BYLAWS:

Article I- Objectives

The objectives of the Indiana Real Estate Exchangors are to unite those who are qualified in Real Estate Exchange Counseling into a State Organization for the mutual benefit of the members and the public, and:

A.   To provide dissemination of pertinent information.

B.   Exchanging.

C.   To provide a forum of technical assistance to its members.

D.   To attempt to provide members with answers to problems of clients so that more minds can assist in solving these problems through mutual cooperation.

E.   To publicize the qualifications of the members.

F.    To create an organization whose members subscribe to the philosophy that:

1.    Working with people is more important than working with property.

2.    Giving of oneself is essential and that if this giving is done willingly and sincerely the best interests of clients and members will be served.

 

Article II- Dues

Dues and any assessments shall be determined by the Board of Governors.  The Board of Governors shall meet no later than October 1 of each year to determine, by majority vote, the amount to be assessed as dues to each member for the following year.

All members shall be notified by mail no later than November 1, as to the amount of dues for the following year.  Dues will be due and payable no later than December 31 of the assessed year.

New members will be assessed a full year's membership dues, if membership is approved prior to July 1, or one half year's dues if membership is approved after July 1.  The dues of new members shall be due and payable 30 days after date of approval for membership.

 Article III- Membership 

ACTIVE MEMBER
Active membership shall be by invitation to individuals who are Real Estate Brokers or Sales Persons licensed by and in good standing with the Indiana Real Estate Commission and who are actively engaged in Real Estate Counseling and Exchanging.

AFFILIATE MEMBER
Affiliate membership shall be by invitation to individuals who are Real Estate Brokers or Sales Persons licensed by and in good standing with a Real Estate Commission of a state other than Indiana, and who are actively engaged in Real Estate Counseling and Exchanging.

Invitees to membership ;must satisfy the Membership Credentials Committee that they are engaged in Exchange Counseling actively, are in good standing in their community, and will promote the professionalism of Exchange Counseling, and will keep informed in matters relating thereto.

ASSOCIATE MEMBER
Associate membership shall be by invitation to individuals who are engaged in a real estate related business and are in good standing in their profession.

STUDENT MEMBER
Student membership shall be by invitation to individuals who are full time college students pursuing a real estate related course of study.

VOTING; OFFICES; PARTICIPATION
Only Active members shall be eligible to vote and to hold office in IREX.

Participation in marketing meetings shall be limited to Active and Affiliate Members.

Article IV- Officers

Each year a Nominating Committee will meet to run for the offices of President, Vice President, Secretary, and Treasurer to serve the following year.

his Nominating Committee will be composed of the current President, acting as chairman, and any of 3 past Presidents appointed by the Board of Governors.  This committee will meet only for the purpose stated and will not be a standing committee.

The current President will automatically be elected to serve during the following year as Past President.

The Past President will serve as a member of the Executive Committee and the Board of Governors.

The Nominating Committee will convene in October to select the slate for the following year.  They will present their slate of nominees at the November meeting.  The Active Members will vote on the elective offices at the December meeting.  Nominations from the floor will be honored.  The candidate for each office receiving the greatest number of votes will be elected.

The Board of Governors to serve the following year will be composed of all officers, plus the immediate Past President, plus six (6) Active Members.  The six Active Members will be appointed by the officers-elect plus the current President.  Appointments will be made prior to December 31st of each year.

The officers will exercise the usual duties of such an office and are elected to that office for one year, but may be re-nominated to that office.

The Board of Governors will be responsible for the overall supervision and operation of the organization.  Members of the Board of Governors, other than the officers, are appointed to serve one year, but may be reappointed or nominated as an officer.

Article V- Committees

The Executive Committee, composed of the President, Vice President, Secretary and Treasurer of the Organization, will deal with matters of policy, overall planning and will make recommendations to the Board of Governors.

The Membership Credentials Committee, composed of all members of the Executive Committee, will deal with matters relating to prospective member applications.  The main determination on the part of the Membership Credentials Committee will be who might be eligible based primarily on the answer to the following question:  "Do the applicant's qualifications fulfill all requirements, plus applicant being relied upon as dependable, as one able to handle the problems of a client referred to applicant, and to handle the problems, keeping the client's interest foremost?"

The Grievance Committee composed of the Executive Committee plus the 3 immediate Past Presidents, will deal with matters of conflict among members, actions by a member which are adverse to the objectives of the Organization, and will make recommendations to the Board of Governors as to suggested settlement or disciplinary action.

Other standing committees dealing with matters as implied in their names will be:

•       Promotion Committee
•       Public Relations Committee
•       Membership Growth Com.
•       Education Committee
•       Moderator Committee
•       Exchange Session Committee
•       Awards Committee

From time to time there shall be other committees formed by the offices and the Board of Governors when it is deemed necessary.

A member of the Board of Governors will act as chairman of a committee and will be appointed by the president-elect or President to serve on that committee.

 

Article VI- Meetings

The Board of Governors will determine the time, place, length of, type of regular meetings to be held.

Special meetings, conferences and sessions will be the responsibility of the Exchange Session Committee

Article VII- Roster

 A roster will be furnished to each active and affiliate member and updated annually.

Article VIII- Finances

All monies belonging to the Organization shall be kept in a Trustee Account under the control of the Treasurer.

Dispersal of these funds will be directed by written authorization by the Executive Committee

Article IX- Membership Format

Member of the Indiana Real Estate Exchangers (IREX) will be a designation to be used only by a person (not a firm or corporate name).

Because the aims, objectives and anticipated working arrangements of this Exchange Group are simple and are specialized, there is no need for voluminous articles and regulations.

The Indiana Real Estate Exchangers Incorporated on October 26, 1989