BC CHESS FEDERATION (BCCF) INVESTMENT COMMITTEE
1. In accordance with Section 15 of the BC Chess Federation Constitution and Bylaws (copy attached), the governance of the BCCF hereby approves the standing up of an Investment Committee to manage such funds as are not necessary to meet the immediate needs of the BCCF.
2. From time to time the BCCF Treasurer will make recommendations to the BCCF Executive if it is deemed prudent to invest excess funds including bequests and donations. The BCCF Executive will make such determinations.
3. The Investment Committee is to manage BCCF invested assets for the long term benefit of the membership. The Investment Committee officers shall have complete charge and control of the invested assets and full power to invest funds.
4. The Committee shall consist of three officers as follows: Chairman, Vice-Chairman and Treasurer. The initial officers shall be appointed by the President of the BCCF on advice from the Executive. Subsequently, officers shall be elected at the Annual General Meeting.
5. Any officer of the Committee may deposit funds with the financial institution(s) holding BCCF investments. The CommitteeTreasurer shall individually have authority to make such investments as are considered suitable by the Investment Committee. Withdrawals shall require the signatures of two officers.
6. Net income (dividends, interest and similar distributions) derived from the investments shall be paid over every year on or before April 30th into the Treasury of the BC Chess Federation to be used for the purposes set out in the BCCF Constitution. The Investment Committee shall render an annual statement to the Secretary of the BCCF prior to the Annual General Meeting itemizing the investments, income derived for the annual period and any other relevant data.