An Introduction
What is the Marshall Society?
The Marshall Society is one of the oldest and most prestigious societies in Cambridge. It was established in 1927 after the name of Sir Alfred Marshall and has since then maintained the tradition of its distinguished founders in promoting discussion in the 'Dismal Science'. Other members have included John Maynard Keynes, Nicholas Kaldor and Joan Robinson.
Our interest lies in bringing together all young fellow economists in Cambridge and furthering their interest in Economics by inviting speakers, organizing seminars and events, and engaging in rigorous discussion on contemporary issues.
The Marshall Society's journal, The Cambridge Economist, is published annually and contains contributions from Cambridge scholars and economists, in addition to articles by current students of the university. Past issues have included interviews with prominent economists such as David Card, John Kay, and Gregory Mankiw.
About Alfred Marshall
 Alfred Marshall Alfred Marshall (1842–1924) was the founder of our Tripos (in 1902) and a major figure responsible for the professionalisation of economics. He was, first and foremost, a brilliant and original theorist; but he also passionately believed that economics should contribute to human well-being and that economics students should know as much about the economic and social facts of the real world as the theoretical approaches through which they could be organised and understood.
Many of the tools we use today originated with Marshall - partial equilibrium analysis, supply and demand curves, the concepts of elasticity, consumers' and producers' surplus, the device of splitting time into market, short and long periods - all of these and much else come to us from Marshall, mainly through his famous Principles. The book was first published in 1890 and it went through eight editions in his lifetime.
His insights into theory and his sound philosophy combined still have much to commend themselves to us, his pupils at Cambridge.
The Marshall Society Constitution
PART 1 NAME AND OBJECTS
1 The Name of the Society
(1) The Society shall be known as ‘The Marshall Society’ (herein referred to as the Society)
2 The Aims of the Society
The Society shall—
(a) promulgate information, advice and contacts regarding academic issues and careers in economics, finance and other areas
(b) provide regular speaker and social events for its members [including an annual Marshall Ball, Annual Dinner, and Garden Party, to be held
in Michaelmas Term, Lent Term and Easter Term respectively]
(c) publish a termly magazine, The Cambridge Economist, containing articles of interest relating to economics
(d) act as a point of liaison with other economics societies and faculties of economics across the world
(e) produce a term-card for each of the three terms of the year
3 The Structure of the Society Committee
(1) The Society Committee shall be comprised of an Executive Committee, various sub-Committees and an Advisory Board
(2) The term ‘Committee’ shall hereafter be used to refer to the Executive Committee, but not including the sub-Committees and the Advisory Board
PART 2 MEMBERSHIP
1 The Scope of Membership
(1) Membership shall be open to all members of the University of Cambridge
(2) There shall be two categories of membership
(a) General Members who shall be entitled to attend all events of the Society
(b) Full Members who shall be allowed to attend the various paid events hosted by the Society at a discount. Only Full Members shall be entitled
to vote in the Society’s Committee election. In addition, Full Members shall have all the rights and entitlements of the General Members.
