytechnic Institute, or their appointed representatives.
The members and chairman of this committee shall be appointed by the trustees of the PEF,
and shall serve a term of four (4) years. This term limitation does not apply to the presidents
of the two universities. Said members may be re-appointed by the Trustees.
C. Other Representatives
The Chairman of the PEF along with its Trustees may appoint additional representatives
in Greece or Crete as they see fit, in order to assist them, and to facilitate the scope and goals
of the PEF.
D. Friends of the Universities of Crete
Friends of the Universities of Crete consist of those individuals, chapters or
Corporations, which contribute at least $1000 to the PEF. Upon submission of substantiating
documents any person, or chapter, who contributed at least $1000 to the PEF in the past shall
be considered as a Friend of the Universities of Crete, and shall be recognized in the magazine KPHTH.
III. STANDARD OPERATIONAL PROCEDURES
A. Qualifications of Trustees
The criteria for selecting the Fund's Trustees and the Chairman shall be: commensurate
professional and educational training, demonstrated experience/expertise in business,
management, investments and fund-raising, wiliness to serve the PEF and it's investment
program, and a demonstrated benevolence towards the PEF and the Universities of Crete.
Friends of the Universities of Crete may be considered to satisfy the last of the above stated
criteria. The Chairman of the PEF shall have served at least one full four (4) year term as a
PEF Trustee.
B. Election of Trustees
1. Election of Trustees and Chairman
The Trustees and the Chairman shall be elected during the P.A.A. National Convention
and shall serve a four year term. The Chairman is not eligible for election to a consecutive
term as Chairman but is eligible to be a candidate as a Trustee. There are no term limits for
Trustees. The election of the Trustees and the Chairman shall be staggered so that no more
than 3 newly elected trustees, excluding the P.A.A. president shall be elected at any one P.A.A. convention.
2. Succession of the Chairman and Trustees
In the event of death, resignation or prolonged illness of any of the trustees, or the
Chairman, the President of the P.A.A. shall call within fifteen (15) days, the Executive
Council and the remaining PEF Trustees to submit a list of qualified candidates to fill the
vacancy. The Board of directors of the P.A.A. and the remaining Trustees shall vote to select,
by majority vote, a new trustee to serve the unexpired term. The election shall be held in the
city where the P.A.A. President resides. The Pancretan Endowment Fun Chairman may run
for a second four-year term.
C. Duties and Responsibilities of the PEF Trustees, Chairman and Local Committee
1. The PEF Chairman
a. The Chairman shall call all meetings of the Trustees and shall preside
over all meetings.
b. The Chairman shall represent the PEF in all official functions and the
P.A.A. Board at which he shall be an officer of the P.A.A. with the right
to a vote.
c. All official correspondence with Greece, the Universities and/or the
local committees shall be conducted through the Chairman, in
consultation with the Trustees, which shall be copied on all
correspondence, if practical.
d. The Chairman shall oversee the Fund's investments and shall carry out
the policy decisions taken by the Trustees regarding investments and other matters.
e. In order to effectively respond to the stock market's volatile behavior,
the chairman shall be specifically authorized by the majority of the
trustees to take appropriate action regarding the investments as may be
required during an "emergency".
f. The Chairman shall prepare, with the assistance of the Trustees, and
deliver annual and by-annual reports to the Fund's Trustees, the P.A.A.'s
Board of Directors and the P.A.A. National Convention.
g. All checks issued by the Fund shall be signed by the Chairman, and the
Treasurer or the Secretary of the Fund.
2. The Trustees
a. The Trustees shall attend all meetings called by the Chairman and shall
decide by majority vote on policy matters and directions regarding the
investments or other matters of the PEF.
b. Each of the Trustees has the obligation to follow/track the Fund's
investments and provide appropriate advise to the Chairman regarding
such investments.
c. The Trustees, by majority vote, shall appoint a Secretary and Treasurer,
who shall perform various functions as requested by the Trustees, or the
Chairman. i.e. The Secretary to take minutes of meetings, and the
Treasurer shall hold the checkbooks and other financial records.
d. The resignation of a trustee who misses without good cause two
successive meetings shall be deemed to have occurred upon acknowledgment
and approval by the remaining trustees and the Chairman.
