The African Finance and Economics Association is a professional Association for academicians and practitioners (government and industry) of finance, economics, and related disciplines with scholarly, professional or other similar interests in the development of Africa. The Association shall conduct business in accordance with the articles set forth in this document.
The Association shall be known as the AFRICAN FINANCE AND ECONOMICS ASSOCIATION (AFEA).
Section 1. The purpose of AFEA is to:
- a) promote the exchange of information and ideas among professionals in academic, business, government, and other organizations who are concerned with the development of Africa;
- b) foster research that advances knowledge on contemporary African development issues through the publication of scholarly works and the sponsorship of conferences;
- c) encourage the internationalization of business, economics, finance, and related social sciences curricula and augment the available body of research and teaching materials on African economies;
- d) encourage freedom of exchange of ideas. The Association shall not take any partisan position and it will not commit its members to any particular position on development matters;
- e) actively engage in improving the study of African Development via collaboration with institutions in Africa and others formed by Africans in the Diaspora; and
- f) to conduct such other activities as may be deemed appropriate for the Association;
Section 1. Membership is open to individuals and organizations having an interest in the development, understanding, teaching, and application of the principles and theories of finance and economics as they relate to Africa and who pay the required annual dues. Individuals and organizations that may have interests in African development but are not working in the areas finance and economics are free to apply for membership and shall become members upon payment of the required annual dues. Membership applications shall be submitted to the Secretary-Treasurer for approval based on criteria set forth by the General Assembly of the Association.
Section 2. Membership in African Finance and Economics Association shall include subscription to the Journal of African Development.
Section 3. The official membership list of African Finance and Economics Association shall be maintained by the Secretary-Treasurer who shall supply a duplicate list to the President of the association and Editor(s) of the Journal of African Development.
Section 4. The classes of members shall be:
- a) individual – Those persons eligible for membership who pay the annual dues set by the Executive Committee;
- b) sustaining – Those persons or organizations eligible for membership and who elect to pay the annual dues for this class as set by the Executive Committee;
- c) student members – These shall be university students with an interest in issues of African development as indicated by their course of study. They will be non-voting members who pay a fee lower than individual membership rate as determined by the Executive Committee; and
- d) institutional – These will be institutions that are either engaged in issues, research, or teaching on African development. These shall be nonvoting members. Their membership fees will be determined by the Executive Committee.
Section 5. Every two years, the Executive Committee shall review the membership fees and report on its review to the Annual General Meeting for approval. The fee structure will be posted on the Association’s website.
Section 6. Each member is entitled to receive all reports and publications of the Association.
Section 7. Dues: The Executive Committee shall have the responsibility for setting an appropriate schedule of membership dues. Members will receive copies of the JAD for the membership year. A membership year shall be the same as a calendar year. Membership dues shall be paid between January 1 and March 31 of the current year. Applications and dues which are received prior to September 30 shall be deemed to be for the current year and will be eligible for all current year privileges. After this date, such applications and dues shall be considered as enrollments for the subsequent calendar year. The Treasurer-Secretary shall administer the membership roll data for the AFEA. Except by the approval of the Executive Committee, the membership list may not be used by other organizations and individuals.
Section 8. Meetings of Members: Regular annual meetings of the Association shall coincide with the annual ASSA meetings. The Executive Committee shall inform the general membership of the time and place at least thirty days before the meeting takes place. Such time and place shall be set so as to make it possible for most members to attend. Special meetings may be called by the Executive Committee. Members at a meeting shall constitute a quorum unless they constitute less than 25% of duly paid members.
Section 9. Voting: Each individual paid-up member is entitled to one vote on any issue submitted to the membership. Such voting shall be in person at any meeting of the membership, by regular mail, or email vote.
Section 10. Members whose dues are unpaid by June 30 of each calendar year shall be classified as “INACTIVE” and be ineligible for regular member privileges. Inactive membership may be re-activated upon full payment of past dues.
THE BOARD OF DIRECTORS
Section 1. The African Finance and Economics Association shall have a Board of Directors which shall constitute the general policy making body of the Association.
