Scholarship Fund Bylaws
Scholarship Fund Bylaws
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Article I: Name and Purpose
1.1 Name: The name of this scholarship fund shall be [Name of Scholarship Fund], hereinafter referred to as the "Fund".
1.2 Purpose: The purpose of the Fund is to provide financial assistance to deserving students who demonstrate academic excellence, leadership qualities, and financial need, enabling them to pursue their educational goals and aspirations.
Article II: Governance
2.1 Oversight Committee: The Fund shall be governed by an Oversight Committee consisting of seven (7) members appointed by [Appointing Authority]. The Oversight Committee shall be responsible for overseeing the administration and management of the Fund by these Bylaws.
2.2 Duties and Responsibilities: The Oversight Committee shall have the following duties and responsibilities:
a. Establishing and periodically reviewing the eligibility criteria for scholarship applicants.
b. Soliciting donations and funding sources to sustain the operation of the Fund.
c. Reviewing scholarship applications and selecting recipients based on established criteria.
d. Ensuring transparency and fairness in the selection process.
e. Monitoring the financial status of the Fund and approving disbursements.
f. Reporting regularly to [Appointing Authority] on the activities and financial status of the Fund.
Article III: Eligibility Criteria
3.1 Eligible Applicants: To be eligible for a scholarship from the Fund, applicants must meet the following criteria:
a. Be enrolled or accepted for enrollment in an accredited educational institution.
b. Demonstrate academic achievement and potential for success.
c. Exhibit leadership qualities and involvement in extracurricular activities.
d. Demonstrate financial need as determined by the Oversight Committee.
e. Comply with any additional requirements set forth by the Oversight Committee.
3.2 Application Process: Applicants shall submit a completed scholarship application form along with supporting documents to the Oversight Committee by the specified deadline. Incomplete or late applications may not be considered for scholarship awards.
Article IV: Selection Process
4.1 Review and Evaluation: The Oversight Committee shall review all completed scholarship applications and evaluate them based on the established eligibility criteria. Applications will be assessed based on academic achievement, extracurricular involvement, leadership qualities, and financial need.
4.2 Selection Criteria: Scholarship recipients shall be selected based on merit and need, with preference given to applicants who demonstrate exceptional academic performance and a strong commitment to their educational goals.
4.3 Award Notification: Successful applicants shall be notified of their scholarship awards in writing by the Oversight Committee. Scholarship recipients may be required to provide additional documentation or information as requested by the Committee.
Article V: Fund Management
5.1 Financial Management: The Fund's finances shall be managed by sound financial practices and principles. All donations and contributions to the Fund shall be used exclusively for the purposes outlined in these Bylaws.
5.2 Disbursements: Scholarship funds shall be disbursed directly to the educational institution on behalf of the scholarship recipients to cover tuition, fees, and other educational expenses. Disbursements shall be made by the approved budget and schedule determined by the Oversight Committee.
Article VI: Amendment and Adoption
6.1 Amendment: These Bylaws may be amended by a two-thirds (2/3) majority vote of the Oversight Committee, provided that written notice of any proposed amendments is given to all Committee members at least thirty (30) days before the meeting at which the amendments will be considered. Proposed amendments must be approved by the Board of Directors before taking effect.
6.2 Adoption: These Bylaws shall be adopted upon approval by the Oversight Committee and shall remain in effect until amended or repealed by subsequent action of the Committee.
Article VII: Effective Date
7.1 Effective Date: These Bylaws shall take effect immediately upon adoption by the Oversight Committee.
Article VIII: Severability
8.1 Severability: If any provision of these Bylaws is held to be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not be affected or impaired thereby.
Article IX: Governing Law
9.1 Governing Law: These Bylaws shall be governed by and construed by the laws of [Jurisdiction].
Approved and Adopted by the Oversight Committee on April 1, 2050.
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