3. Duties and Responsibilities of the Advisory Local Committee in Greece
a. This committee shall represent the PEF trustees in Greece, and among
other tasks, it shall be a conduit of communication and other business
between the PEF and the University of Crete and/or the Polytechnic
University.
b. Projects for funding shall be submitted to, or sought by this committee
for their consideration from the local University PEF committees, and
subsequent submitted to the PEF Trustees.
c. The local committee shall also be responsible for the overall
organization and coordination of efforts, PEF activities, Friends of the
Universities of Crete activities, and any other projects as may be
required by the PEF.
d. Furthermore, this committee shall, if possible, undertake and coordinate
any fund-raising efforts on behalf of the Universities of Crete.
e. The Chairman of the committee shall call meetings as necessary. In
addition, a minimum of once a year, the chairman shall convene a joint
meeting between the committee and the local committees at the UP and
the PUC. Preferably, at this meeting PEF Trustees should also be
present. The major focus of this meeting will be the annual review of the
progress and programs undertaken during the previous period.
VI. MANAGEMENT OF FUND'S ASSETS
The management and administration of the PEF's assets are also subject to the following
articles:
A. The Fund's assets shall be invested in "investment grade" stocks, bonds, mutual
funds and other sound financial instruments in the United States. All investment
decisions shall be taken by majority vote of the Trustees during a regularly
convened meeting of the Board of Trustees.
B. The Trustees shall distribute only the net income from the Fund semiannually. In
extreme emergencies, and only by a three quarters majority vote of the trustees, an
amount not exceeding 2% of the Funds actual balance can be distributed from the
principal in any one year.
C. The income and principal of the Fund shall not be distributed, hypothecated,
pledged, loaned or in any other manner subjected to claims or requests by any other
persons, groups or institutions, except in accordance with the provisions of the
501.c.3 of the IRS Tax Code Regulations, and the Fund’s Approved Trust Agreement.
D. If bonding of the Trustees is required, then the bonding expenses shall be paid by
the Fund. Requirement for bonding shall be determined by the Trustees by majority vote.
VII. THE FUND TRUST PROVISIONS (Approved by IRS on June 28, 1990)
The Pancretan Endowment Fund is governed by the Pancretan Endowment Fund Trust
dated January 29, 1990 as approved by the Internal Revenue Service by letter dated June 28,
1990. The text of the trust provisions is as follows:
FIRST: This trust shall be called 'The Pancretan Endowment Fund."
SECOND: A. The trustees may receive and accept property whether real, personal,
or mixed by way of gift, bequest or devise, from any person, firm, trust or corporation to be
held, administered and disposed of in accordance with and pursuant to the provisions of this
Declaration of Trust but no gift, bequest or devise of any such property shall be received and
accepted if it is conditioned or limited in such manner as to require the disposition of the
income or its principal to any person or organization other than a "charitable organization" or
for other than "charitable purposes" within the meaning of such terms as defined in Article
Third of this Declaration of Trust, or as shall, in the opinion of the trustees, jeopardize the
federal income tax exemption of this trust pursuant to section 501(c)(3) of the Internal
Revenue Code or corresponding section of any future federal tax code.
THIRD: The principal and income of al property received and accepted by the trustees
to be administered under this Declaration of Trust shall be held in trust by them, and the
trustees may make payments or distributions from income or principal, or both, to or for the
use of such charitable organizations, within the meaning of that term as defined in paragraph
C, in such amounts and for such charitable purposes of the trust as the trustees shall from time
to time select and determine; and the trustees may make payment or distributions from income
or principal, or both, directly for such charitable purposes, within the meaning of that term as
defined in paragraph D in such amounts as the trustees shall from time to time select and
determine without making use of any other charitable organization. The trustees may also
make payments or distributions of all or any part of the income or principal to states,
territories, or possessions of the United States, any political subdivision of any of the
following, or to the United States or the District of Columbia but only for charitable purposes
within the meaning of that term as defined in paragraph D. Income or principal derived from
contributions by corporations shall be distributed by the trustees for use solely within the
United States or its possessions. No part of the net earnings of this trust shall insure or be
payable to or for the benefit of any private shareholder or individual, and no substantial part of
the activities of this trust shall be the carrying on or propaganda, or otherwise attempting to
influence legislation. No part of the activities of this trust shall be participation in, or
intervention in (including the publishing or distributing of statements), any political campaign
on behalf of or in opposition to any candidate for public office.
B. The trust shall continue forever unless the trustees terminate it and distribute all of
the principal and income, which action may be taken by the trustees in their discretion at any
time. On such termination, assets shall be distributed for one or more exempt purposes within
the meaning of section 501(c)(3) of the Internal Revenue Code, or corresponding section of
any future federal tax code or shall be distributed to the federal government or to a state or
local government for a public purpose. The donor authorizes and empowers the trustees to
form and organize a nonprofit corporation limited to the uses and purposes provided for in this
Declaration of Trust, such corporation to be organized under the laws of any state or under the
laws of the United States as may be determined by this trustees; such corporation when
organized to have power to administer and control the affairs and property and to carry out the
uses, objects, and purposes of this trust. Upon the creation and organization of such
corporation, the trustees are authorized and empowered to convey, transfer, and deliver to
such corporation all the property and assets to which this trust may be or become entitled. The
charter, bylaws and other provisions for the organization and management of such corporation
and its affairs and property shall be such as the trustees shall determine, consistent with the
provisions of this paragraph.