Section 2. The Board shall be charged with the provision of inspiration and direction, formulation of goals, setting of broad guidelines of policies for the Association, and shall charge the Executive Committee with the implementation of these policies.
Section 3. The Board is accountable to the General Assembly of the Association.
Section 4. The Board of Directors shall consist of the Executive Committee, the Immediate Past President, The Legal Advisor (non-voting), and six elected members (at least 13 members). The chairman of the Board of Directors shall be elected by all members of the Board at its first meeting of its term.
Section 5. Seven members shall constitute a quorum of the Board.
Section 1. The Executive Committee shall consist of the:
- Vice President
- Editor and Managing Editor of Journal of African Development (JAD)
Section 2. The administrative duties of the Association shall be carried out by the Executive Committee. The Executive Committee shall report to the Board of Directors.
Section 3. Three members shall constitute a quorum of the Executive Committee.
Section 4. Responsibilities of the Executive Committee:
- a) arrange the date and place of the regular and special meetings of the association and the conferences sponsored by the Association;
- b) assist the Program Committee in arranging the program of the meetings and conferences;
- c) determine and levy the amount of the annual dues as prescribed in Article III of the Constitution;
- d) authorize the publications of the Association;
- e) arrange for auditing of the books of the Secretary-Treasurer every two years to coincide with the transfer of books to an incoming Secretary-Treasurer;
- f) fix the compensation for officers and employees as the need arises. All compensation determined by the Executive Committee shall be subject to the approval of the Board of Directors and a simple majority of voting members of the Association; and
- g) do whatever is necessary to carry out the intent and purpose of the Association with such incidental power as may be provided by the Board of Directors to do so.
Section 5. Meetings: Meetings shall be held according to the following guidelines:
- a) the regular annual meeting of the Executive Committee and the Board of Directors shall be held in connection with the regular meeting of the Association and before the meeting of the members;
- b) a second meeting may be held following the meeting of members to consider matters arising from the general meetings;
- c) special meetings of the Executive Committee and or the Board of Directors may be called if and when necessary; and
- d) three members of the Executive Committee, and seven members of the Board of Directors shall constitute the quorum at the meetings of the two bodies, respectively.
DUTIES OF OFFICERS
Section 1. The President shall be the chief spokesperson for the Association; the chairperson of the Executive Committee; presiding officer at all meetings of the membership and of the Executive Committee. The President shall serve, or appoint others to serve, as liaison with sister associations and other groups. In case of incapacitation of the President, the President’s responsibilities shall devolve to the President-Elect, then to the Vice President, and to the Secretary – Treasurer.
Section 2. The President-Elect shall be responsible for arranging the program for the annual meeting in the year in which (s)he serves and, in the absence or incapacitation of the President, shall perform the duties of the President. He/She may appoint a program committee to help in arranging the program for the annual meetings.
Section 3. The Vice-President shall be in charge of membership recruitment and be the business manager of the Journal of African Development. The Vice-President shall also undertake any task assigned to him/her by the President or Executive Committee.
Section 4. The Secretary-Treasurer shall keep the records and accounts of the Association; shall serve as Secretary to the Executive Committee; (s)he shall serve as custodian of the funds (in a bank account established in the name of “African Finance and Economics Association”) and properties of the Association, and make disbursements or transfers thereof (requiring two signatures from the Executive Committee); (s)he shall communicate with the general membership on matters of the Association; (s)he shall designate such assistance as may be necessary to the conduct for his/her office; (s)he shall be responsible for coordinating program administration with the President-Elect, and shall perform such other duties as the Executive Committee may assign him/her; (s)he shall maintain the membership list of the Association; and (s)he shall present a report in writing of the Association’s financial position at each Annual General Meeting. This report will be mailed to the membership or posted in advance on the website.
Section 5. The Editor(s) shall exercise editorial responsibilities for all official publications of the Association; shall provide nominations to the editorial board of the JAD for confirmation by the Executive Committee. Such nominations shall reflect representation of the membership of the Association while ensuring that the quality of the Journal is maintained.
