REI of NEW Bylaws
Article I – Name
A. The name of this Local Organization shall be the REI of NEW.
B. The Local Organization is a State non-profit organization.
C. This Local Organization is a chapter under the Wisconsin Real Estate Investors.
Article II – Purpose and Objectives
A. The purpose and objectives of this organization shall be to advance the general welfare of real estate investors, and carry out charitable, educational, and civic purposes as follows:
- To participate in an interchange of information and experience with state and local affiliated chapters.
- To encourage within the real estate industry a high appreciation of cooperation with fellow real estate investors, vendors, and municipal or state Housing agencies.
- To promote equitable relationships between the rental property owner and its lessors through interactions and state law. Seeking laws that are equitable for both sides and not biased towards rental property owners.
- To promote the enactment and enforcement of local, state, and federal laws beneficial to the real estate investment industry.
- To disseminate useful information to all members and inspire them to further educate themselves in all aspects of real estate investment that they participate in.
- To promote a Code of Ethics to maintain high professional standards and sound business methods among its members for the best interest of the industry and the public.
Article III – Membership
A. There shall be three types of membership, each consisting of 1 or 2 people:
- Associate Member: A current or future owner of real estate in the northeast WI area OR one who owns invests in another area but resides in the northeast WI area.
- Business Member: A vendor of goods and services to real estate investors in the northeast WI area. These members are non-voting members.
- Property Management Member: An individual or company whos’ business it is to manage and lease rental property in the northeast WI area.
B. Violation of Ethics & Removal of Membership
- 1. If evidence exists that a member of the Local has acted in a manner that violates the State or Local Organization’s Code of Ethics, OR severely and/or repeatedly violates Federal, State, and local housing laws, said evidence shall be presented to the Local Board of Directors (BOD).
- The Local BOD will review the information to determine if the member has acted maliciously and purposefully in a manner that defiles the name of the Organization. Ignorance of the law is NOT an excuse for violating any laws or the Code of Ethics.
- If the local BOD finds enough evidence of wrongdoing, the President of the Local Association shall forward all pertinent information and evidence to the State’s Executive Manager one (1) week PRIOR to any vote of removal commencing.
- The BOD may hold a vote for removal no sooner than one (1) week after sending the charges and evidence to the State’s Executive Manager. To complete a vote of removal, the BOD must have at least ¾ of its officers voting.
a. If there are vacancies in the positions that prevent ¾ voting, alternates for voting will be substituted in from the State Board of Directors.
b. Alternates from the State level will be assigned in the following order: Director of Legislative Affairs, Director of Municipal Affairs, Director of Membership, Director of Legal Affairs, and lastly Director of Education.
Article IV – Dues
A. Dues and all matters pertaining thereto shall be established and regulated by the Board of Directors with the following exceptions:
- Cost of State Organization annual membership.
- All dues are to be renewed on a calendar basis as required by the State Organization.
a. New members who join after July 1 should have their dues for both the state and local pro-rated.
B. The dues for the following year shall be voted on no later than October 31 of the year prior.
C. All renewal dues are to be paid to the Local no later than December 31 of the prior year.
D. State’s portion of annual dues is to be paid by the Local no later than January 31st. Failure to do so will result in a late fee being attached.
Article V – Board of Directors Meetings (BOD)
A. The Board of Directors shall meet at least once per quarter AND when called by the President.
B. A 2/3 majority of the Directors shall constitute a quorum.
C. Special meetings may be called by the Board of Directors upon the petition of one-third of the membership to the President and consent of the President.
D. Any call for such a special meeting shall state the purpose, time, and place of the meeting and shall be issued at least 10 days in advance.
E. If the special meeting’s purpose is related to the performance of the President, the consent of the President is not required to call the special meeting. In lieu of this consent, the Local shall seek the consent of the State BOD and request a State Director be present for the special meeting.
Article VI – Board of Directors Composition and Elections
A. The administration of the Association shall be vested in a Board of Directors composed of the President, Vice President, Secretary, Treasurer, and up to two (2) Alternate Officers.
B. All officers should be in good standing with the State and Local Organizations.
C. The majority of the Board of Directors (⅔) shall be comprised of rental owners.
D. Officers shall serve two-year terms.
E. Officers shall be elected by the membership at the November meeting of the voting year. Nominations should be taken at the October meeting.
F. The most recent Past President, not serving as an officer, shall oversee the nominating and election process. If no Past Presidents can perform the function, the most recent (or subsequent) Vice President that is not serving as an officer shall substitute.
G. If an Officer resigns or dies, the President shall have the authority to nominate a replacement from the list of Alternate Officers. If there is no Alternate Officer to assume the duties, the President shall nominate an interim replacement.
- The interim officer shall be labeled as “Acting [officer position]”. They may only hold this title for 60 days.
- Prior to the expiration of that time period, the BOD must hold a vote with a majority present to permanently install the replacement officer.
H. If an Officer becomes incapacitated or is unable to perform their duties, the President shall appoint an Alternate Officer as an Acting officer of that position. This Alternate Officer may continue in this capacity as “Acting” until the incapacitated officer returns to meetings. If the incapacitated officer does not return prior to the call for elections, the Alternate Officer shall be up for election and treated as the “incumbent”.
- Again, if there is no Alternative Officer to assume the duties the President shall nominate an interim replacement who shall be “Acting.”
Article VII – Board of Director’s Roles
The roles and responsibilities of the positions within the Board of Directors are as follows:
A. Secretary: takes notes at meetings, creates and distributes agenda for Board meetings under the direction of the President, and maintains social media account.
B. Treasurer: monthly bookkeeping, sends state dues to the head office, maintains membership list, forwards membership list to state and other annual documents, writes checks. and reconciles the bank accounts of the organization.
C. Vice President: organizes speakers and topics for meetings, presides over BOD meetings in the absence of the President, organizes annual Christmas party, sends out reminders for meetings, handles organizing food and drink for membership meetings, and assists the President in presiding over membership meetings.
D. President: oversees other positions to ensure follow through on tasks assigned, marketing and promotion plan for the organization, reports back to the local on State activities, promotes State events and encourages participation, set the agenda for the BOD and membership meetings, sign checks, communicates with the State on any officer changes, meeting location and date changes, as well as other items of note or concern for the State.
E. Alternate Officer: These are officers that are not assigned to a specific role but participate in the Board process. They can be used as deputies to assist other Board members with larger projects, or they can be assigned miscellaneous tasks. They may also present Officer Reports submitted to the President on behalf of an Officer who is unable to attend the general or BOD meeting.
Article VIII – Committees
A. Permanent or Standing Committees may be appointed or eliminated by the President with the approval of the majority of the Board of Directors.
B. One member of the BOD (including Alternate Officers) should be selected as the Chair of the Committee.
Article IX – General Membership Meetings
A. General membership meetings shall be held at least ten (10) times per year. The meeting frequency shall be monthly.
B. The Treasurer is required to present financials to the general membership on a semi-annual basis. Presenting the financials can include having reports printed and available for viewing by the general membership.
C. The President and/or Vice President shall preside over General Membership meetings.
Article X – Amendments
A. These articles may be amended by an affirmative vote of ⅔ of the members present at a regular, annual, or special meeting of the Association, provided that:
- Such amendment shall have been approved first by the Board of Directors in a BOD meeting.
- Such a proposed amendment has been published in writing to the Board at least ten (10) days prior to the BOD meeting in which a vote is to be taken.
- Such a proposed amendment has been published to the general membership at least ten (10) days prior to the general membership meeting in which a vote is to take place.