C. In this Declaration of Trust and in any amendments to it, references to "charitable
organizations" or "charitable organization" mean corporations, trusts, funds, foundations, or
community chests created or organized in the United States or in any of its possessions,
whether under the laws of the United States, any state or territory, the District of Columbia, or
any possession of the United States, organized and operated exclusively for charitable
purposes, no part of the net earnings of which inures or is payable to or for the benefit of any
private shareholder or individual, and no substantial part of the activities of which is carrying
on propaganda, or otherwise attempting, to influence legislation, and which do not participate
in or intervene in (including the publishing or distributing of statements), any political
campaign on behalf of or in opposition to any candidate for public office. It is intended that
the organization described in this paragraph C shall be entitled to exemption from federal
income tax under section 501(c)(3) of the Internal Revenue Code, or corresponding section of
any future federal tax code.
D. In this Declaration of trust, and in any amendments to it, the term "charitable
purposes" shall be limited to and shall include only religious, charitable, scientific, literary, or
educational purposes within the meaning of those terms as used in section 501(c)(3) of the
Internal Revenue Code, or corresponding section of any future federal tax code, but only such
purposes as also constitute public charitable purposes under the law of trusts of the State of Illinois.
E. The charitable purposes for which the trust may make payment are hereby limited to
further the advancement of education at the University of Crete and Polytechnic Institute of
Crete and the study of the history and culture of the island of Crete through the endowment of
such studies or the providing of scholarships for such studies.
FOURTH: This Declaration of Trust may be amended at any time or times by
written instrument or instruments approved by a two-thirds majority of the members of the
Pancretan Association of America in attendance at every third biennial convention beginning
in 1990, and acknowledged by any two of the officers of the Association. The trustees shall
have the right by a majority vote to make any amendment needed to qualify or retain the
qualification of the trust under section 501(c)(3) of the Internal Revenue Code, or
correspondence section of any future federal tax code. However, no amendment shall
authorize the trustees to conduct the affairs of this trust in any manner or for any purpose
contrary to the provisions of section 501(c)(3) of the Internal Revenue Code, or corresponding
section of any future federal tax code. An amendment of the provisions of this Article Fourth
(or any amendment to it) shall be valid only if and to the extent that such amendment further
restricts the trustees' amending power. All instruments amending this Declaration of Trust
shall be noted upon or kept attached to the executed original of this Declaration of rust held by
the trustees. Furthermore, paragraph E of ARTICLE THIRD is hereby declared irrevocable.
FIFTH: Any trustee under this declaration of trust may, by written instrument, signed
and acknowledged, resign his office. The number of trustees shall be at all times not less than
five, and whenever for any reason the number is reduced to four or less, there shall be, and at
any other time there may be, appointed one or more additional trustees. Appointments shall
be made by a committee consisting of the board of Directors of the Pancretan Association of
America or its successor and the trustee or trustees then in office, by written instruments
signed and acknowledged. Any succeeding or additional trustee shall, upon his acceptance of
the office by written instrument signed and acknowledged, have the same powers, rights and
duties, and the same title to the trust estate jointly with the surviving or remaining trustee or
trustees as if originally appointed.
None of the trustees shall be required to furnish any bond or surety. None of them shall
be responsible or liable for the acts or omissions of any other of the trustees or of any
predecessor or of a custodian, agent, depositary or counsel selected with reasonable care.
The one or more trustees, whether original or successor, for the time being in office, shall
have full authority to act even though one or more vacancies may exist. A trustee may, by
appropriate written instrument, delegate all or any part of his powers to another or others of
the trustees for such periods and subject to such conditions as such delegating trustee may determine.
The trustees serving under this Declaration of Trust are authorized to pay to themselves
amounts for reasonable administrative expenses incurred in the administration of this trust,
and in no event shall any trustee ever receive any compensation for services rendered to the trust.
