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ARTICLE VIII

Finances

Section 1.  Handling of New England Law Review Finances – All New England Law Review finances shall be handled in accordance with the policies and procedures established by the New England School of Law.  All funds appropriated for the use of the New England Law Review by the New England School of Law must be considered to be received by the Executive Committee in trust, for the general benefit of the New England Law Review and the New England School of Law, and therefore must be expended in a manner consistent with the purpose for their appropriation.  The New England Law Review shall not, in its own name or in the name of the New England School of Law, possess any savings account, checking account, certificate of deposit, or other such account at any bank, savings and loan association, credit union, or other similar institution, but shall instead utilize the accounts maintained for the New England Law Review’s benefit by the New England School of Law.

 

(a) Except where expressly prohibited under the policies established by the New England School of Law, the Executive Committee shall have all powers necessary, appropriate, or convenient for accomplishing its purposes, including but not limited to:
(i) the power to receive, acquire, and dispose of funds and other property generated from New England Law Review subscriptions and events sponsored by the New England Law Review;
(ii) the power to accept grants that aid the purposes of the New England Law Review;
(iii) the power to enter into agreements and contracts on behalf of the New England Law Review, but not on behalf of the New England School of Law; and
(iv) the power to pay reasonable compensation for services rendered on behalf of the New England Law Review and to make reimbursement for reasonable expenses incurred on behalf of the New England Law Review.

 

(b) Even if not expressly prohibited under the policies established by the New England School of Law, the New England Law Review shall not:
(i) possess or exercise any power or authority, either expressly, by interpretation, or by operation of law, that will or might prevent it at any time from qualifying or continuing to qualify as a nonprofit organization described in the relevant revenue statutes of the United States, contributions to which organization are deductible for federal or state income tax purposes, nor shall it engage directly or indirectly in any activity which might result in the loss of such qualifications;
(ii) use any part of the assets or net earnings of the New England Law Review for purposes that are not exclusively educational, charitable, scientific, or literary within the meaning of the applicable revenue statutes of the United States;
(iii) operate for the purpose of carrying on a trade or business for profit; or
(iv) pay any compensation or loan, nor engage in any solicitation or contribution, nor accept any gift, bequest, or devise, nor distribute any part of its current or accumulated assets or net earnings, in any manner that would, under the revenue statutes of the United States, jeopardize its status as an organization that is entitled to federal and state tax exemption and as an organization that is entitled to receive tax-deductible contributions.

 

Section 2.  Financial Records – All records relating to New England Law Review finances shall be maintained by the Business Managing Editor, and shall be made available for inspection by the Faculty Advisor or by any Executive Committee member upon request.

 

Section 3.  Membership Responsibilities – No funds shall in any case inure to the personal benefit of any individual New England Law Review member. Except otherwise provided for the Executive Committee by the New England School of Law for tuition and summer duties, no New England Law Review member shall receive compensation for any services rendered to the New England Law Review, and no New England Law Review member shall receive reimbursement for personal expenses.