ADVISORY BOARDS and AD-HOC COMMITTEES
- Legal Advisor(s)
- Editorial Advisory Board (JAD)
- Advisory Boards and Ad-hoc Committees
Section 2. Legal Advisor(s): The Executive Committee shall appoint two distinguished legal experts to serve as legal advisors to the Association for a three-year renewable term. The legal advisors shall advise AFEA on all legal matters.
Section 3. Editorial Advisory Board (JAD): The Editorial Committee shall recommend seven distinguished academic or professional leaders to the Executive Committee for appointment to the Editorial Advisory Board. Each board member shall serve for a two-year renewable term. The Editorial Advisory Board shall advise JAD on editorial, business, and other pertinent matters.
Section 4 – Ad-hoc Committee and Boards
- a) The President with the approval of the Executive Committee may appoint advisory boards or ad-hoc committees as need be to advise or carry out specific initiatives.
- b) Membership on the boards/committees may be drawn from the membership or may include eminent individuals in the profession or civic leaders.
- c) Any such committee will have a specific charge in writing.
- d) The life of such committees shall be limited to the term of the appointing President unless specifically stated otherwise and approved by the Executive Committee:
- e) A report of the work of the Committee/Board prepared either by the committee/board or by the Executive Committee should be presented at the general meeting at the end of the term of the Committee/Board.
Section 1. By June of each year the President-Elect shall appoint an Electoral Committee of at least two but no more than three individual members in good standing. The duty of the electoral committee will be to:
- a) Seek nominations for candidates among the membership
- b) Inform the general membership of the elections
- c) Conduct the elections
Section 2. Any paid member can nominate candidates for the President-Elect office and/or any other open offices. The Electoral Officer will contact individual candidates and the Secretary-Treasurer to ascertain their eligibility and desire to run and to invite them to provide a one-page biographical sketch to support their candidacy.
Section 3. The Electoral Committee shall endeavor to achieve a balanced representation on the Executive Committee from within the diverse membership of AFEA.
Section 4. The Electoral Committee shall inform the general membership about the candidates for the various offices. Additional candidates can be accepted by petition and such petition should have the addresses and signatures of at least 15% of the general membership of the Association.
Section 5. The election of officers shall be conducted by the Electoral Committee through regular mail and/or email ballot. The elections must be completed by December 15, preceding the Annual General meetings and must begin no earlier than October 15. There shall be two-week nomination period during which time the election committee will solicit nominations from the membership. Following this and the production of ballots, balloting shall be done within a two-week time frame, and the results announced thereafter by regular mail/email. The new officers will be introduced to the general membership at the next general meeting.
Section 6. The election committee will be responsible for maintaining an updated list of all officials with their electoral terms stated. This will be posted on the association website.
TERMS OF OFFICE
- a) The President-elect serves a one year, after which he or she becomes President. The term of office as president is one year.
- b) The Vice President and Secretary/Treasurer will serve three years staggered terms.
- c) The Secretary/Treasurer will be elected in alternate years from the Vice President.
- d) The Editors terms shall be three years.
Section 2. Elected members of the Board of Directors may serve two consecutive terms. Board members shall be elected for different length terms to ensure continuity in the following manner. Two will be elected for three year terms, two for two year terms and two for one year terms.
REMOVAL OF OFFICERS
Section 1. Any member of the Executive Committee, the Executive Committee as a whole, or the Board of Directors can be recalled for nonperformance through a vote of no confidence. Petition for a vote of no confidence can be initiated by members of the Association and shall be voted upon by all paid members of the Association. Petition to recall an Officer of the Association shall be addressed to the Secretary-Treasurer and copied to the Chair of the Board of Directors, and shall be signed by no less than 15% of voting members of the Association. If the petition for a recall includes the Secretary-Treasurer or Chair of the Board, then the petition shall go to the President-elect copied to the Vice Chair of the Board.
Section 2. If a member of the Executive Committee (or the entire Executive Committee) is voted out of office, the Board of Directors shall appoint a replacement Executive Committee until the next elections are held.