SIXTH: In extension and not in limitation of the common law and statutory powers of
trustees and other powers granted in this Declaration of Trust, the trustees shall have the
following discretionary powers:
(a) to invest and reinvest the principal and income of the trust in such property, real,
personal, or mixed, and in such manner as they shall deem proper, and from time to time to
change investments as they shall deem advisable; to invest in or retain any preferred stocks,
shares, bonds, notes, obligations of any corporation, association, business trust, investment
trust, common trust fund, or investment company) although some or all of the property so
acquired or retained is a kind or size which but for this express authority would not be
considered proper and although all of the trust funds are invested in the securities of one
company. No principal or income, however, shall be loaned, directly or indirectly, to any
trustee or to anyone else, corporate or otherwise, who has at any time made a contribution to
this trust, nor to anyone except on the basis of an adequate interest charge and with adequate
security. No investment in any single company shall exceed the amount then insured by the
Federal Deposit Insurance Corporation or its successor.
(b) To sell, lease, or exchange any personal, mixed or real property, at public auction or
by private contract, for such consideration and on such terms as to credit or otherwise, and to
make such contracts and enter into such undertakings relating to the trust property, as they
consider advisable, whether or not such leases or contracts may extend beyond the duration of the trust.
(c) To receive encumbered property provided that the amount of any such encumbrance
does not extend the fair market value of the donated property.
(d) To execute and deliver deeds, assignments, transfers, pledges, leases, covenants,
contracts, releases, and other instruments, sealed or unsealed, incident to any transaction in
which they engage.
(e) To vote, to give proxies, to participate in the reorganization, merger or consolidation
of any concern, or in the sale, lease, disposition, or distribution of its assets; to join with other
security holders in acting through a committee, depositary, voting trustees, or otherwise, and
in this connection to delegate authority to such committee, depositary, or trustees and to
deposit securities with them or transfer securities to them; to pay assessments levied on
securities or to exercise subscription rights in respect of securities.
(f) To employ a bank or trust company as custodian of any funds or securities and to
delegate to it such powers as they deem appropriate; to hold trust property without indication
of fiduciary capacity but only in the name of a registered nominee, provided the trust property
is at all times identified as such on the books of the trust; to keep any or all of the trust
property or funds in any place or places in the United States of America; to employ clerks,
accountants, investment counsel, investment agents, and any special services, and to pay the
reasonable compensation and expenses of all such services.
SEVENTH: The trustees' powers are exercisable solely in the fiduciary capacity
consistent with a din furtherance of the charitable purposes of this trust as specified in Article
Third and not otherwise.
EIGHTH: In this Declaration of Trust and in any amendment to it, references to
"trustees" mean the one or more trustees, whether original or successor, for the time being in
office.
NINTH: Any person may rely on a copy, certified by a notary public, of the executed
original of this Declaration of Trust held by the trustees, and of any of the notations on it and
writings attached to it, as fully as he might rely on the original documents themselves. Any
such person may rely fully on any statements of fact certified by anyone who appears from
such original documents or from such certified copy to be a trustee under this Declaration of
Trust. No one dealing with the trustees need inquire concerning the validity of anything the
trustees purport to do. No one dealing with the trustees need see to the application of anything
paid or transferred to or upon the order of the trustees of the trust.
TENTH: This Declaration of Trust is to be governed in all respects by the laws of the
State of Illinois.
ARTICLE 30
FUNERAL EXPENSE FUND
1. The Funeral Expense Fund shall be a separate from the other funds of the Association
and will be used to pay $300.00 as funeral expenses upon the death of a member in good
standing and participation in the fund as of August 20, 1966.
2. Upon the death of a qualified member, the Board of Directors of the Chapter of which
the deceased was a member, shall hold a special meeting and shall transmit to the Secretary of
the Association a certificate to the effect that the deceased was a member in good standing and
participating in the fund and a request for the payment of the funeral expenses. The certificate
shall be signed by the President, Secretary and Treasurer, and shall be accompanied by a
certified death certificate.
3. Upon receipt of the request for payment and the certificate by the General Secretary,
the Executive Council shall immediately issue, in favor of the Chapter of the deceased, a
check in the amount of $300.00 to be used for the expenses of the deceased member.
4. The Association shall be responsible for any deficiencies in the funeral expenses
created as a result of its termination.
ARTICLE 31
CULTURAL AND EDUCATIONAL COMMITTEE
1. The Cultural and Educational Committee shall include the Chairman, First Vice
President, President of the Pancretan Youth Association, Youth Supervisor, Women's
Executive Director, and all District Governors. The Secretary of the Committee shall be one
of the First Vice President.
2. The Committee shall administer the Educational and Cultural Endowment Fund in
accordance with the terms of the Declaration of Trust set forth in Appendix "A” to develop,
encourage and sustain programs and activities that promote Hellenic culture, thought,
language, and traditions.
