Articles of Association
Chapter 1: General Provisions
Article 1 [Name] The name of the organization shall be “The Wharton Club of Korea.”
Article 2 [Purpose] This organization is a gathering of alumni who graduated from The Wharton School of the University of Pennsylvania, with the purpose of fostering fellowship among members and contributing to the development of our alma mater.
Article 3 [Location] The office of the organization shall be located in Bundang-gu, Seongnam-si, Gyeonggi-do, with the possibility of establishing branch offices in other necessary regions.
Article 4 [Activities]
- To achieve its purpose, the organization will engage in the following activities: a. Regular and irregular meetings b. Support for clubs and regional gatherings c. Athletic events and outings d. General assemblies e. Other activities necessary to achieve the organization’s goals
- To finance these activities, the organization may pursue: a. Advertising and promotion by members and affiliated clubs b. Other relevant profit-generating activities
Chapter 2: Membership
Article 5 [Membership and Withdrawal]
- Membership consists of regular and general members who agree with the organization’s purpose.
- Types of members: a. Regular Members: Individuals who have paid annual or lifetime membership dues and are entitled to vote at general assemblies. b. Individuals who have completed or graduated from any degree program at Wharton (BS, MBA, PhD).
- Members may freely withdraw without formal procedure.
Article 6 [Rights and Responsibilities]
- Regular members have the following rights and obligations: a. Right to vote at general assemblies b. Right to propose special meetings c. Compliance with bylaws and resolutions d. Active participation in organization’s activities e. Effort to maintain and enhance the club’s reputation
- General members may: a. Participate in meetings and events b. Support the organization’s development and uphold its reputation
Article 7 [Disciplinary Measures] Members may be cautioned, warned, or expelled by the Disciplinary Committee for:
- Damaging the organization's image for personal or commercial gain
- Deliberately obstructing activities or committing inhumane acts
Chapter 3: Officers and Organization
Article 8 [Structure]
- One President, four Vice Presidents, and one Auditor
- Term of office: Two years (renewable)
Article 9 [Duties]
- President: Represents and oversees all club affairs
- Vice Presidents: Support the President and act in their absence
- Auditor: Audits financial and operational matters and reports to the general assembly
Article 10 [General Assembly]
- Highest decision-making body
- Discusses and resolves major organizational matters, including: a. Amendments to bylaws b. Election of officers and auditors c. Creation or dissolution of sub-organizations d. Budget and operational plans
- May be held online or via mail in special circumstances
Article 11 [Assembly Types and Timing]
- Annual regular assembly held at year-end
- Timing may be adjusted by the Executive Committee
- Special assemblies convened by the President or five or more regular members
Article 12 [Auditor]
- Audits club finances
- Must conduct at least one annual audit and report to the Executive Committee and general assembly
Article 13 [Secretariat]
- Executes administrative functions
- Head appointed by the President; may appoint a Deputy and organize departments
Article 14 [Disciplinary Committee]
- Formed based on a resolution by the Executive Committee when disciplinary matters arise
Article 15 [Resolutions]
- Except for amendments or dissolution, resolutions require attendance of at least one-third of regular members and a majority vote of those present
Chapter 4: Finance
Article 16 [Fiscal Year]
- January 1 to December 31
Article 17 [Income]
- Lifetime membership fee: ₩1,000,000
- Annual membership fee for general members: ₩50,000
- Additional income from sponsorships, donations, and business profits
- Special dues may be collected if approved by the Executive Committee
Article 18 [Operational Plan and Budget]
- Planned by the Executive Committee and executed by the Secretariat upon approval by the general assembly
Article 19 [Performance and Settlement]
- Must be prepared within one month after the fiscal year and approved by the general assembly
Chapter 5: Miscellaneous
Article 20 [Amendments]
- Amendments must be reviewed by the Executive Committee and approved by a majority of attending regular members
Article 21 [Dissolution]
- Requires majority attendance and approval
- Remaining assets transferred to government or non-profit organizations with similar goals
Article 22 [Applicable Regulations]
- Matters not covered by the bylaws shall follow civil law and other relevant regulations
Article 23 [Operational Rules]
- Details required for implementation will be prescribed separately
Supplementary Provision Article 1 [Effective Date]
- These bylaws shall take effect on March 1, 2023.
