Section 1. This organization shall be known as Beta Omega Scholarship Foundation.

ARTICLE II
OBJECT

Section 1. The Beta Omega Scholarship Foundation is organized to award or to issue stipends to deserving students who are members of Beta Omega Fraternity for assistance in their college education, and or deserving children of Beta Omega Fraternity Alumni for assistance in their college education.
Section 2. The Beta Omega Scholarship Foundation is organized to receive for the purposes herein above set forth, gifts or devises from whatever source whatever.

ARTICLE III
MEMBERSHIP

Section 1. This foundation shall have a membership of seven (7), each of who shall be a member of the governing board of directors. The Chairman, Secretary and Treasurer constitute the Executive Board and shall be alumni of the Beta Omega Fraternity. All board members shall be former or current members of the Beta Omega Fraternity. Directors shall serve with no fixed term. Vacancy shall be filled by appointment by the remaining directors. The appointments are; The current Chairman of the Beta Omega Board of Governors, Active Fraternity President, Active Fraternity Treasurer, and the Active Fraternity House Manager.

Any three alumni directors shall constitute a quorum.

ARTICLE IV
MEETINGS

Section 1. The members shall meet at least one time a year at a time and place designated by the Chairman of the Board of Directors.

ARTICLE V
OFFICERS

Section 1. The directors shall annually select, one of their members to be chairman, one of their members to be secretary, and one of their members to be treasurer.

ARTICLE VI
DISBURSEMENTS

Section 1. No disbursements of the funds of the Foundation shall be made unless with the approval of the Board Directors at a duly held meeting. All disbursements shall be made by check signed by the chairman of the board and the treasurer.

ARTICLE VII
FISCAL YEAR

Section 1. The fiscal year shall be the calendar year.

ARTICLE VIII
PARLIAMENTARY PROCEDURE

Section 1. The proceedings of the Foundation meetings shall be governed by and conducted according to the latest edition of the Modern Rules of Order.

ARTICLE IX
AMENDMENTS

Section 1. These by-laws may be amended or altered by a two-thirds vote of those present at any special meeting of the Board of Directors provided notice of the proposed change shall have been mailed to each board member not later than ten (10) days prior to such a meeting.