Financial Provisions Of The Phi Kappa Tau Constitution

Title II, Section 15: Permission to Initiate.

A Resident Council shall request and receive permission from the Chief Executive Officer before initiating a man. Request for this permission shall be made on the regular form. A Resident Council shall send to the Chief Executive Officer with the request:

  1. The information desired for the Chief Executive Officer's membership record.
  2. A signed badge contract.
  3. The initiation fee.

If a Resident Council initiates a man (or men) without having received permission from the Chief Executive Officer, a penalty in the amount of one hundred dollars ($100) shall be imposed upon said Resident Council.

Within one week after a Resident Council initiates a man, it shall confirm same to the Chief Executive Officer. This report shall be made on the regular form provided for that purpose. If a Resident Council postpones an initiation, it shall report that fact to the Chief Executive Officer immediately and state the date to which said initiation has been postponed.

Title II, Section 19: Financial Requirement for Initiation.

No one shall be initiated if he is in arrears in any obligation to the fraternity or to the colony.

Title V, Section 47:Resident Council Officers.

(4) Treasurer. The treasurer shall keep full and accurate record of all financial matters of the Resident Council in a standard accounting system approved by the National Council. He shall render or have rendered a statement of the financial condition of the Resident Council quarterly to the Executive Offices and to his own Resident Council. At the close of his term of office his records shall be audited by an accountant or committee approved by the Executive Offices. He shall give a surety company bond in the sum of $10,000, said bond shall be secured for the Resident Council by the Executive Director, and the cost thereof shall be charged to the Resident Council.

Title V, Section 5O: Membership Fee.

Title VI, Section 60: Financial Delinquency.

A Resident Council member remaining in arrears in his account with the chapter for a period of thirty days shall, at the expiration of that time, be automatically suspended from the chapter. This suspension may be terminated only by payment of the arrears or by action of the Board of Governors of the chapter.

Title VI, Section 62: Collection of Alumni Accounts.

When a graduate member is delinquent to a chapter for dues, board, room or any other regular or specific fraternity assessment, the Resident Council treasurer or the Board of Governors shall notify him to pay said indebtedness or arrange for collection of the Executive Offices. If the member fails or neglects to pay or liquidate his obligation after thirty days from the date the first notice is sent by the Executive Offices, he shall be notified by registered letter with return receipt that he will be suspended by the National Council for financial delinquency unless he pays the obligation or shows cause why he should not be suspended. The National Council shall have full power of attorney from chapters in the operation of this Statute and its decision is final. This Statute does not provide for the collection of donations or promissory notes to building funds and such other obligations that partake of the nature of gifts.

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