3. Twenty-five percent (25%) of the line item of the Cultural National budget stays at the
National level to conduct national programs.
4. Seventy-five percent (75%) of the national line item of the budget is to be allocated to
each district on a per-capita basis.
5. Each District Education and Cultural Committee will notify the respective chapters of
their district and call for applications from individual chapters within 120 days of the last
national convention. In the event a Chapter does not file and application within the 120 day
period, their per-capita share will be redistributed to the chapters who made application based
on their own per-capita.
6. The District Governor and the appointed/elected Committee will have the
responsibility to provide the technical assistance and evaluation to each Chapter to project.
7. The funds can be only used for the approved education and cultural programs
approved the district Education and Cultural Committee.
8. In the event the approved chapter plan is not implemented within the specified time
span, the funds will be returned in full to the district for redistribution to those chapters who
have approved plans on a per-capita basis.
9. The National Office will provide technical assistance, materials, handbooks, program
planning, development and implementation to the District Committee.
ARTICLE 32
CONVENTION AGENDA
1. The President shall call the Convention to order and set the Agenda, and preside until
the election of the Chairman of the Convention.
2. The Credentials Committee will be composed of the General Secretary and
the seven District Governors or their alternates.
3. The Convention shall elect a Chairman, one Vice-Chairman, and one or more
Secretaries who shall assume their respective seats and duties. The Chairman may appoint
individuals to fill any vacancies in committee chairs. The Chairman shall appoint a PYA
Youth member as a Co-Chair of every committee during the Convention.
4. The President of the Association shall submit a detailed report, oral and written, on his
tenure in office and shall submit any suggestions as to the future policy of the Association.
Each member of the Board of Directors shall submit a written report on his tenure in office
prior to the Convention and copies shall be distributed to all delegates. Only the reports of the
President, Treasurer, President of the P.Y.A., Women's Director, and Editor of the Bulletin
KPHTH may be presented orally. Debate may follow on the reports of the officers and proper
resolutions may be adopted.
5. The Committee Chairmen shall indicate on a roster sheet the time and place each
committee will convene.
6. The first order of business on Wednesday of the Convention week shall be
nominations for President of the Association. Each candidate shall give a brief oral statement
of his platform made to the convention.
7. On Friday of the Convention week, the Convention shall conduct election of all
officers by secret ballot.
8. Upon completion of all business of the Convention, the Chairman shall declare the
conclusion of the Convention.
9. The new President shall call the first meeting of the new Board of Directors before
they depart from the Convention.
ARTICLE 33
CONVENTION EVENTS
1. The Biennial Conventions of the Association are granted to local chapters to host on
behalf of and at the guidance of the Association as required by the hosting chapter.
2. The Chapter hosting the convention will publish well in advance all functions and
prices in the KPHTH magazine in the months of April, May, and June prior to the Convention.
3. A dance committee will be formed by the Cultural and Education Chairman to
coordinate the dance exhibition at the conventions. All monies thrown or given to the dancers
during the competition will be held by the Association to be used by the Dance Committee to
further its program.
4. A President's Ball will be held Friday evening where out-going officers will be
recognized and new officers will given the oath of office.
5. The Association and the Board have the right and authority to move the site of the
National Conventions in the event that the needs and directives of the Board, the Committee,
or the Association are not followed.
ARTICLE 34
CONVENTION BUSINESS
1. The General Secretary shall prepare and bring to the Convention for presentation to
the Credentials Committee of each Convention the following:
(a) Alphabetical list of Chapters (by city) ;
(b) The number of Convention votes to which each Chapter is entitled;
(c) The names and addresses of the delegates and alternates of each Chapter;
(d) The Ledger of receipts from each Chapter showing annual dues, initiation fee,
scholarship duties, and bulletin subscriptions received by the General
Secretary and the date each was received;
(e) Complete membership lists of each Chapter and membership at large with
mailing addresses for each member as of June 1st of the convention year;
(f) Delegate credential forms submitted by each Chapter signed and dated by
their President and Secretary.
2. A general agenda of Convention Business, including a list of committees, shall be
mailed to each Chapter before each Convention.
3. A copy of the Convention minutes shall be mailed to each Chapter by the General
Secretary.
4. The week of the Convention shall be decided by the President of the Association and
the Chapter hosting the Convention.
5. Each Convention shall select the site for the convention four years in advance. Any
convention in Crete will be organized by the Board of Directors.
6. Any Chapter bidding for a Convention will present to the Convention documentation
of their ability to host the Convention.
7. All motions must be explained in both Greek and English.
8. The flags of the U.S.A. and Greece shall be displayed at all National Conventions.
9. The Convention shall appoint official translators who have full knowledge of both
Greek and English so that all delegates have a full understanding of all the activities taking place.
