THE ACTUARIAL SOCIETY OF HONG KONG
ARTICLES OF ASSOCIATION
1. In the interpretation of the Articles the following words and expressions shall have the following meanings unless such meanings are excluded by the subject or context:
"By-Laws" means the by laws, rules or regulations of the Society made by the Council.
"Council" means the Council being vested with the management of the Society for the time being pursuant to the provisions of the Articles.
"Effective Day" means the day of incorporation of the Society.
"Guidance Notes" shall include Guidance Notes issued in the following situations where Members are not bound to comply with them as Professional Standards:
(a) a Guidance Note that may be issued to clarify a Professional Standard. In this case, the Guidance Note is intended to illustrate the application of the principles underlying the Professional Standard and should not be read in any manner which would sanction departure from the Professional Standard; or
(b) a Guidance Note that may be issued either in circumstances where consensus may not have been reached or where a trial period is required before a Professional Standard is produced. In these circumstances, departure from a Guidance Note is not considered as unprofessional conduct.
"Professional Standards" means a Professional Standard Issued to cover a field of actuarial work on which there is a consensus as to how that work should be done. Although the standard will not contain detailed rules, it does contain principles from which it would be unprofessional to depart unless this is disclosed and can be justified by the actuary. In circumstances where consensus could not be achieved but where it would be desirable to issue a Professional Standard, for example, where required by legislation, Council may resolve that a Professional Standard be issued.
"General Meeting of the Society" includes Extraordinary General Meeting and Annual General Meeting.
"Member" means any Members as described in Article 8.
"Secretary of the Society" and "Treasurer of the Society" subject to Article 25 include any person appointed to perform the duties of these offices temporarily.
"Society" shall mean the company entitled "The Actuarial Society of Hong Kong" whether or not it continues to be so named.
The masculine gender shall include the feminine gender.
Words importing the singular number shall include the plural number and words importing the plural number shall include the singular number.
Words importing persons shall include companies and corporations.
2. In addition to these Articles the Council may make and enforce By-Laws and all Members of the Society agree to comply with and be bound by the By-Laws of the Society from time to time in force and such By-Laws may only be varied or set aside at a General Meeting of the Society and by a majority of not less than three quarters of Voting Members at such General Meeting.
3. The number of Members with which the Society is registered is four hundred and forty-seven (447) but the Council may from time to time register an increase in the number of Members.
4. The Members of the Society shall be the subscribers to the Memorandum of Association and such other persons as the Council shall admit to membership from time to time and such subscribers and every person admitted to membership of the Society shall be deemed to have agreed to be bound by the Memorandum and Articles of Association, Professional Standards and such By-Laws of the Society as shall from time to time be in force.
5. A person wishing to become a Member of the Society shall make application to the Council and shall complete a form of application and obligation as prescribed by the Council.
6. (a) An application for membership shall be forwarded to the Secretary of the Society who shall submit it to the next meeting of the Council.
(b) Subject to paragraph (a) above the Council may in its absolute discretion approve any application for membership if it is of the opinion that the applicant has the necessary qualifications to be a Fellow Member, an Associate Member or an Honorary Member.
(c) Upon approval by the Council of any application the applicant shall be admitted as a Member on payment of the entrance fee (if any) and the subscription fee for the then current financial year.
7. The Society shall by ordinary resolution in general meeting decide that persons wishing to become Members shall pay an entrance fee and annual subscriptions before admission to membership and may fix, and from time to time vary, the amount of such entrance fee or annual subscriptions.
CLASSES OF MEMBERSHIP
8. The Members shall be of four classes, namely :
(a) Fellow Members
Fellow Members shall be entitled to vote, to become a member of the Council, to make nominations and generally to exercise the full rights of a Member.
(b) Associate Members
Associate Members shall be entitled to vote, to make nominations, to be present at the meetings of the Society, to present papers approved by the Council and to join in discussions.
