Omicron Delta Epsilon Constitution

I.     NAME

       The name of the Society shall be Omicron Delta Epsilon, International Honor Society in Economics.

II.    OBJECTIVE

1. To confer distinction for high scholastic achievement in economics.
   
   
2. To stimulate and promote student interest in all aspects of economics.
   
   
3. To publish an official journal to be entitled The American Economist.
   
   
4. To sponsor the Fisher-Taussig Award Competitions.

III.   CHAPTERS

1. Chapters of Omicron Delta Epsilon shall be limited to colleges and universities approved as senior colleges by recognized regional or national accrediting agencies.
   
   
2. To be eligible to install a chapter of the Society, an accredited college or university must have an independent department or program in economics and must maintain an educational program in economics with high professional standards and an ample curriculum which allows a concentration in economics.
   
   
3. A charter may be granted to petitioners when their application has been investigated and approved by a majority of the International Executive Board.
   
   
4. Each chapter shall provide itself with a set of by-laws wherein shall be set forth such matters as are necessary for the carrying forth of the affairs and the business of the local chapter.  There shall be no rules or provisions in the chapter by-laws that are contrary to any item in this Constitution.
   
   
5. Each chapter shall elect a chapter executive board, consisting of a President, Vice President, Secretary and Treasurer, and other officers provided for by its by-laws.  The chapter officers shall be responsible to the International Executive Board and shall make periodic reports to the Central Office.
   
   
6. Prior to installation, the prospective chapter member shall elect one or more members of their Economics Faculty to act as chapter Faculty Advisor(s).  The function of the Faculty Advisor shall usually include supervision over election of student and honorary members, and chapter projects.  However, those functions shall be specified by the individual chapters according to their college or university practices.
   
   
7. A chapter shall meet and/or initiate new members at least once each academic year.  It shall be placed on the inactive role by the International Executive Board, if it fails to elect new members for three successive academic years.  An inactive chapter will be removed from the mailing list and all published lists of chapters.
   
   
8. A chapter may be suspended from membership until the next Biennial Convention by a two-thirds vote of the International Executive Board if it has been found to be acting in a manner detrimental to the purpose and objectives of the Society.
   
   
9. A chapter may have its Charter withdrawn by a three-fourths vote of the Biennial Convention if it has been found to be acting in a manner detrimental to the purposes and objectives of the Society.

IV.    MEMBERSHIP

1. Membership in the Society shall include undergraduate, graduate, faculty, alumni, and honorary members.
   
   
2. Membership is open to all those eligible without regard to sex, race, color, creed, or national origin.
   
   
3. Undergraduate membership shall consist of those who are making the study of economics one of their major interests and who are attending an institution where a chapter is located.  The minimum qualifications for undergraduate membership are:
   
      A.     Twelve semester (term) hours of economics with an average grade of at least a B or, in the case of colleges or universities with an Honors Program in Economics, the equivalent of B grade work or better.
   
      B.     A general average of at least a B and a class standing in the upper one-third.
   
      C.     For institutions that do not have a credit hour system, a  candidate must stand in the upper one-third of the students studying economics and must have completed principles and have studied intermediate economic theory.
   
      D.     For universities organized on the British System, all Junior standing or higher.  Student must be in residence at least one semester.
   
      E.      Honors  Students (4th  year) and upper Economics III students are eligible, as well as the top Economics II students.
   
   
4. Graduate membership shall consist of graduate students who are attending an institution where a chapter is located or who become members while undergraduates.
   
      A.     In residence at least one semester, with a major or minor in economics.
   
      B.     An average of B or better and a class standing in the upper one-third.
   
   
5. A chapter may elect members of the faculty and administration to memberhip.
   
   
6. Alumni membership shall consist of persons who have met all of the standards for regular undergraduate or graduate membership, but who could not join as students (a) because their institution did not have an Omicron Delta Epsilon Chapter at that time or (b) because of financial or other extenuating reasons.
   
   
7. Honorary membership may be granted (a) by a two-thirds vote of a chapter's membership, subject to the approval of the International Executive Board or (b) by a two-thirds vote of the Board of Trustees, upon the recommendation of the International Executive Board.
   
   
8. Except as otherwise provided for, eligible candidates for  membership shall become members upon election by simple majority vote of the respective Omicron Delta Epsilon chapters and payment of local and national dues.
   