Section 3. Should a charge be brought against any member of the Board of Directors, that person shall not participate in the removal deliberations of the Board. If a charge is brought against the entire Board, then a caretaker Board or Special Committee shall be appointed to deal with the issue.
Section 1. Should any vacancy occur on the Executive Committee or Board, the Board of Directors shall appoint a replacement until the next election, at which time an election to fill the positions will be held.
MEETINGS, VOTING, AND PUBLICITY
Section1. There shall be regular meetings of the membership at the Annual ASSA meetings. A minimum of thirty days notice of time and place of such meetings shall be given by the Secretary-Treasurer to all members. The time and place of the meetings shall be set so as to enable as many members as possible to attend.
Section 2. Special Meetings of the members of the Association, when deemed necessary by the needs of the Association, may be called by the Executive Committee. The Executive Committee shall notify members at least thirty days in advance of such a meeting.
Section 3. Groups of members in good standing shall have the right to petition for a special meeting. Such a petition shall be signed by no less than 15% of eligible members of the Association and shall be directed to the Executive Committee through the Secretary-Treasurer.
Section 4. Each member in good standing present at a general meeting is entitled to vote.
Section 5. A quorum for either a regular or special meeting of members shall consist of the members in good standing present at such meetings unless the number is less than 25% of all voting members.
Section 6. The Association shall also maintain electronic forms of communication such as a website and electronic lists for the sharing of information with members as well as for stimulating conversation and exchange of information and ideas with members. The President shall appoint a committee from among the Board and officers to maintain these facilities.
Section 1. Special events (e.g., conferences, symposia, etc) can be organized on the initiative of the Executive Committee or any member in good standing. Such events shall, however, be approved by the Executive Committee before they can be carried out under the auspices of the Association. A member who wishes to organize a special event in the name of the AFEA shall submit a written proposal to the Executive Committee for approval. The Executive Committee shall appoint the member and/or any other members to the organizing committee of that event and shall ensure that AFEA guidelines are adhered to.
Section 2. All revenues generated from special events shall be deposited with the Secretary-Treasurer of the AFEA and disbursed with proper invoice by the Secretary-Treasurer at the request of the Program Chair of the special event. Thirty days after the end of the special event and no more than ninety days after the event, a comprehensive report including a financial statement shall be submitted to the Executive Committee. A copy of such a report shall become part of the AFEA’s Annual Report.
Section 1. The Journal of African Development (JAD) is the official publication of the African Finance and Economic Association. The Journal may be published in cooperation with co-sponsoring institutions.
Sections 2. The Editor(s) and Associate Editor(s) of JAD shall be highly respected individuals within the profession and a member(s) of an academic institution or a Development Institution/organization with an interest in Africa.
Section 3. The Editor shall be assisted by at least two and no more than four Associate Editor(s) who will help the Editor with editorial decisions. The editor may also be assisted by a Managing editor if deemed fit by the Board of Directors. The editor in consultation with the Vice President of the Association (who is the executive committee member charged with liaising with JAD) will submit a proposal for a Managing Editor and the number of Associate editors.
Section 4. When a co-sponsoring institution exists, either the editor, Managing Editor or one of the Associate Editor of the JAD shall be affiliated with the institution.
Section 5. The Editor, Managing Editor and Associate Editors of JAD shall be appointed three-year staggered terms.
Section 6. There shall be an editorial board of JAD. This will include the Editor, Managing Editor, Associate Editors and other scholars appointed by the editors.
Section 7. When the need arises, the Editorial Board shall appoint a Guest Editor to edit a special volume of the JAD.
Section 8. The journal shall have an advisory board as detailed as per article VII.
Section 1. This Constitution may be amended at any regular meeting by a vote of two-thirds of the members in good standing present at any business meetings of the Association, by regular mail ballot, or email ballot provided that such proposed amendment is printed and circulated to the membership at least fourteen days prior to the vote.
11th. January 2007 – as revised at annual meeting.
Adopted March 2007.
Revised and adopted by email Ballot – Articles V, VIII, IX, XIV