(c) The applicant shall determine which membership category he/she wishes to fall under
2 The Membership Fee
(1) The Executive Committee of the Society shall set the membership fee at the commencement of each term of office
(2) Any changes in the membership fee may take effect at a later date
(3) The Executive Committee may set a variable membership fee
3 Termination of Membership
(1) The Committee may terminate any individual’s membership for conduct unbecoming to the Society on a three-quarters vote at any Committee
meeting—
(a) The quorum for any such meeting being eight Committee members
(b) The notice for such a meeting being seven days or more
(c) The individual concerned being given an opportunity to justify his conduct by way of a hearing at the meeting
(d) The individual concerned being granted a right of appeal to the Advisory Board
PART 3 THE OFFICERS AND COMMITTEE
1 The Components of the Committee
(1) The affairs of the Society shall be managed by a Committee consisting of four Core Officers (President, Vice-President, Treasure and
Secretary) and not more than twenty other Officers
2 The Core Officers
(1) The four Core Officers of the Society shall be the President, Vice-President, Treasurer and Secretary
(a) They shall be elected annually
(b) Together, they shall comprise the Executive Committee
(2) All decisions of the Executive Committee shall seek to be unanimous
(a) If this proves impossible, a majority vote including that of the President will suffice
(b) Should the Executive Committee be evenly split on any vote, the President will carry
the deciding vote
3 The other Committee Officers
May include—
(a) External Secretary
(b) Corporate Liaison
(c) Events Manager
(d) Communications and IT Secretary
(e) Foreign Affairs Co-ordinator
(f) Alumni Officer
(g) Marshall Ball Secretary
(h) Chief Editor of The Cambridge Economist
(i) Chair of Economics Research Group
(j) Economics Societies Co-ordinator
4 sub-Committees
(1) A sub-Committee may be formed to aid any member of the Committee
(2) The forming of the sub-Committee may take place either at the initiative of the Executive Committee
(3) Members of such sub-Committees shall not attend main Committee meetings
(4) Members of such sub-Committees shall not hold voting rights on the main Committee
5 Advisory Board
(1) The Board can comprise any members of the faculties of the University and/or of the Judge Business School
(2) Members of the Committee may seek the Board for advice and overall steering guidance
6 Senior Treasurer
(1) A new Senior Treasurer shall be elected by mutual agreement between the Committee and the outgoing Senior Treasurer
(2) In the case of irreconcilable disagreement, the Committee may elect a new Senior Treasurer
7 Handing Over
(1) The outgoing Executive Committee shall hand over to the incoming Executive Committee at the Annual Dinner
(2) The outgoing President shall pass the incoming President a bound version of the Constitution, which shall be the authoritative copy
PART 4 ELECTIONS
1 The Elected Positions
(1) The elected posts for each term of office are those comprising the Executive Committee (excluding Chief Editor of The Cambridge Economist,
Chair of Economics Research Group and Economics Societies Co-ordinator)
(2) The Chief Editor of The Cambridge Economist and Chair of Economics Research Group shall be selected via interviews carried out by the
Executive Committee
(3) The Economics Societies Co-ordinator shall be elected by the Presidents of the individual college economics societies
2 Candidature
(1) To stand for Core Officer elections, candidates must be members of the Society and Junior Members of the University of Cambridge
(2) Senior Members of the University of Cambridge may submit applications for other Executive Committee positions
(3) First year undergraduates are permitted to run for any post
(4) Joint candidatures are forbidden
(5) To be eligible to run, the candidate must be in statu pupillari until the end of their term of office
3 The Returning Officer
(1) The conduct of the Society elections shall be the responsibility of the Returning Officer
(a) They shall be responsible for booking a venue and administration of the elections
(2) The outgoing President shall be the Returning Officer, and the outgoing Vice-President shall be the Deputy Returning Officer
(3) The Returning Officers are not permitted to vote in the elections
(4) If the outgoing President is barred from acting as Returning Officer, through standing for an elected position or some other reason, then the
Vice-President shall supersede him, personally selecting a Deputy Returning Officer
(a) If the Vice President is also unavailable, the remainder of the outgoing Committee shall appoint a Returning Officer by way of a three-
quarters majority vote at any Committee meeting
(b) The quorum at any such meeting shall be at least eight members of the Committee
(5) The decision of the Returning Officer with regard to the running of the elections and interpretation of the Constitution shall be Subject to
a right of appeal to the Advisory Board, whose decision shall be absolute and final
4 Timing of Elections
(1) Elections shall take place by the end of the fourth week of Lent Term