   
9. When a member of a chapter has transferred from the college or university where he/she has held membership in Omicron Delta Epsilon to another college or university where a chapter is located, he/she may become an active member of the second chapter by receiving a majority vote of the members of the chapter.
   
   
10. Any member of Omicron Delta Epsilon may be removed from the membership roll by a three-fourths vote of the membership of his/her chapter.  Appeal from such action may be made to the International Executive Board.

V.     TRUSTEES

1. There shall exist a Board of Trustees, consisting of twelve or more members  (the number to be determined by the International Executive Board).
   
   
2. The terms of office for members of the Board of Trustees shall be four years, with one-half elected every other year by the International Executive Board.
   
   
3. The Chair of the Board of Trustees shall serve two years.  Ordinarily at the end of this term, the position of the Chair is filled by the previous Vice Chair of the Board of Trustees.  The immediate Past President of the Society then becomes the Vice Chair.   In the event of a vacancy, the International Executive Board may appoint an individual to fulfill a term.
   
   
4. The President-elect of the American Economics Association shall always be invited to be a Trustee.  The International Executive Board has the authority to work out similar arrangements with other national and international economic associations.

VI.    DUTIES OF TRUSTEES

The Board of Trustees shall advice and assist the International Executive Board.  The Board of Trustees, which shall meet at least once a year, shall have power to review and override, by three-fourths vote, any action or decision of the International Executive Board which, in its opinion, is contrary to the aims of Omicron Delta Epsilon or to the Constitution under which it functions.

1. The Chair and Vice Chair of the Board of Trustees shall serve as members of the International Executive Board.
   
   
2. In the absence of the President and the President-elect, the Chair of the Board of Trustees shall preside at meetings of the International Executive Board.

VII.   OFFICERS

1. The Society shall have the following officers who shall be elective officers:  a President, a President-elect, and  two or more Vice Presidents.  The terms of office of these elected officers shall be two years.  In the event of a vacancy, the International Executive Board may appoint an individual to fulfill a term.
   
   
2. The Society shall have the following officers who shall be appointed by the International Executive Board:  an Executive Secretary- Treasurer, an Editor of the Fisher-Taussig Competitions, an  Editor-in- Chief of The American Economist, and a Chair of the International Advisory Board.   The terms of office for the Executive Secretary-Treasurer and Editor -in-Chief of  The American Economist shall be a rolling three calendar year appointment.  The terms of office for the Chair of the International Advisory Board and the Editor of the Fisher-Taussig Competition shall be for two calendar years.
   
   
3. The International Executive Board shall consist of the President, President-elect, two (or more) Vice Presidents, the Chair of the International Advisory Board, the two Editors, the Chair and Vice Chair of the Board of Trustees, and the Executive Secretary-Treasurer, provided that the Chair of the International Advisory Board, the Executive Secretary-Treasurer  and the Editor -in-Chief of The American Economist shall not be entitled to vote in the International Executive Board's meetings.

VIII.        DUTIES OF OFFICERS

1. The President of the Society shall preside at all meetings of the Society and of the International Executive Board.
   
      A.     Not later than 120 days before the Biennial Convention, the President will appoint a Nominating Committee.  This Committee will consist of at least one past President and not less than two other officers of the Society.  The Nominating Committee shall be instructed to present to the President within 30 days a nominee for President, President-elect, and two or more Vice Presidents.  The members of the Nominating Committee and the International Executive Board shall constitute the Electoral College.  They will consider the nominees of the Nominating Committee and present one candidate for each office.
   
      B.     The Executive Secretary-Treasurer will inform all chapters of the action of the electoral College at least 60 days before the Biennial Convention.  An additional nomination for any office may be made by petition, delivered to the Executive-Secretary 30 days before the Biennial conventions, including signatures and addresses of  not less than 5% of active Chapter Presidents or Faculty Advisors.  The nominees selected by the Electoral College and those made by petition shall be presented at the Biennial Convention.
   
   
2. The President-elect shall assume the Presidency at the end of the Biennial convention.  In the absence of the President,  the President-elect shall preside at meetings of the International Executive Board and/or the Biennial Convention.
   
   
3. One Vice President to be designated by the Nominating Committee, shall serve as Regional Coordinator, carrying on liaison with the Regional Delegates and chapter officials, and serving as Editor of the Omicron Delta Epsilon "Newsletter."  At the annual meeting of the International Executive Board, the Regional Coordinator shall submit a slate of Regional Delegates for approval.
   
