Constitution
Constitution of the London Business Interruption Association - incorporating the One-Fifty Association and the London Business Interruption Society
- The Association shall be entirely unofficial and shall be known as the London Business Interruption Association
- The object of the Association shall be the advancement of professional interest in and dissemination of knowledge of all matters relating to Business Interruption.
The affairs of the Association shall be managed by a Committee consisting of a President, Deputy President, Secretary, Treasurer, Dinner Secretary, Membership Secretary, Education Secretary, Golf Secretary and five other members of the Association, all to be elected for a term of one year at the Annual General Meeting, and the immediate Past President for the time being.
Nominations for Committee Members supported by a proposer and seconder shall be submitted to the Secretary in writing at least 6 weeks prior to the Annual General Meeting. The Committee shall have the power to fill any vacancies that may occur in its membership during the course of the year. Six members of the committee shall be required to form a quorum.
Immediate past Presidents of the LBIA shall automatically be entitled to become Vice Presidents of the Association and be elected at the Annual General Meeting
Vice Presidents of the One Fifty Association and past Chairman, including the Life President, of the London Business Interruption Society shall automatically become Vice Presidents of the London Business Interruption Association.
New Members can be either Corporate or Personal
Corporate Members will comprise Insurers, Insurance Brokers, Loss Adjusters, Accountants, Loss Assessors, Solicitors and Lloyd’s syndicates interested in Business Interruption with more than one member. Application for membership, including completed application forms from the proposed members, shall be made to the Membership Secretary and submitted for approval to the Committee.
The Corporate Members’ Representative, appointed from time to time by the Corporate Member, shall determine the individual membership within each Corporate Member without reference to the Committee but shall confirm the list of Corporate Members to the Membership Secretary or Treasurer when renewing annual membership of the Association.
- should approval be given by a two thirds majority of Committee members, new Corporate and Personal members will be announced by the Secretary at the next Ordinary Meeting of the society.
- if an objection to membership is received by the Secretary within 14 days of an Ordinary Meeting, then such application shall be referred back to the Committee for re-consideration.
Ordinary Meetings shall be held at such time and place as the Committee may determine, due notice being given to all members. Failure to give any member notice shall not render void any decision taken at an Ordinary Meeting.
One such meeting shall be designated as the Annual General Meeting (The AGM).
- The subscription to the Association shall be fixed by a resolution carried by a two-thirds majority of the members at the AGM and shall be payable by members on or before the 1st November immediately following.
- The accounts of the Association shall be certified annually by two Auditors who shall be appointed at the AGM.
- No alteration or addition shall be made to the rules except by a resolution carried by a two-thirds majority of the members at an Ordinary Meeting of the Association, due notice of at least 28 days of such proposed alteration having been circulated to members.
The initial working capital of the London Business Interruption Association shall be made up from 20% of the separate current balances of both the One-Fifty Association and the London Business Interruption Society as at the inaugural meeting after due allowance being made for liabilities accruing
The balance of 80% separately for the One-Fifty Association and the London Business Interruption Society shall be held inviolate for a period of two years under the separate guardianship of three named officials as agreed separately by the existing Committees of the One-Fifty Association and London Business Interruption Society
After two years, subject to there being no alternative proposal from either of the previous membership of the One-Fifty Association or the London Business Interruption Society at the time of the inauguration of the London Business Interruption Association, the balances held shall become the responsibility for disposal or usage by the London Business Interruption Association accordingly.
- If, following an approved resolution, it is agreed that the London Business Interruption Association be wound up, all net cash balances will be donated to insurance related charities.
Personal Membership - where so desired by an individual. Application for membership shall be made to the Membership Secretary and submitted for approval to the Committee.
In either case,
The Committee’s decision may be appealed to the President whose decision shall be final.
Each member shall be entitled to bring one guest to any Ordinary Meeting. Guests will have no voting rights.
Membership may be terminated at the discretion of the Committee and at any time upon receipt of a requisition to that effect signed by three members of the Association, such member being duly notified of the proposed termination and the date of the Committee meeting at which the matter will be considered, which meeting he or she shall be entitled to attend.
Honorary membership may be granted on the recommendation of the Committee at any time to a member of the Association after his or her retirement from the office by which he or she is employed.