10. Delegates from Chapters wishing to host a National Convention shall not be eligible
to be members of the Convention Site Committee.
ARTICLE 35
CODE OF CONDUCT AND DISCIPLINARY PROCEDURE
1. Members of the Association are expected to conduct themselves in a manner not
inconsistent with the Constitution of the United States of America, Constitution of the
Pancretan Association of America, and all laws and regulations. Members are further
expected to conduct themselves in a professional manner, both within and without the
organization and any of its meetings and gatherings.
2. The Association exists for the development of cultural and ethnic ties of its Cretan
members and therefore the Association shall remain nonpartisan in politics. The Association
or its elected officials are not permitted to take positions regarding political or religious issues
on behalf of the Association.
3. The President is responsible for maintaining the peace and tranquility of the
Association and its members and is therefore charged with the responsibility of conducting
disciplinary proceedings against those members or chapters or officers who have violated the
Constitution, its by-laws, or the principles for which the Association stands.
4. When a member of the Association has a grievance against another member, officer,
or chapter, this grievance must be filed with the Secretary, copied to the President and the
General Supervisor for investigation.
5. The President through the General Supervisor shall within 30 days conduct an
investigation of the merits of the complaint. If the President determines that there is sufficient
merit he may appoint a committee to investigate the matter more fully. If the matter warrants,
the President may extend the time to render a preliminary opinion by notification to the
charging party within the 30 day period.
6. At the next scheduled meeting of the Board or in the alternative at a special meeting
called by the President, the matter will be placed before the Board by the Legal Advisor to
render a preliminary opinion. If sufficient justification exists for proceeding with the
complaint, the Board will direct that a formal charge be issued to the offending member.
7. The offending member shall have 30 days to respond in writing to the Board stating
his or her position and requesting a trial. At such hearing, the parties will put forth the
respective evidence regarding the complaint. The Board will then deliberate and reach a
verdict. All decisions of the Board regarding disciplinary matters shall require a 2/3 vote.
8. If any member disagrees with the decision of the Board and chooses to appeal the
decision, they may do so at the next scheduled meeting of the General Assembly through the
grievance committee at each Biennial Convention.
9. Upon a vote of 2/3 of the General Assembly at the National Convention, the decision
will be binding upon all parties.
ARTICLE 36
PROPERTY LOCATED IN FLORIDA
1. The future of the P.A.A. property located in Florida shall be left in the discretion of the
P.A.A. Board of Directors and Investment Committee.
E P I L O G U E
ORGANIZATION AND FIRST EXECUTIVE COUNCIL
The Pancretan Association of America was organized in Chicago on the 14th day of
October 1929. The first Executive council consisted of;
Vladimiros Constantinides, President;
Antonios Fiorakis, Vice President;
Spiros Kounalis, Secretary; and
Nicholas Spyridakis, Treasurer.
PAST PRESIDENTS OF THE PANCRETAN ASSOCIATION OF AMERICA
(1) Vladimiros Constantinides New York, NY 10/29 - 7/30
(2) John N. Volikos Chicago, IL 7/30 - 7/36
(3) Nicholas G. Kalimerakis Pittsburgh, PA 7/36 - 7/40
(4) Spiros Kounalis Salt Lake City, UT 7/40 - 7/42
(5) George Constantoulakis New York, NY 7/42 - 7/46
(6) Louis Calliyannis Washington, D.C. 7/46 - 7/48
(7) Nicholas Kalimerakis Pittsburgh, PA 7/48 - 7/50
(8) Marcos Mamalakis Chicago, IL 7/50 - 7/52
(9) Costas Finokalos Boston, MA 7/52 - 7/54
(10) George Constantoulakis New York, NY 7/54 - 7/58
(11) Emanuel Pavlakis Denver, CO 7/58 - 8/62
(12) Nick Delis (Delakis) San Francisco, CA 8/62 - 7/66
(13) Costas Maliotis Boston, MA 8/66 - 7/70
(14) Costas Stamatakis Chicago, IL 7/70 - 7/74
(15) Emmanuel Tsourounis Washington DC 7/74 - 7/78
(16) Gus S. Pallios Modesto, CA 7/78 - 7/82
(17) Emanuel J. Elliott Orlando, FL 7/82 - 7/84
(18) Emanuel Kariotakis Cleveland, OH 7/84 - 7/86
(19) George Pologeorgis New York, NY 7/86 - 7/88
(20) George Vardakis New Brunswick, NJ 7/88 - 7/92
(21) George A. Tzitzikas Sacramento, CA 7/92 - 7/95
(22) George C. Chryssis Weston, MA 7/95 - 7/97
(23) Emmanuel Tsikoudakis Denver, CO 7/97 – 7/01
(24) Stavros N. Semanderes Houston, PA 7/01 – 7/05
OATH OF OFFICE
I solemnly promise and swear that I will uphold the Constitution of my Country and the
laws made under its authority; I will uphold the Constitution and By-Laws of the Pancretan
Association of America, promote its objectives, and endeavor faithfully to execute the duties
of my office to the best of my knowledge and ability. So help me God!