   
4. The Executive Secretary-Treasurer will be in charge of establishing and running the Omicron Delta Epsilon central office, shall keep the records of the Society, and shall receive and have custody of the funds of the Society, all subject to the rules of the International Executive Board.  The International Executive Board, at its annual meetings, shall receive for approval a proposed budget for the following calendar year.
   
   
5. The two Editors shall have responsibility for the Fisher-Taussig Competitions and for publication of  The American Economist, respectively.  With the advice and consent of the International Executive Board, they may appoint members to assist them in carrying out their duties.
   
   
6. The Chair and Vice Chair of the Board of Trustees shall be responsible for long-range planning of the Society, including recruitment of leadership and obtaining endowment for the Society, and other duties assigned by the International Executive Board.

IX.    REGIONAL DELEGATES  

1. There shall be Regional Delegates who will serve as Omicron Delta Epsilon's representatives to selected annual regional professional meetings.  The specific regional associations/meetings shall be designated by the International Executive Board.  The individual delegates shall be recommended by the Vice President serving as Regional Coordinator for consideration and approval by the International Executive Board.
   
   
2. The Regional Delegates shall be responsible for promoting Omicron Delta Epsilon's participation at the respective annual regional meetings.  An annual report of these activities shall be submitted to the International Executive Board by the Regional Delegates.  In addition, the Regional Delegates shall be responsible for assisting the Vice President of Regional Coordination in promoting the overall welfare of the Society throughout the general geographical membership served by the regional association in question.

X.  BIENNIAL CONVENTIONS

1. There shall be a Biennial Convention of the Society at a place and time to coincide with the annual meeting of the American Economic Association.
   
   
2. The authorized delegates, duly assembled in Convention, constitute the highest governing and legislative body of the Society.
   
   
3. At the Convention, the authorized delegates shall elect the President, President-elect, and the Vice Presidents.
   
   
4. Each chapter at the Convention shall be entitled to one vote.  Delegates must be chapter members.  All elections are by simple majority of the chapters present.

XI.  THE  JOURNAL

1. Omicron Delta Epsilon shall maintain a journal in which shall be published matters of interest pertaining to the Society and matters of general economic interest.  The name of the journal shall be The American Economist.
   
   
2. There shall exist an Editorial Board charged with the function of approving material for inclusion in The American Economist. The Editorial Board shall be comprised of the Editor-in-Chief and other members designated by the Editor-in-Chief, with the approval of the International Executive Board.

XII.   AMENDMENTS

1. An amendment to this Constitution may be proposed at a Biennial Convention either by the International Executive Board or by an active chapter, provided it has been transmitted at least four weeks before the Convention to each chapter President.  The proposed amendment, to be ratified, must receive a two-thirds vote of the delegates at the Biennial Convention.
   
   
2. An amendment to this Constitution may be proposed between Biennial conventions either by the International Executive Board or by an active chapter, provided it has been transmitted to each chapter President.  The Executive Secretary-Treasurer shall mail to each chapter a ballot, as well as the proposed amendment.  Sixty days following the mailing shall be allowed for the active chapters to vote, after which the ballot shall be declared closed.  The proposed amendment, to be ratified,  must receive a two-thirds vote of the voting chapters.

XIII.   BY LAWS

1. Prior to initiation, each member shall pay a life membership fee to be determined by the International Executive Board.  This fee shall defray the cost of initiation, of issuing a membership scroll, and of a one-year subscription to The American Economist.
   
   
2. The International Executive Board shall determine annual subscription fees to The American Economist.
   
   
3. The International Advisory Board shall be composed of past residents of the Association and past editors of The American Economist and Fisher-Taussig Competition.  The Chair of the Board may also invite other former officers to join the Board.  In addition, with the approval of the President, the Chair may also invite other distinguished persons interested in economics and the Society.  The members of the Board will provide advice on policy matters, long range planning, recruitment of new leadership and on any other issues, as requested by the President or the International Executive Board.
   
   
4. Omicron Delta Epsilon Regions shall be delineated by the relevant Vice President, subject to the approval of the International Executive Board.  These regions might cover only a portion of a nation or include several nations, whatever appears to be most feasible in view of the facts of particular situations.