(2) The Returning Officer must ensure that the candidates and members of the Society are notified of the time and place of the elections by e-
mail messages and any other suitable form of advertisement, and that the polling station remains open for at least five hours
5 Nominations
(1) All candidates must be nominated and seconded
(2) Any full member of the Society may nominate or second a candidate for office, with the proviso that—
(a) No candidate may nominate or second another candidate for office
(b) Any such application shall be void
6 Opening of Applications
(1) The opening of applications shall be one week before the close of applications
(2) The Returning Officer shall ensure that all members of the Society are notified of the opening of applications by email at least five days in
advance
(3) Prospective candidates should apply to the Returning Officer
7 Close of Applications
(1) Applications shall close one week before elections
(2) The Returning Officer shall ensure that all candidates and other members of the Society are notified of who is standing for elections by e-
mail messages and by posting manifestoes on the notice board and website at least five days before elections
8 Publicity
(1) Each candidate for a post on the Executive Committee shall be required by the Returning Officer to Submit a written manifesto of up to 250
words (including a single photograph only of themselves) by the close of applications
(a) Failure to comply with this requirement invalidates the application
(b) The Returning Officer is required to bring these rules to the attention of candidates
9 Hustings
(1) Hustings shall take place on the day preceding elections, and all candidates for all posts shall be required to present their manifestoes in
a short speech
(2) All candidates shall be permitted to speak for up to three minutes
(3) Each candidate shall answer up to three questions from the audience
(4) Failure on the part of a candidate to attend Hustings without an excuse accepted by the Returning Officer shall constitute an electoral
offence
(5) These rules should be brought to the attention of the candidates, and enforced by, the Returning Officer
(6) The Returning Officer shall inform all the members of the Society of the date and location of Hustings, and encourage them to attend
10 Electoral Offences
(1) It shall constitute an electoral offence for any candidate to—
(a) Publish election material other than that approved first by the Returning Officer
(b) Intimidate or defame any other candidate
(c) Interfere with the publicity produced by another candidate
(d) Perpetrate any other action which the Returning Officer considers to be contrary to the fair, dignified and equal procedure required in a
Society election
(2) If the Returning Officer considers that any candidate has committed an electoral offence, they may come to a decision with the Deputy
Returning Officer as to the consequences
(a) This decision is Subject to a right of appeal to the Committee in an emergency committee meeting, who may then come to a conclusion on a
three-quarter majority vote
(b) The quorum for such a meeting is eight people
(c) The decision of the Committee is Subject to a right of appeal to the Advisory Board
11 Voting
(1) All members of the Society may vote in elections (except the Returning Officers)
(2) It is imperative that all prospective voters must prove their identity and membership of the Society (for example with a Society membership
card and University card) before being issued with a ballot paper
(3) The Society’s membership list shall close on the opening of applications, and any prospective voters must have paid their membership fee by
that date
PART 5 EXTRAORDINARY GENERAL MEETINGS
1 Calling an EGM
(1) An EGM may be called at the instigation of the President, a three-quarters majority of the Committee, or any twenty-five members of the
Society
(2) If the President is not calling the EGM, then a petition must be made to the President who is then obliged to call it
(3) At least seven days’ notice of such a meeting shall be given to all members of the Society
(4) The quorum at such a meeting shall be thirty members
(5) The President shall be responsible for publicising the EGM
(6) If the meeting concerns the President, then the Vice-President shall be responsible for publicity
(7) If the meeting concerns the President and Vice-President, or the Executive as a whole, or the Executive as a whole and further members of the
Committee, then any Committee members not directly involved and those responsible for the instigation of the meeting shall be responsible for
publicity
2 Powers of an EGM
(1) An EGM shall have the power to—
(a) Require any Committee member to give an account of their actions
(b) Remove any Committee member from office
(c) Alter the Society’s Constitution
(2) Any proposed action at an EGM shall be approved by a three-quarters majority of those present at the meeting
3 Chair of an EGM
(1) The President of the Society shall be the Chairman of an EGM
(2) If the EGM concerns the President directly, then the Vice-President shall be the Chairman
(3) If the meeting concerns the President and Vice-President, or the Executive as a whole, or the Executive as a whole and further members of the