PRAYERS INVOCATION
In the name of the Father and of the Son and of the Holy Spirit. Amen. Heavenly Father,
almighty, most-righteous, most wise creator of heaven and earth and all creation, we pray and
implore Thee in the name of our Jesus Christ, forgive our sins, free us from all wickedness and
sufferings, and give us abundantly of Thy Grace and Thy Light.
Strengthen, O Lord, our faith, increase our love, make firm our hopes in Thee, the only
true God, and in the One Thou best sent us, Jesus Christ and Savior.
Especially today we beseech Thee, O Lord, impart upon the offices and members of this
organization Thy Light and guidance, so that they may study carefully the problems and
subjects confronting them as genuine brothers and blessed children of the One True God.
Grant, O Lord, that the decisions of today's conference be indeed illuminating and
Christian for the glory of your Holy Name, and Church.
Through the Intercessions of Thine All-Holy Mother and all of the Saints. Amen
BENEDICTION
We thank Thee, Lord our God, for our life, our health, and for all the material and
spiritual blessings, which Thou hast given us, and which, Thou continues to give in this
present and temporal life.
We thank Thee also for today's conference, and for the opportunities of Christian action
that is afforded. We beseech Thee, through the Grace of Thine All-Holy Spirit, to give us
humility and obedience to Thy Holy Will, patience and strength in the struggle for virtue and
the salvation of our souls. Give us at all times the unity and the peace in our hearts and in our
souls, love and harmony among us and responsibility to transform our words into deeds.
Grant us strength and enlightenment in the accurate application of our decisions, for the
spiritual progress of our Fraternal Organization of for each of us individually.
Make us worthy to continue in this temporal life according to Thy Law and Thy
Commandments. Make us more worthy to seal our life with a Christian and Holy ending, and
make us worthy to enter into Thy Heavenly Kingdom.
Through the intercessions of Thine All-Holy Mother and of all the Saints. Amen.
DECLARATION OF TRUST VENIZELION SCHOLARSHIP FUND
CULTURAL AND EDUCATIONAL ENDOWMENT FUND
The PANCRETAN ASSOCIATION OF AMERICA believes that endowments should
be established to promote, preserve and perpetuate the culture, history and heritage of the
Island of Crete and its descendants and to and to encourage support of these goals through
tax-deductible contributions.
NOW THEREFORE, the P.A.A. hereby establishes
the VENIZELION SCHOLARSHIP ENDOWMENT FUND (Scholarship) and
the CULTURAL AND EDUCATIONAL ENDOWMENT FUND (Cultural)PURPOSES
1. Scholarship shall aid worthy men and women in pursuit if education, learning, and
research through merit and need scholarships, grants and loans and as may be provided by
Article 25.
2. Cultural shall develop, encourage and sustain programs and activities that promote
Hellenic culture, thought, language and traditions, as provided by Article 31 and strive to
promote, preserve and perpetuate the history and heritage of the Island of Crete and its
descendants.
3. The Century Club shall solicit contributions to the Scholarship and Cultural
Endowments, pursuant to Article 26 and apportion its receipts equally between Scholarship
and Cultural, unless donors specify a different allocation, and immediately deposit funds in
their respective endowments.
TAX DEDUCTIBILITY AND EXEMPTION
4. These endowments shall not carry on any activity not permitted by a corporation
exempt from tax under Section 501 (C) 3 of the Internal Revenue Code (Code), nor shall
they carry on any activity not permitted by a corporation, contributions to which are fully
tax deductible under Section 170 (C) 4 of the Code. No substantial part of their activities
shall be devoted to propaganda or influencing legislation. No part of their funds shall
inure to the benefit of any trustee or officer of Pancretan.
SEGREGATED FUNDS
5. Cultural and Scholarship assets shall be held in their respective names, separate and
apart from the operational and general administrative accounts of Pancretan. [IRS
publication 557, page 11, Code Section 170 (C) 4].
6. Scholarship shall report two sub-accounts, (A) corpus account for long-term growth
and (B) operational account for current scholarships. The revenue for Sub-account A (Corpus) shall consist of:
a. Income from investments.
