Bylaws of the International Academy of Financial Consumers (IAFICO)

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Section 1: General Provisions

• Article 1 (Name): The name of this academic society shall be the "International Academy of Financial Consumers" (hereinafter referred to as the "Academy"). In English, it shall be officially named the "International Academy of Financial Consumers" (IAFICO).

• Article 2 (Office and Branches):

  1. The principal office of the Academy shall be located in Seoul, Republic of Korea.

  2. The Academy may establish branch offices in other domestic cities or overseas as deemed necessary.

 

Section 2: Objectives and Undertakings

• Article 3 (Objectives): As a non-profit organization, the Academy aims to promote and develop global investigation, research, and other academic activities by its members regarding financial consumers. It seeks to contribute to the development of global financial markets and the world economy by advancing education, legislation, best practices, supervision, and policies related to financial consumers.

• Article 4 (Undertakings): The Academy shall carry out the following activities to achieve its objectives:

  1. Publication of academic journals and other literature;

  2. Hosting of academic conferences;

  3. Other projects deemed necessary by the General Meeting or the Board of Directors that align with the Academy's objectives.

 

Section 3: Membership

• Article 5 (Categories and Qualifications):

  1. Individual Members: Categorized into Regular and Associate members.

     • Regular Members: Professionals in finance, consumer studies, economics, management, law, or education. They must be full-time faculty at universities, researchers at equivalent institutes, or individuals with equivalent qualifications recognized by the Board of Directors. Regular members hold the right to attend General Meetings, voice opinions, vote, and be elected to office.

     • Associate Members: Divided into Student Members (graduate students) and General Members (professionals in financial institutions). They do not hold voting rights or eligibility for election.

  2. Institutional Members: Organizations related to financial consumers that do not compromise the Academy's neutrality, subject to Board approval. They do not hold voting or election rights.

  3. Loss of Membership: Membership shall be revoked if a member is expelled by the Board for demeaning the Academy or fails to pay dues for two consecutive years without notice.

 

Section 4: Organization

• Article 6 (Officers and Board of Directors): The Board of Directors shall consist of a Chairperson, Vice-Chairperson, President, Vice-President, Directors, and Auditors.

• Article 7 (Election of Officers):

  1. The Chairperson, Directors, and Auditors shall be elected or dismissed at the General Meeting.

  2. The Vice-Chairperson, President, and Vice-President shall be appointed or dismissed by the Board of Directors.

• Article 8 (General Meetings):

  1. The General Meeting decides on amendments to the Bylaws, approval of budgets/accounts, and election/dismissal of the Chairperson and Auditors.

  2. A regular General Meeting shall be held at least once a year.

  3. A quorum is formed by one-third of regular members (including proxies).

• Article 12 (Chairperson):

  1. The Chairperson represents the Academy and chairs the General Meeting and the Board of Directors.

  2. The term of the Chairperson shall be three (3) years.

  3. In case of a vacancy: if the remaining term is less than one year, the Vice-Chairperson acts as deputy; if one year or more, a new Chairperson is elected.

• Article 14 (President): The President chairs the organizing committee for international conferences and serves a term of one (1) year.

 

Section 5: Financial Affairs

• Article 18 (Accounting and Revenue):

  1. The fiscal year runs from January 1 to December 31.

  2. Funds are sourced from membership fees, contributions, and participation fees.

  3. Income must be used for the public interest, not for the private gain of members.

  4. Annual donation amounts and their usage must be disclosed on the Academy's website by March of the following year.

 

Section 6: Supplementary Rules

• Article 19 (Amendments): Amendments to the Bylaws require a two-thirds majority vote at a General Meeting attended by at least one-third of regular members.

• Article 20 (Dissolution): Dissolution requires a two-thirds majority vote at the General Meeting and approval from the Fair Trade Commission. Remaining assets shall be transferred to the state, local governments, or similar non-profit entities.