(c) Student Members
Student Members shall be entitled to be present at the meetings of the Society, to present papers approved by the Council and to join in discussions
(d) Honorary Members
Honorary Members shall be entitled to be present at the meetings of the Society, to present papers approved by the Council, and to join in discussions.
REQUIREMENTS FOR ADMISSION TO MEMBERSHIP
9. (1) Fellow Members
(a) An existing member of the Actuarial Association of Hong Kong on the Effective Date who satisfies the requirements of paragraph (c) below shall automatically become a Fellow Member unless he indicates to the Secretary otherwise within 30 days of the Effective Date.
(b) Any person who satisfies the requirements of paragraph (c) below and who is nominated by two Fellow Members shall be eligible to become a Fellow Member.
(c) He is a fellow member of at least one of the following bodies :
(i) Institute of Actuaries, England
(ii) Society of Actuaries, United States of America
(iii) Faculty of Actuaries, Scotland
Institute of Actuaries of Australia
(v) Casualty Actuarial Society, United States of America
Any person who, having been assessed by the Council as possessing appropriate professional actuarial qualifications and practical experience, shall be admitted as a Fellow Member.
(2) Associate Members
(a) Any existing member of the Actuarial Association of Hong Kong on the Effective Date who satisfies the requirements of paragraph (c) below shall automatically become an Associate Member on the Effective Date unless he indicates to the Secretary otherwise within 30 days of the Effective Date.
(b) Any person who satisfies the requirements of paragraph (c) below and who is nominated by two Members at least one of whom is a Fellow Member shall be eligible to become an Associate Member.
(c) The applicant shall :
(i) be at least eighteen years of age; and
(ii) satisfy at least one of the following minimum requirements :
(A) An associate member of at least one of the actuarial bodies listed in (1)(c) above.
(B) Holds a degree in actuarial science or other related subjects from a university, a college or other academic institution of appropriate standing, as decided by the Council and is currently engaged in actuarial work.
(3) Student Members
(a) Any other member of the Actuarial Association of Hong Kong on the Effective Date who satisfies neither (1)(c) or (2)(c) above shall automatically become a Student Member unless he indicates to the Secretary otherwise within 30 days of the Effective Date.
(b) Any person who satisfies the requirement of paragraph (c) below and is nominated by two Members at least one of whom is a Fellow Member, shall be eligible to became a Student Member.
(c) The applicant shall
(i) be at least 18 years of age; and
(ii) demonstrate interest in actuarial or other actuarial related statistical work.
(4) Honorary Member
(a) The Council may accept a recommendation or recommend a person for election as an Honorary Member. In the instance of a recommendation the candidate must be nominated by two Fellows of the Society.
(b) The person shall be at the time of recommendation:
(i) a former Fellow Member or an Associate Member of the Society who has retired from active work; or
(ii) a distinguished actuary; or
(iii) a person who has contributed significantly to the actuarial profession of Hong Kong.
(c) The recommendation shall be approved at a General Meeting of the Society by a majority of the Voting Members.
10. The Society shall maintain at its registered office a register of Members showing for each Member his last known address, the class to which he belongs and whether he is a Voting Member and such other particulars as the Council deems fit.
11. A Voting Member of the Society shall be either a Fellow Member or an Associate Member who has completed a qualifying period of two months of membership of the Society or of the Actuarial Association of Hong Kong. If a Member rejoins the Society his previous membership of the Society or of the Actuarial Association of Hong Kong shall not be included in the qualifying period.
TERMINATION OF MEMBERSHIP
12. A person shall cease to be a Member -
(a) if he resigns by notice in writing to the Society, or
(b) if he dies or becomes bankrupt, or
(c) if he becomes of unsound mind, or
(d) if he is expelled, or
(e) if he fails to pay any subscriptions or other dues for 60 days after they are due provided that a Member shall be reinstated at the discretion of the Council upon payment of such outstanding subscriptions or dues.