B. Donations from the P.A.A. Century Club
C. Gifts and bequests from individuals, other organizations or chapters of the Association
d. Funds which the Association shall allocate from time to time for such purposes
e. Any account surplus so designated from Account B. The revenue for Sub-account B (Operational) shall consist of
2.a. Income from Chapter Dues
b. Gifts and bequests from individuals, other
organizations or Chapters of the Association.
c. Interest from Sub-account A (after the year 2003)
d. Penalties from late payment of dues per Article 24 paragraph.1
e. Interest from the Nick Kalimerakis Fund
f. Memorial Donations
g. Yearly donations from current scholarships
The governing board of Scholarship may transfer operational account surpluses to Corpus account A.
7. Corpus account A, yearly additions to, and yearly income from, corpus account A
shall be reported on a cash basis only. Cultural shall also report on a cash basis, so that
yearly income from each corpus can be identified and reinvested as provided here.
8. Operational account B shall be reported on an accrual basis including all receivables,
e.g., scholarship dues, late penalties and gifts.
TRANSFERS TO INITIAL ENDOWMENT ACCOUNTS
9. Designated endowment funds of $134,465.05 shall constitute corpus account A of
the Scholarship Endowment Fund.
10. Current scholarship revenues as budgeted, received and accrued shall comprise
operational account B.
11. Designated Cultural funds of $32,709.29 shall constitute corpus of the Cultural
Endowment Fund.
PRESERVATION OF PRINCIPAL
12. At all times, endowment funds shall be fully and prudently invested under
provisions of this trust so as to retain or exceed their original purchasing power. One half
(½) or more of the corpus shall be invested in equity mutual funds of established quality.
Remaining balances may be invested in equity and fixed income securities. Money market
accounts may be used to receive and disburse funds. Fund investments should be no-load,
with low management fees, and no commissions, 12(b) 1, exit or redemption fees. Load
funds with superior track records may also be used such as Target 5 and 10 unit trust funds
of Dow stocks which average 19% per year. Index funds must represent diversified equity
markets such as the Standard & Poors 500 Index, which averages 14% per year. Corpus
investments shall be held for long-term growth and income, and should be selected on their
ability to realize significant appreciation within 6 years. Bond mutual funds, fixed income
securities earning less than money market funds, real estate, mortgages, loans and
preferred stocks at any rate of return, are not considered suitable investments for these
Endowments. However, such securities and property may be received through gifts and
donations and held or sold in conformity with prudent investment standards.
13. All investments shall be executed through discount brokers or purchased directly
from fund companies or corporations so as to maximize returns. No member of Pancretan
3
shall earn anything of value or a commission in conjunction with the investment of these
endowments.
14. The assets of the Endowments shall be managed and invested by the Investments
and Fund Raising Board under Article 7 and only in accordance with the terms of this
Trust.
EXPENDITURES
15. Through the year 2003, operational account surpluses, specific donations to, and all
income from, corpus of the Cultural and Endowments shall be retained and added to
corpus. Thereafter, all donations to the Endowments and one-quarter (1/4) or mare of all
yearly income from the corpus of each endowment shall be reinvested and become corpus
16. Operational account B may be invested in cash equivalents or money market funds.
17. The governing authority of each Endowment may by majority vote authorize the
expenditure of up to five percent (5%) of each corpus in any four-year period. Operational
account revenues and income not part of corpus may be used for endowment purposes or
added to corpus. This provision shall not apply to special scholarship funds administered
by the scholarship committee.
18. Endowment purposes and activities, including scholarship awards and cultural
grants, may be funded in whole or part from general administrative funds of the P.A.A.,
thus conserving assets of the Endowments.
19. Expenses of each endowment shall be paid by Pancretan from general
administrative funds, or operational account, and not from any endowment fund corpus.
TRUSTEES
20. Members of the governing authorities of each endowment shall serve without
compensation or reimbursements of expenses.
21. Except for willful misconduct or malfeasance, no member or officer of Pancretan or
the governing authorities of each endowment shall be personally liable for acts done or
omitted.
FUND TRUST PROVISIONS
22. Each endowment fund shall be operated under the same procedures, caveats and
restrictions as approved by the Internal Revenue Service on June 28, 1990 and set forth in
Article 29, Section VII of the Pancretan Constitution. In the event of conflict with the
Pancretan Constitution, the terms of this Trust shall prevail.
GOVERNING LAW
23. This declaration of trust shall be part of the Pancretan Constitution and shall be
administered and construed according to the laws of the State of New York.