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What am I not seeing here?
05-06-2006, 12:29 PM
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#1
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Recycles dryer sheets
Join Date: Dec 2004
Posts: 282
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What am I not seeing here?
I serve on an endowment board and part of the bylaws read as thus, "The investment committee shall have the ability to make transactions in an amount less than $50,001. Any investment in excess of $50,000 shall require Board approval."
I read this as a befuddling statement and asked about it to the Board and they responded that it is correct.
My question is how can it be correct performed as it's written? Am I just dense?
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Re: What am I not seeing here?
05-06-2006, 12:34 PM
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#2
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 362
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Re: What am I not seeing here?
To have a little fun suggest an investment of $50,000.50.
That fifty cents might make the earth spin backwards.
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Fat, drunk, and stupid is no way to go through life, son.
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Re: What am I not seeing here?
05-06-2006, 12:43 PM
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#3
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Recycles dryer sheets
Join Date: Dec 2004
Posts: 282
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Re: What am I not seeing here?
Yes, I think it's poorly written. Is this common? Any tips for a better clause?
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time flies like an arrow, fruit flies like a banana
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Re: What am I not seeing here?
05-06-2006, 01:14 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,806
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Re: What am I not seeing here?
I think that those two numbers, $50,001 and $50,000 are odd, and are distracting you from the real meaning.
I assume they mean that:
A) the investment committee can make transactions up to (and including) $50,000 *without* Board Approval.
B) the investment committee needs Board Approval to make transactions over $50,000.
The odd wording may have been an attempt to avoid excluding $50,000 exactly, but that is normally done by saying '$50,000 and more require approval', or '$50,000 and less do not require approval'.
Odd, but still better than some ad copy ' up to 50% and 60% off list price, or more!'.
ERD50
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Re: What am I not seeing here?
05-06-2006, 01:16 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,148
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Re: What am I not seeing here?
Quote:
Originally Posted by larry
"The investment committee shall have the ability to make transactions in an amount less than $50,001.* Any investment in excess of $50,000 shall require Board approval."
I read this as a befuddling statement and asked about it to the Board and they responded that it is correct.
My question is how can it be correct performed as it's written?* Am I just dense?
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It's just redundent. *You may spend up to and including $50k whether that's less than $50,001 or not more than $50,000 doesn't matter. *The fact they didn't take it to the penny is inconsequential.
So, yes it can be performed. *No, you're not dense. *Now, get to work on the business of the endowment board! * *
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"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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Re: What am I not seeing here?
05-06-2006, 01:21 PM
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#6
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Re: What am I not seeing here?
Damn lawyers can't write.
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No more lawyer stuff, no more political stuff, so no more CYA
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Re: What am I not seeing here?
05-06-2006, 02:36 PM
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#7
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Recycles dryer sheets
Join Date: Dec 2004
Posts: 282
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Re: What am I not seeing here?
Thanks for the advice. It seems to me that things should be a little clearer and that some things should be more clear when things aren't understood. I never not enjoy this board!
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time flies like an arrow, fruit flies like a banana
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Re: What am I not seeing here?
05-06-2006, 05:05 PM
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#8
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,855
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Re: What am I not seeing here?
Quote:
Originally Posted by Martha
Damn lawyers can't write.
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Does that mean they don't get paid?
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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Re: What am I not seeing here?
05-06-2006, 05:39 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Dec 2005
Posts: 1,228
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Re: What am I not seeing here?
That statement looks like it wasn't written by a lawyer, or at least not a good lawyer.
The first thing that came into my head was "If I want to do a 120k transaction all I have to do is break it up into three 40k transactions and wala no approval needed".
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Re: What am I not seeing here?
05-06-2006, 07:24 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,148
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Re: What am I not seeing here?
Quote:
Originally Posted by Martha
Damn lawyers can't write.
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No one has ever debated that. But, we still love 'em. And pay 'em.
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"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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