Committee, then any Committee members not directly involved and those responsible for the instigation of the meeting shall be responsible for
electing a Chairman
4 Right of Appeal
(1) Any Committee member removed from office by the procedure outlined above shall have a right of appeal to the Advisory Board
PART 6 ANNUAL GENERAL MEETINGS
1 Timing and Conduct of the AGM
(1) An AGM shall be held at the end of the tenure of each President
(a) The date and time shall be left to the discretion of the President, but must take place before the Society annual dinner, in order to allow
the incoming Executive Committee to appraise the previous work of the Society
(2) At the AGM, the President shall be required to give a thorough report of the activities and progress of the Society over the previous year
(3) The President, in conjunction with the rest of the Committee, shall be required to produce a written review and assessment of the work of
each area of the Society, to be available both in printed format, in The Cambridge Economist and on the website
PART 7 DISCIPLINE
1 Impeachment of Executive Committee Members
(1) If an elected member is considered to be failing in their duty as an Officer, a vote of impeachment may be proposed by either the President
or two other Committee members
(2) The impeachment proposal must be presented to all members of the Committee and the Advisory Board
(3) The examination of the conduct of the member shall take place at an EGM, with the member in question permitted to answer any charges of
misconduct or negligence brought against them
(4) The impeachment process shall be Subject to the same procedural requirements as an EGM
(5) The vote of impeachment shall be a secret ballot undertaken in the absence of the member in question
(6) This process shall be Subject to a right of appeal to the Advisory Board
2 Removal of Executive Committee Members from Office
(1) The Executive Committee shall be permitted to remove any Executive Committee member from office by way of a unanimous vote for—
(a) Failure to attend two or more Committee meetings without a viable excuse
(b) Failure to perform his or her responsibilities to an acceptable level
(c) Indiscretions deemed to reflect poorly on the Society or run contrary to its morals
(2) This decision shall be Subject to a right of appeal to the Advisory Board
PART 8 APPEALS
1 Requirements of the Advisory Board
(1) For the purposes of the removal of a society member, impeachment and other forms of discipline, the Advisory Board shall not be permitted to
attend the Committee meetings or vote on the process
(2) An appeal shall be heard within a week of the Committee vote if requested by the aggrieved member
(3) The appeal panel must comprise at least three members from the Advisory Committee to hear the appeal
(4) The appeal decision shall be absolute and final
PART 9 CHANGING THE CONSTITUTION
1 Manner of Alteration
(1) The Constitution may only be changed in the following ways—
(a) By a three-quarters majority vote at an EGM
(b) By a three-quarters majority vote of those members present at any Committee
Meeting, the quorum for such a meeting being eight people
(2) Seven days notice of any amendment proposals shall be given to all Committee members
PART 10 THE TREASURER
1 Requirements of the Treasurer
(1) The Treasurer shall have particular responsibility for the financial affairs of the Society—
(a) He shall keep records of all expenditure and income which shall be inspected by the
Executive Committee at least twice during their term of office
(b) He shall prepare the accounts of the Society for annual Submission to the relevant
University Proctor, after their approval by the Senior Treasurer
(2) All documents must be made available to the Treasurer-Elect for inspection within seven days of an election. They will be officially handed
over at the Society Annual Dinner, at the end of the term of office
(3) Any cheque to be paid out of Marshall Society funds, including any committee expenses, must be signed by the Treasurer
(4) The Treasurer shall have special responsibility, along with the Secretary and Communications and IT Secretary, for the running of the
Marshall Society book sale
(5) An Assistant Treasurer may be appointed to the Committee at the discretion of the Executive Committee—
(a) His powers shall be as the Executive Committee decide
(b) He may never be a signatory to the Society accounts
(6) The Treasurer is responsible for updating the Committee of the change in the financial status of the Society from the previous Committee
meeting
(7) The Treasurer shall oversee that expenses are only reimbursed for activities strictly relating to the Society and that any goods or services
acquired in this manner remains the property of the Society.
PART 11 COMMITTEE MEETINGS
1 Timing of Committee Meetings
(1) Committee Meetings must be held at least once every 7 days during full term in Michaelmas Term and Lent Term, but not including Easter Term
2 Attendance at Committee Meetings
(1) All members of the Committee are required to attend Committee Meetings
(2) Failure to attend will be Subject to the disciplinary proceedings outlined in Part 7
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